Decision details

The current Fine Art insurance policy with AXA XL expires on 31st March 2023. In order to ensure appropriate cover for the policy (particularly during the period of the Museum refurbishment) starting from 1st April 2023, the services of an insurance broker were engaged.

A quote has been received covering the period 1st April 2023-31st March 2026.

The quote received is £37,416.22 pa (incl Insurance Premium Tax), for the existing level of cover, which represents the same premium as the current policy (and is within the budget), with the broker advising the rates are competitive and the option of a three-year long-term agreement at no additional cost in the current climate is attractive. Taking into consideration the current building project at the Ipswich Museum, the broker’s advice is that it is unlikely the council would receive a more competitive premium than the current offering.”

In addition, AXA XL has undertaken a recent survey of the Ipswich Museum site and understand the works taking place, including the decant of the collection.

To provide an exemption from contract standing orders to enable a three year

agreement to be entered into with the current insurers as it is regarded as in the best economic interests of the Council.

Reason:

To ensure the Council maintains an appropriate level of insurance cover, with minimal risk, for its fine art during a period of major refurbishment.