Risk Management for Museums & Collections
The recent spate of missing items revealed by the British Museum has thrown the safety of artefacts and expensive items to the forefront of discussions when talking about protecting valuables. In addition to this, the cost of living crisis is increasing the financial risk for both museums and private collections. The double threat means that protecting high-value items and collections such as jewellery and fine art has become as important as ever, and that having a risk management strategy as part of your insurance policy is essential to reduce the levels of risk.
Insurance and Risk Management for Museums
Museums should ensure they have insurance for every item they have in their collection, no matter whether they’re in storage or are currently on public view. In addition to having their items insured, they should also have a strategy in place to identify risks posed and provide solutions and guidelines on how to manage those risks.
Risks that need to be considered include the risk of theft and burglary, which can be mitigated by having thorough security in place around the building and near the artefact or collection. This can also mean protective glass, especially if it’s a very valuable piece.
The transportation of items should also be considered, where the risk management strategy should include careful handling and the right coverings and protections when moving the items by hand or vehicle. The safe storage of items – protecting from theft and damage – should also be considered.
Insurance and Risk Management for Private Collectors
If you have a private collection that you store or display at home, your insurance policy will look quite different to one that is owned or exhibited by a museum. If you do have any artwork or artefacts on loan to a museum, they should have their own risk management strategy in place to encompass their entire collection, as well as their own insurance. However, you should also be sure to have adequate cover for your items when loaning them out.
A risk management strategy for items stored or displayed in a private location such as your home should include things like security and protection for your items or collections. Security systems – including the use of cameras, locks and keys – should be robust to ensure that it’s hard for burglars and other bad actors to have easy access to your valuable items. And to reduce the risk of damage to your high-value possessions, protecting the item from fire risks, sunlight damage and general wear & tear should also be included in the risk management strategy.
We are the right people for you
Lets work together
Create a Risk Management Strategy with [broker_name]
If you’re looking for insurance alongside a risk management strategy, then you needn’t look further than [broker_name]. We are not only able to insure high-value items and collections such as jewellery, antiques and fine art; but we can also help to create tailored cover for them, alongside a risk management strategy to help you identify, manage and mitigate risks.
Cover can include any type of valuable item or collection, and the level of cover can also be taken into account, as well as factoring in whether it’s insurance for a museum or cover for a private collector.
If you have a valuable item, or even a valuable collection of items, in your home, then they might not be covered in a general contents insurance policy. If an individual item or collection costs more than £2,000 is generally recommended that separate insurance should be sought to offer adequate cover.
