Museum Collection and Temporary Loans Insurance Renewal Proposal Yellowstone County, Montana and Yellowstone County Museum
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Museum Collection and Temporary Loans
Insurance Renewal Proposal
Yellowstone County, Montana and Yellowstone County
Museum
Finance Director
P.O. Box 35003
Billings, MT 59107
Date of Proposal
August 27, 2021
Presented by: Isabelle de St Antoine
Huntington T. Block Insurance Agency, Inc.
2001 K Street, NW, Suite 625 North
Washington, DC 20006
Telephone: (855) 219-3189
Fax: (202) 331-8409
www.HuntingtonTBlock.com
CA License #0825502TABLE OF CONTENTS PROPOSAL............................................................................................................................................................................. 3 POLICY FORMS ..................................................................................................................................................................... 4 PROPOSED CARRIER RATING AND ADMITTED STATUS ................................................................................................ 5 POLICYHOLDER DISCLOSURE............................................................................................................................................ 6 IMPORTANT REMINDERS .................................................................................................................................................... 7 COMPENSATION AND OTHER DISCLOSURE INFORMATION.......................................................................................... 8 CLIENT AUTHORIZATION TO BIND ..................................................................................................................................... 9 HTB Museum Collection and Temporary Loans Insurance Renewal Proposal Proposal Prepared for: Yellowstone County, Montana and Yellowstone County Museum Page 2
PROPOSAL
Policy Term: October 16, 2021 to October 16, 2022
Company: StarNet Insurance Company
Limits of Liability:
$5,500,000 Fine Art on Premises:
See Schedule of Locations below
$1,375,000 While At Any Other Location Worldwide
$1,375,000 While In Transit Worldwide
$5,500,000 In any one loss or disaster, either in case of partial or total loss, or salvage charges, or
expenses, or all combined
$0 Terrorism
$1,000 Deductible per Occurrence
$2,500 Shall apply to outdoor sculpture
$6,745.00 All Risk Premium
$0.00 Terrorism Premium (rejected)
$6,745.00 Total Annual Premium, payable annually
**Higher limits of coverage are available upon request**
Schedule of Locations:
• 1950 Terminal Circle, Billings, MT 59105
• 3246 King Ave East, Billings, MT 59101
HTB Museum Collection and Temporary Loans Insurance Renewal Proposal
Proposal Prepared for: Yellowstone County, Montana and Yellowstone County Museum Page 3POLICY FORMS CIPMU_B Museum Collection and Temporary Loans (Combined) MUSFRM1016 Museum Collection and Temporary Loans Coverage CL370-USCAN B Inst Radioactive Cont, Chem, Biological, Bio-Chem & Electro Weapons Excl Clause ILP0010104 OFAC Advisory Notice CIP_LOC Schedule of Covered Locations CL_Communicable Disease Communicable Disease Clause CL_Limit Cyber Coverage Limited Cyber Coverage Clause JC2010-014(08-10) Sanction Limitation Clause TRIA Declined Disclosure 01 15 TRIA Declined Disclosure NMA2920 Terrorism Exclusion Clause FA - 800 MT (07-16) Montana - Amendatory Endorsement FA - 801 MT (09-16) Montana - Amendatory Endorsement - Appraisal Approvement IL0243(09-07) Montana Changes HTB Museum Collection and Temporary Loans Insurance Renewal Proposal Proposal Prepared for: Yellowstone County, Montana and Yellowstone County Museum Page 4
PROPOSED CARRIER RATING AND ADMITTED STATUS
A.M. Best’s Admitted /
Proposed Carriers Rating Non-Admitted
StarNet Insurance Company A+ XV Admitted
If the above indicates coverage is placed with a non-admitted carrier, the carrier is doing business in the state as a
surplus lines or non-admitted carrier. As such, this carrier is not subject to the same regulations which apply to an
admitted carrier nor do they participate in any insurance guarantee fund applicable in that state.
