Enhanced Museum Coverage

Nuts & Bolts:
St. Paul Travelers enhanced its museum coverage form for U.S.-domiciled cultural establishments. Developed specifically to insure museum collections, the policy protects works held by cultural institutions at their locations, on exhibition, or on loan to other organizations. It also insures works in transit, as well as works of others for which the institution is legally liable. Key enhancements include: Ability to buy back artwork, if recovered, for up to the value of the claim payment; Expanded, worldwide territory for covered property; Up to $400,000 deductible recovery coverage for the U.S. indemnity program; Currency fluctuation coverage option that permits insurance designation in a foreign currency; Current market valuation coverage; Option of full coverage for partial damage to pairs and sets; Automatic inclusion of the option to offer a reward. Coverage is available for art, history, natural history, sports, aviation, automobile, and science and technology museums in addition to the majority of specialized cultural institutions.

Dollars:
The museum product offers limits from $1 million – $100 million, but targets museums seeking between $5 million – $50 million in collections coverage limits. The minimum premium is typically $500. Deductibles vary according to risk.

Carrier:
Rated “A,” admitted.

States Available:
All except California and Nevada.

Contact:
Laura Bradshaw, (860) 277-7461.