Cultural Institutions

number one insurance claim
Real Estate, Hospitality & Restaurants, Community Associations, Cultural Institutions, Risk Insight, Restaurants

Preventing the number-one Insurance Claim: Slips, Trips, and Falls

Year after year, slips, trips, and falls remain the number-one insurance claim for property owners. More than three million people visit the emergency room each year because of falls, according to the CDC (Centers for Disease Control and Prevention). The average hospital visit costs $30,000 to $50,000. Add in factors like ongoing medical bills and lost wages, and the cost of claims mount. Serious slip-and-fall losses, in fact, have plagued the habitational and hospitality sectors, with negligent awards running into the millions. Yet most if not all of these claims are preventable.

Continue reading
comprehensive risk management
Cultural Institutions

Comprehensive Youth-Protection Risk Management Required at Museums & Cultural Institutions

Most museums and cultural institutions host programs and events for children – from art classes and workshops to activities like scavenger hunts throughout the galleries, movie nights and flashlight exhibitions that involve sleepovers at the museum. Performing art centers also sponsor children’s programs including symphonies, musicals, theater workshops, dance classes and summer camps.

Continue reading
historic properties
Hospitality & Restaurants, Cultural Institutions

The Unique Challenges of Historic Hotel Properties

The National Register of Historic Places includes more than 95,000 historic properties. Guests and tenants of these properties delight in their grandeur and uniqueness, while these exceptional buildings provide a sense of status and prestige to a property owners portfolio.

Other benefits come with owning a historic property such as significant tax credits, but not without challenges. Historic properties should look the same as they did in the past or the tax credit will be revoked, meaning maintenance, renovations, repairs and replacement of the unique features due to damages from events such as fire or flooding can be complex.

Continue reading
Historic Castle
Cultural Institutions

New Historic Properties Insurance Program

Today Distinguished announces the launch of its Historic Properties Program. The program will provide a property & casualty package, along with a high limits umbrella and other coverage for historic properties throughout the United States. Qualifying exposures include hotels, museums, theaters, commercial buildings, commercially operated historic homes and preservation organizations.

Continue reading
Exposures of Nonprofit Board Members
Cultural Institutions, Risk Insight

Addressing D&O Exposures of Nonprofit Board Members

D&O exposures of nonprofit board members include but are not limited to harassment, discrimination, wrongful termination, inefficient administration, financial mismanagement, negligence and acts beyond the granted authority.

Employment practices liability claims are the most common D&O claim of nonprofits. For example, a nonprofit terminated one of its executives because of multiple complaints of sexual harassment by employees. In turn, this executive sued the nonprofit and board of directors for wrongful termination and interference with contractual relations. While the nonprofit was successful, the cost of the long legal process exceeded $250,000.

Continue reading
Cultural Institutions, Market Insights

Pokémon GO Boosts Foot Traffic at Cultural Sites


Pokémon at MoMA

The Pokémon GO game, a mobile location-based augmented reality game that’s centered around the popular 90’s game, has surged in popularity over the past week. The game challenges users to get outdoors to explore, collect, and train Pokémon while finding items at PokéStops to give them a competitive edge — and explore they have.

PokéStops are located at relevant cultural landmarks such as religious buildings, parks, museums, and even outdoor art sculptures and murals. Reports have continued to stream in on the positive impact that the game is having on visitor rates at museums and landmarks as players young and old let their imagination and enthusiasm take hold.

Continue reading
Real Estate, Hospitality & Restaurants, Community Associations, Cultural Institutions, Risk Insight

How to Help Customers Understand the Importance of Umbrella Coverage

Here at Distinguished a lot of our customers question why umbrella coverage is necessary, especially for entities like condominium associations that aren’t perceived to be high risk. Most feel confident that they won’t experience severe losses, and consequently that they don’t need to spend money they may not have in order to purchase an umbrella policy. It’s a valid point. If you haven’t gone through a horrific claim experience (and we hope you never will), it’s hard to imagine the impact from an emotional perspective, much less financial.

Nevertheless, tragedy can strike despite the most careful attention to loss prevention. And when you, your association, or family are involved in one of these tragedies, the last thing you want to be worried about is your insurance.

So, the best way we can answer the question of why umbrella coverage is necessary is to tell stories. Stories about everyday folks who, despite their best intentions, found themselves in the middle of horrible claim situations.

Continue reading
Cultural Institutions, Sustainability

Earth Month Spotlight: Cultural Institutions

Earth Day has come and gone, but we aren’t quite finished with our Earth Month coverage. For our last segment, we look at how cultural institutions are trying to embrace sustainability despite considerable challenges.

Museums, especially art museums, tend to have very demanding and precise requirements for temperature and humidity control, making certain sustainability practices, and LEED certification, difficult. Some are taking strides, however, to show that it can be done: Museums can go green.

Continue reading
Real Estate, Hospitality & Restaurants, Community Associations, Cultural Institutions

You Asked, We Listened


Our customers hold the keys to our success. That’s one thing we’re sure of as we set our course for the future. We are confident that the constant improvement of our customers’ experience will prove to be a powerful value differentiator. Recently, we have started our journey to ask, listen, and act on feedback about how we can improve our products and customer service. Here are some recent examples of how we are acting on this feedback:

Continue reading
Image - Skyline
Real Estate, Hospitality & Restaurants, Community Associations, Cultural Institutions, Market Insights

IBA Checks In With Distinguished’s COO

As markets continue to grow, largely due to the rebounding economy and increase in construction nationwide, the need for risk-management specialists and professionals becomes even more necessary. Carla Vel, Distinguished Programs’ President and Chief Operating Officer, sat down with Insurance Business America

Continue reading
Cultural Institutions

How to Insure American Treasures

When you stand before all 21-plus feet of the Emanuel Leutze masterpiece, “Washington Crossing the Delaware,” in the Metropolitan Museum of Art, do you ponder the cold and arduous journey the painting depicts, or the painstaking effort the artist went through to cover the canvas? If you’re like us, the answer is “no.” That’s because we’re looking around the room, thinking , “what an enormous challenge to manage and insure these institutions!”

Continue reading
Cultural Institutions
Cultural Institutions, Market Insights

Diversify Your Portfolio with Culture

Opportunities for a more diversified portfolio, increased referral business, and some really interesting underwriting are right around the corner in your neighborhood. In this series, we’ll show you 4 urban risks that could be your new favorite specialty. First up, Cultural Institutions.

Cultural Institutions: Urban areas are home to hundreds of cultural institutions, ranging from Natural History museums to local art galleries. In fact, the Institute of Museum and Library Services estimates that there are approximately 35,000 museums in the US, more than Starbucks and McDonalds locations combined! And yet in many areas, this risk class is desperately in need of insurance professionals who specialize in the unique needs of museums. Helping museum boards understand, for instance, that one of their greatest D&O risks comes in the form of employment related issues, can change the way they think about their insurance portfolio. Expertise and advice to these folks can help them navigate through the insurance decisions for which few of them have a professional understanding.

Further, museum insurance decision makers are often successful business women and men who not only serve on the museum board, but on the boards of other businesses and foundations. The opportunity for you to connect to these board members for referral business can be the key to growing and expanding your business.

So the next time you’re walking by that aquarium, botanical garden, or black box theater, consider diversifying your portfolio and compounding your referral potential by becoming a cultural institution risk management specialist.

For more information about our cultural institution program, click here. Stay tuned for other versatile urban risks that may be your new favorite.

Continue reading