From responding to extreme weather conditions and preventing theft to exploring new ways of growing attendance and revenue numbers, museums face a daunting list of challenges in this stagnant economy.
Philadelphia Insurance and other carriers are handling the rise in extreme weather events by conducting more frequent site inspections and testing insureds’ emergency-response procedures. For the moment, as long as carriers remain satisfied that museums are properly addressing risks, pricing is stable and coverage remains available.
Hedges, for instance, felt comfortable underwriting a waterfront museum in Florida because it had installed windows rated to withstand 150-mile-per-hour winds. But if the rash of so-called “100-year storms” persists in certain regions, she says, it’s only a matter of time before carriers are forced to re-evaluate their offerings.