INSURING THE WEIRD AND WONDERFUL: TOWARDS A GROUP INSURANCE PROGRAM FOR UNITED STATES ART MUSEUMS
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Authors
Norris , Wendy A.
Issue Date
2003
Type
Capstone
Language
en
Keywords
Alternative Title
Abstract
The purpose of my master's project is to inform art museum administrators in the United States of an alternative method of purchasing insurance for their institutions. This master's project specifically investigates a group insurance program as an effective alternative through which art museum administrators can purchase the policies necessary to insure their institutions. I have done this by investigating museum and insurance industry literature and conducting interviews with art museum and insurance professionals. The goal of this master's project is to illustrate the benefits of a group insurance program, to broaden administrators' options for purchasing their museums' insurance, and emphasize how a collaborative group insurance program can save United States art museums a substantial amount of money. It is my hope to show how a group insurance program provides equivalent coverage to what is currently available, and also offers more efficient, cost effective and responsive coverage for the needs of individual institutions and the art museum community as a whole.
In this project, I describe the avenues through which art museums currently purchase insurance and analyze the pros and cons of a group insurance program for art museums. Having presented the benefits and processes of creating a group insurance program to serve the specific needs of art museums in the United States, I go on to explain how art museums can leverage their buying power, decrease institutional insurance expenses, and strengthen professional ties with other art museums in the United States. Additionally, I will demonstrate how art museums, by participating in a group insurance program, can collectively benefit from their position in the insurance market. Overall, it is my hope that this master's project will help art museum administrators who want to lower their annual operating expenses, who are concerned with the increased insurance costs, and who want to manage more effectively their institution's insurance needs.