Kevin Sullivan, insurance agent at National Trust Insurance Services, LLC, joined the Practical Preservation podcast to discuss unique, historically-focused insurance services offered by the company. We covered a multitude of topics including:
- The insurance company’s inception by the National Trust for Historic Preservation in 2003, due to a significant lack of insurance options specific to the needs of historic properties
- The differences between insurance for historical properties and typical homeowners insurances – including a greater focus on replacement costs vs. actual cash value – to guarantee that damaged historical features will be replaced with the same materials and craftsmanship
- The various types of specialty insurance they offer under the umbrellas of historical homeowner insurance and insurance for museums/organizations/businesses
- Tips for historical property owners and stewards, including consulting with an agent to determine the appropriate insurance limit and best plan for one’s budget
- General challenges with insuring old buildings, as well as unique challenges and unpredictable changes to insurance related to COVID-19
For Seminars and Education Sessions, please contact Brian Phoebus – [email protected]
Kevin also recommends that stewards of museums, organizations, or businesses in historic buildings take this time of social-distancing and closures to review their current insurance policies to clarify that what they have is what they need, and update as necessary.