ABSTRACT
Insurance is a necessary commodity to libraries and museums. The co-insurance policies are generally offered at a lower rate than that at which so-called flat insurance is available. The American Library Association, in cooperation with the Hartford Fire Insurance Company, has developed a special policy that is in use in forty-two states. In investigating a library’s insurance needs, a very good idea is to start by talking with the person in charge of security. Valuation clause based on a schedule, either as part of the policy itself or on file with the insurance company. Valuation clause based on the registration records of the museum or on the museum staff’s estimate of value at the time of loss, whichever is greater. The fine arts policy is an all-risk policy which is used for coverage of pictures, etchings, tapestries, rugs, statuary, and other valuables. The fine arts policy covers damage or loss from fire, theft, and other hazards.
