Insurance of Collections and Loans Policy
Responsibility for Insurance
The Registrar is responsible for ensuring that insurance coverage is addressed when shipping irreplaceable objects, historical objects, art objects, and objects of significant value that are or will be accessioned into one of the Museum Collections. The Assistant Registrar for Acquisitions is responsible for implementing insurance for loans through the Office of Risk Management. The Collections Manager, Assistant to the Director (Business and Building Manager), or any other staff making arrangements with a shipping company is responsible for notifying the Registrar or Assistant Registrar for Acquisitions regarding insurance arrangements.
Insurance of Museum Collections
Per University of Illinois Policy, all University property, including the Spurlock Museum’s permanent collections, is self-insured.
Irreplaceable objects, historical objects, art objects, and objects of significant value that are or will be accessioned into one of the Museum Collections are insured during shipping and transport by the shipper and additionally through the University’s Campus Office of Risk Management. This includes most objects in the Artifact Collection as well as unique pieces from or for the Documentary Multimedia, Teaching, Library, and Props and Furnishings collections. Most purchases through commercial companies and purchases of replaceable items such as books or commercially available reproductions will be sufficiently covered by the commercial shipper’s insurance and do not require additional coverage through Risk Management. This includes most of the objects in the Teaching, Library, and the Props and Furnishings collections. The Registrar will determine when insurance is required and will consult with the Director as needed.
Alternate arrangements for insurance may be made if a donor is shipping new donations and the donor is willing to pay for coverage and/or to provide insurance coverage as deemed to be adequate by the Registrar and Collections Manager and approved by the Director.
Insurance value will be assigned according to current appraisal. If no appraisal is available, the Director is responsible for determining the insurance value.
Insurance of Outgoing Loans
Outgoing loans to other University of Illinois units are also covered under the University of Illinois’ policy to self-insure University property.
Borrowing institutions that are not part of the University of Illinois are required to insure outgoing loans of objects from the Artifact and the Documentary Multimedia Collections throughout the duration of the loan including from the day they depart the Museum through the date of return to the Museum. Outgoing loan agreements must include an agreement stating who is responsible for insurance fees, the dates of insurance coverage and the value of the borrowed objects. The Museum will request a Certificate of Insurance prior to the release of any objects for outgoing loans. Insurance is not required for outgoing loans from the Teaching and Library collections; see Outgoing Loan Policy.
Related Policy:
Insurance of Incoming Loans
Incoming loans are insured through outside insurance agents according to the policy and procedures of the Campus Office of Risk Management. All contact with the insurance company, loan insurance processing, and claims are handled by the Office of Risk Management. The Registrar oversees the Assistant Registrar for Acquisitions in providing the information required for insuring incoming loans and facilitating claims to the Office of Risk Management.
The Assistant Registrar for Acquisitions will notify the Office of Risk Management of the Museum’s intention to insure an incoming loan as soon in advance as possible with the following information:
- Lender’s name
- Lender’s address
- Lender’s phone number
- description of the objects being insured
- value of each object being insured as provided by the lender
- dates of coverage
A copy of the Incoming Loan Agreement Form that includes the above information is sent to the Office of Risk Management, which will provide a certificate of insurance for the lender if her/she requests it; see Incoming Loan Policy.
The Registrar and Assistant Registrar for Acquisitions are also responsible for informing the Office of Risk Management of the return or renewal of any incoming loans as well as any change of the condition of the objects on loan. If damage to objects occurs, the Registrar will ensure that information and documentation regarding the incident is provided to the Office of Risk Management and to the lender and will facilitate the processing of any claims as necessary.