For many museums, insuring and valuing the collection is a choice between budget and risk management. Having pieces on loan valued is often essential in any case.
Particularly with pieces on long-term loan, our appraisers often find that, once they have been incorporated into the collection as loan pieces, the value that was listed when they were first appraised is still used for many years.
This can pose risks, because the validity of the valuation report has lapsed, and the value may meanwhile have changed. In the event of damage or total loss, the museum may then be liable to the lender and the insured sum will fall short. Effective coordination with the insurer and the lender and regular valuations can prevent this.