People will even buy art and move it from one location to another or allow museums to borrow it. Insurers who work with art museums understand the potential for damage during transport. Travelers, for example, works with independent agents and museum officials to develop appropriate coverage for museum collections. The approach is to address any kind of loss prevention, including catastrophic loss through fire or theft. This is the starting point from which we can develop their coverage.
Wood understands how museums work.
He is an art historian by training and came to Travelers with a museum and fine-arts community background. The policies he works with are fairly straightforward, he added, and are based on standard coverage forms developed by the American Association of Museums. In some cases, the lending museum may opt to maintain coverage on the works it is circulating. Often, the borrowing museum wants to take out special insurance for the run of an exhibit. In the case of artwork that is transported, the policies could provide all-risk inland marine coverage against loss due to such occurrences as theft, damage from water, fire, transportation, acts of government and catastrophes.