REDS

Andrew Cheney, Senior Risk & Valuation Advisor, Hiscox RS&V, spoke to EMMS members about aspects of insurance and risk management for museums.

It is important that museums have appropriate insurance, updating it regularly. One key element should be on restoration (and recovery, if required) in case of damage. It is not necessary to have the specific market values of every item in a collection, except for those items where there is a duty of care e.g. loans and exhibitions. Museums need a broker and an insurer who understand museum insurance. Following more than 40 years of museum insurance, Hiscox recently updated its specialist museum insurance, based around the specifics of risk.
Andrew raised some of the issues to consider when deciding on insurance, and some of the potential pitfalls: for example, when the market value is less than the cost of restoration. He recommended that, where there is generic Local Authority insurance cover, the small print be read, looking out for exclusions, average clauses and high risk penalties for the museum.

Turning to Museum Security and Risk Management, the East Midlands is already well supported via the REDS Service and the EMMS Emergency Plan. However, museums might wish to think about different approaches to Security: for example, onion rings of physical barriers, electronic devices e.g. alarms and CCTV; considering the museum layout and visitor traffic; avoiding snatch and grab thefts; using good quality display cases; and introducing smoke cloaks.

Andrew referred to the obligation for Fire Risk Assessments, which need to be continually reviewed, suggested considering the installation of PIB (property information boxes) and sprinkler systems. Disaster Recovery plans should include relevant information; grab lists and details of restoration and recovery specialists. Museums should also develop a basic stockpile of disaster equipment and ensure secure storage provision.