Guide to Best Ratings
Rating Levels and Categories
Level Category Level Category Level Category
A++, A+ ................................. Superior B, B- ..............................................Fair D ................................................ Poor
A, A- ..................................... Excellent C++, C+................................. Marginal E.........Under Regulatory Supervision
B++, B+ ............................. Very Good C, C- .......................................... Weak F....................................In Liquidation
S........................... Rating Suspended
Financial Size Categories
(In $000 of Reported Policyholders’ Surplus Plus Conditional Reserve Funds)
FSC I Up to 1,000 FSC IX 250,000 to 500,000
FSC II 1,000 to 2,000 FSC X 500,000 to 750,000
FSC III 2,000 to 5,000 FSC XI 750,000 to 1,000,000
FSC IV 5,000 to 10,000 FSC XII 1,000,000 to 1,250,000
FSC V 10,000 to 25,000 FSC XIII 1,250,000 to 1,500,000
FSC VI 25,000 to 50,000 FSC XIV 1,500,000 to 2,000,000
FSC VII 50,000 to 100,000 FSC XV 2,000,000 or more
FSC VIII 100,000 to 250,000
Best’s Insurance Reports, published annually by A.M. Best Company, Inc., presents comprehensive reports on the
financial position, history, and transactions of insurance companies operating in the United States and Canada.
Companies licensed to do business in the United States are assigned a Best’s Rating which attempts to measure the
comparative position of the company or association against industry averages.
Copies of the Best’s Insurance Reports on the insurance companies are available upon your request.
Aon companies use A.M. Best & Co.’s rating services to evaluate the financial condition of insurers whose policies we
propose to deliver. The rating of the carrier and the year of publication of that rating are indicated. Aon companies make
no representations and warranties concerning the solvency of any carrier, nor does it make any representation or
warranty concerning the rating of the carrier which may change.
HTB Museum Collection and Temporary Loans Insurance Renewal Proposal
Proposal Prepared for: Yellowstone County, Montana and Yellowstone County Museum Page 5POLICYHOLDER DISCLOSURE
NOTICE OF TERRORISM INSURANCE COVERAGE
You are hereby notified that under the Terrorism Risk Insurance Act, as amended, you have a right to purchase insurance
coverage for losses resulting from acts of terrorism, as defined in Section 102(1) of the Act: The term “act of terrorism”
means any act that is certified by the Secretary of the Treasury—in consultation with the Secretary of Homeland Security,
and the Attorney General of the United States—to be an act of terrorism; to be a violent act or an act that is dangerous to
human life, property, or infrastructure; to have resulted in damage within the United States, or outside the United States in
the case of certain air carriers or vessels or the premises of a United States mission; and to have been committed by an
individual or individuals as part of an effort to coerce the civilian population of the United States or to influence the policy
or affect the conduct of the United States Government by coercion.
If, as a part of your policy, you also elect to purchase this terrorism coverage from us, you will be charged an additional
premium of $270.00.
YOU SHOULD KNOW THAT WHERE COVERAGE IS PROVIDED BY THIS POLICY FOR LOSSES RESULTING FROM
CERTIFIED ACTS OF TERRORISM, SUCH LOSSES MAY BE PARTIALLY REIMBURSED BY THE UNITED STATES
GOVERNMENT UNDER A FORMULA ESTABLISHED BY FEDERAL LAW. HOWEVER, YOUR POLICY MAY CONTAIN
OTHER EXCLUSIONS WHICH MIGHT AFFECT YOUR COVERAGE, SUCH AS AN EXCLUSION FOR NUCLEAR
EVENTS. UNDER THE FORMULA, THE UNITED STATES GOVERNMENT GENERALLY REIMBURSES 80%
BEGINNING ON JANUARY 1, 2020, OF COVERED TERRORISM LOSSES EXCEEDING THE STATUTORILY
ESTABLISHED DEDUCTIBLE PAID BY THE INSURANCE COMPANY PROVIDING THE COVERAGE. THE PREMIUM
CHARGED FOR THIS COVERAGE IS PROVIDED BELOW AND DOES NOT INCLUDE ANY CHARGES FOR THE
PORTION OF LOSS THAT MAY BE COVERED BY THE FEDERAL GOVERNMENT UNDER THE ACT.
YOU SHOULD ALSO KNOW THAT THE TERRORISM RISK INSURANCE ACT, AS AMENDED, CONTAINS A $100
BILLION CAP THAT LIMITS U.S. GOVERNMENT REIMBURSEMENT AS WELL AS INSURERS’ LIABILITY FOR
LOSSES RESULTING FROM CERTIFIED ACTS OF TERRORISM WHEN THE AMOUNT OF SUCH LOSSES IN ANY
ONE CALENDAR YEAR EXCEEDS $100 BILLION. IF THE AGGREGATE INSURED LOSSES FOR ALL INSURERS
EXCEED $100 BILLION, YOUR COVERAGE MAY BE REDUCED.
