URMIA Northeastern Regional 2019 has ended
Thursday, April 11 • 12:35pm - 1:35pm
Disaster! How to establish PML for Art and Library Collections / How to get the most out of your Fine Art Insurance Policy

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(Core Competency #1: Risk Management Technical Skills) This presentation will have two components: establishing Probably Maximum Loss for art and reducing the cost of risk at libraries/museums.

The first part of the session will review in detail the impact of fire, smoke and water on different building construction types, building layout and design, protection systems and the elusive nature of smoke and smoke damage. The purpose of this detail is to understand how much damage an event can cause and how much of a building is likely to be affected. It will also go into detail on creating disaster plans for both art and book collections. The purpose of the panel is to help risk managers, museum registrars and librarians prepare for a catastrophic event and to aid them in setting appropriate limits of insurance.
The second part of the panel discussion is to discuss how to reduce the cost of risk for libraries and museums. . Most Risk Managers know that they can insure traditional fine art on their fine art insurance, but did they know that they can also insure circulating libraries, musical instruments and scientific equipment amongst other things? This portion of the presentation will discuss the benefits of transferring exposures from a straight property policy to a fine art policy and how to go about that process.

As a result of this session, attendees will:

+ Learn the factor that contribute to or inhibit damage from a fire to understand the scope of potential loss from this primary damage source.
+ Understand the nature of secondary damage from smoke and water and how to anticipate the scope of its impact.
+ Create steps that risk managers, museum registrars and librarians can take to prepare for a catastrophe and insure their collections adequately.
+ Learn the cost benefit of insuring libraries, archives, musical instruments and scientific specimens and equipment on their fine art policies.
+ Identify property throughout the campus that can be insured under a fine art policy
+ Understand the documentation needed to be able to insure property under a fine art policy

avatar for Bret Murray (moderator)

Bret Murray (moderator)

Higher Education Practice Leader, Risk Strategies Company
Bret Murray is the Higher Education Practice Leader at Risk Strategies Company. Prior to joining Risk Strategies Company, Mr. Murray was the Director of Risk Management at Tufts University. In total, he has over 18 years of insurance and risk management experience. He was also an... Read More →

avatar for Margaret Bussiere

Margaret Bussiere

Vice President, DeWitt Stern Fine Art, a division of Risk Strategies Company
Margaret has approximately 20 years of specialty fine art insurance experience and currently handles the most complex and high values Fine Art accounts in the firm: international art galleries, multi-billion dollar private collections, fine art museums and libraries. Her prior experience... Read More →
avatar for Amy Hahn

Amy Hahn

Property Loss Control Engineer, Risk Strategies Company
Amy has over 16 years of experience in Property Loss Prevention working with industrial, commercial corporations worldwide. She graduated from the University of New Haven with a Bachelor of Science degree in Fire Protection Engineering. She began her insurance career as a senior consultant... Read More →
avatar for Laura McDonald

Laura McDonald

Art Collection Registrar, Tufts University
Laura McDonald is the Art Collection Registrar at Tufts University in Medford, Massachusetts and she oversees the registration, management, installation and logistics for a collection spread across three campuses and sited in over 50 buildings. Before arriving at Tufts, Laura was... Read More →

Thursday April 11, 2019 12:35pm - 1:35pm
Renaissance Providence Downtown Hotel-Symphony Ballroom A

Attendees (1)