It is quite common to organize insurance coverage for facilities, facility contents, staff healthy and safety, and vehicles, but unfortunately, it is less often purchased for collections of archival records. Archival collections may include items of high historical and monetary value and it is important to organize insurance coverage for these items in the event of an emergency or disaster.
Collections insurance is often not purchased for the following reasons:
- Too difficult to find an insurance company that will insure an archival collection
- Too difficult to determine the monetary value of original items
- Unable to secure funds to have a National Archival Appraisal Board (NAAB) certified professional appraise the collection
- Unsure how collections insurance can be used
Why is it important?
It is recommended to insure items going on loan to other institutions in the event of the items being damaged or lost during transport, set-up or exhibition.
- It is also useful to have insurance for items that are frequently requested by researchers, handled by volunteers, or worked with by contractors.
- While insurance cannot replace original records, insurance can cover the costs of conservation treatment, rehousing, and digitization so that the records are once again accessible to staff and researchers.*
It is recommended to find an insurance broker that has worked with art, culture, and heritage institutions in the past as they may offer coverage for collections. If changing insurance brokers is not a feasible option, one may also inquire to their current insurance broker about ‘Valuable Papers Insurance’ to see if it is a good fit for their vital records or collection. This type of insurance coverage will reimburse the policyholder for the monetary value of papers if they are lost. These papers commonly include wills, trusts, or corporate charters. In order to be eligible to file a claim under this coverage, it must be proven that the papers were securely, and correctly housed (Valuable Papers Insurance, Investopedia).
*It is important to seek professional assistance to complete conservation treatment and digitization because mishandling the records may cause harm. Also, if the collection is insured the insurance company may require confirmation that the contractor hired to complete the work is a trained professional.