NOTICE TO BROKER
We are required by the Terrorism Risk Insurance Act, as amended (the "Act"), to provide policyholders with clear and
conspicuous disclosures. This notice must be provided at the time of offer and renewal of the policy.
We have provided you with a notice that meets the Act's requirements. You are instructed to deliver a copy of this notice
to our prospective insured when you forward our quote.
Includes copyrighted material 2015 National Association of Insurance Commissioners
TRIA OFFER DISCLOSURE 12 20
HTB Museum Collection and Temporary Loans Insurance Renewal Proposal
Proposal Prepared for: Yellowstone County, Montana and Yellowstone County Museum Page 6IMPORTANT REMINDERS
It is important that we be advised of any changes that may have a bearing on the validity and/or adequacy of your
insurance. The types of changes that concern us include, but are not limited to, those listed below:
1. Circumstances which may require an adjustment to your policy limits as listed on the declaration page including.
• Increase in the total value of the collection from new acquisitions.
• Shipments of fine art that will require temporary increases in the limit for property in transit.
• The movement of fine art that will require a temporary increase in any other location coverage. For example,
when an artwork is sent to a conservator for treatment..
2. Any changes in fire or theft protection, such as the installation of or disconnection of sprinkler systems, burglar
alarms, etc. This includes any alterations to same.
3. Any new premises purchased, constructed, or occupied for more than 60 days (especially storage facilities).
4. Notify us of any change in ownership of the collection.
CLAIM INFORMATION
1. It is important to keep an updated inventory with current values of your insured collection. After a loss occurs, it may
be difficult to properly gather the information required to demonstrate the value, content and condition of the insured
collection items.
2. Promptly notify Huntington T. Block Insurance of any occurrence that may potentially result in damage to your insured
fine art property. Doing so will allow us to advise you of the next steps needed to protect your rights in the event a
claim is reported.
3. The policy does contain timely reporting requirements in case of damage to covered property that may affect your
ability to recover damages if not adhered to.
Timely, accurate communication, regarding the above important reminders, from you to your insurance broker is critical to
help insure that you benefit from the intended coverage provided by your fine art insurance policy.
HTB Museum Collection and Temporary Loans Insurance Renewal Proposal
Proposal Prepared for: Yellowstone County, Montana and Yellowstone County Museum Page 7COMPENSATION AND OTHER DISCLOSURE INFORMATION Huntington T. Block Insurance Agency, Inc.(HTB) is an insurance producer licensed in your state. Insurance producers are authorized by their license to confer with insurance purchasers about the benefits, terms and conditions of insurance contracts; to offer advice concerning the substantive benefits of particular insurance contracts; to sell insurance; and to obtain insurance for purchasers. The role of the producer in any particular transaction involves one or more of these activities. Compensation will be paid to the producer, based on the insurance contract the producer sells. Depending on the insurer(s) and insurance contract(s) the purchaser selects, compensation will be paid by the insurer(s) selling the insurance contract or by another third party. Such compensation may vary depending on a number of factors, including the insurance contract(s) and the insurer(s) the purchaser selects. In addition, HTB may charge a fee for administrative services. Your signature on your application, quote form, check, and/or other authorization for payment of your premium, will be deemed to signify your consent to and acceptance of the terms and conditions including the compensation, as disclosed above, that is to be received by HTB. The insurance purchaser may obtain information about compensation expected to be received by the producer based in whole or in part on the sale of insurance to the purchaser, and compensation expected to be received based in whole or in part on any alternative quotes presented to the purchaser by the producer, by calling (800-424-8830) and ask to speak to your account representative. In addition, premiums paid by Clients to HTB for remittance to insurers, Client refunds and claim payments paid to HTB by insurance companies for remittance to Clients are deposited into fiduciary accounts in accordance with applicable insurance laws until they are due to be paid to the insurance company or Client. Subject to such laws and the applicable insurance company’s consent, where required, HTB will retain the interest or investment income earned while such funds are on deposit in such accounts. In placing, renewing, consulting on or servicing your insurance coverages HTB and its affiliates may participate in contingent commission arrangements with insurance companies that provide for additional contingent compensation, if, for example, certain underwriting, profitability, volume