URMIA Northeastern Regional 2019

(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