The Chubb Group of Insurance Companies has expanded its Customarq for Cultural Institutions package policy by bringing together liability insurance with new property insurance options.
The policy is available to not-for-profit cultural institutions, including botanical gardens, museums, aquariums and libraries.
Chubb Group said that the automatic blanket limit for select property, such as valuable papers and employees’ personal property, has been increased from $250,000 to $500,000 with an option to purchase higher limits; smaller institutions can opt for a $250,000 limit.
A new property and business income module has been added that responds to loss or damage to collections; exhibit water; trees, shrubs, plants, lawns or topiary; dams, dikes and retaining walls; and paved or concrete surfaces.
The module also provides customized property valuation for historic buildings and collections.
In addition, the new package expands the definition of ‘collections’ to recognize the unique array of items that are of artistic, cultural, educational, historic or scientific significance or value.
Endorsements allow cultural institutions to add insurance protection for green property upgrades, builders’ risk, abuse or molestation liability, liquor liability and other property and liability coverages.
Chubb Commercial Insurance vice president and cultural institutions segment manager Maureen Waterbury said the updated Customarq for Cultural Institutions package policy reflects the new and unique exposures cultural institutions must manage. The variety of options Chubb offer enable these institutions to create an insurance program customized to their own risk needs.