or retention goals are achieved. Such goals are typically based on the total amount of certain insurance coverages placed by HTB with the insurance company or the overall performance of the policies placed with that insurance company, not on an individual policy basis. As a result, HTB may be considered to have an incentive to place your insurance coverages with a particular insurance company. Where HTB participates in contingent commission arrangements with insurance companies, HTB may be entitled to additional commission in the range of 0 to 31% depending upon whether and when specified thresholds are achieved. Our liability to you, in total, for the duration of our business relationship for any and all damages, costs, and expenses (including but not limited to attorneys’ fees), whether based on contract, tort (including negligence), or otherwise, in connection with or related to our services (including a failure to provide a service) that we provide in total shall be limited to the lesser of $5,000,000 or the singular annual limit of the policy of insurance procured by us on your behalf from which your damages arise. This liability limitation applies to you, our client, and extends to our client’s parent(s), affiliates, subsidiaries, and their respective directors, officers, employees and agents (each a “Client Group Member” of the “Client Group”) wherever located that seek to assert claims against ARS, and its parent(s), affiliates, subsidiaries and their respective directors, officers, employees and agents (each an “Aon Group Member” of the “Aon Group”). Nothing in this liability limitation section implies that any Aon Group Member owes or accepts any duty or responsibility to any Client Group Member. If you or any of your Group Members asserts any claims or makes any demands against us or any Aon Group Member for a total amount in excess of this liability limitation, then you agree to indemnify ARS for any and all liabilities, costs, damages and expenses, including attorneys' fees, incurred by ARS or any Aon Group Member that exceeds this liability limitation. Aon Corporation, our ultimate parent company, and its affiliates have from time to time sponsored and invested in insurance and reinsurance companies. While we generally undertake such activities with a view to creating an orderly flow of capacity for our clients, we also seek an appropriate return on our investment. These investments, for which Aon is generally at-risk for potential price loss, typically are small and range from fixed-income to common stock transactions. In such case, the gains or losses we make through your investments could potentially be linked, in part, to the results of treaties or policies transacted with you. Please visit the Aon website at http://www.aon.com/market_relationships for a current listing of insurance and reinsurance carriers in which Aon Corporate and its affiliates hold any ownership interest. HTB Museum Collection and Temporary Loans Insurance Renewal Proposal Proposal Prepared for: Yellowstone County, Montana and Yellowstone County Museum Page 8
CLIENT AUTHORIZATION TO BIND
After careful consideration, we order the Fine Art/Collection coverage insurance program bound on the Renewal Proposal
effective date as follows:
Named Insured: Yellowstone County, Montana and Yellowstone County Museum
All Risk Limit $5,500,000
Terrorism Limit Not Covered
Deductible $1,000
All Risk Premium $6,745.00
Terrorism Premium $0.00
Total Annual Premium $6,745.00
Taxes (if any) $0.00
Total Premium & Taxes $6,745.00
Please select one option below:
Terrorism Coverage Accepted Terrorism Coverage Rejected
As art values, in general, continue to escalate, we, the Named Insured, agree to immediately advise Huntington T. Block
Insurance Agency, Inc. (HTB) if policy limits greater than those referenced above are required.
It is understood that this proposal provides only a summary of the policy details; the policy itself as issued will contain the
actual coverages, terms and conditions. We confirm the values, locations, and other data referenced in the proposal are
from our records and acknowledge it is our responsibility to see that they are maintained accurately.
The client acknowledges and agrees that HTB communicated the importance of:
● Adhering to museum collection management best practices;
● Providing regularly updated applications confirming the Total Insurable Value (TIV) and values by location
(if multiple locations);
● Reviewing the museum’s upcoming exhibition schedule and the total value of all incoming and outgoing loans
during the upcoming cover year;
● Maintaining records of recent acquisitions and long term loans;
● Insuring to maximum values at risk, to the extent possible.
The client representative hereby affirms that she/he is duly authorized to sign on behalf of the Named Insured.
Name/Title Signature Date
Huntington T. Block Insurance Agency, Inc.
2001 K Street, NW, Suite 625 North
Washington, DC 20006
Telephone: 202.429.8508 Fax: (202) 331-8409
Email: isabelle.de.st.antoine2@aon.com
HTB Museum Collection and Temporary Loans Insurance Renewal Proposal
Proposal Prepared for: Yellowstone County, Montana and Yellowstone County Museum Page 9You can also read
