MUSEUM PROPERTY AND OTHER NPP WHICH HAS APPRECIATED IN VALUE

1. Museum contents are insured at replacement cost. To ensure the total value at risk is known, and to avoid problems in claim settlement should a loss occur, each museum is required to complete a listing of the museum contents, item by item, showing the value of each item, including the appraised value where applicable. These listings are to be retained at units concerned.

2. The NPF CIP insurers have agreed that items valued at one thousand dollars or less need not be appraised as long as information is available to provide reasonable substantiation of values placed on them should a loss occur. This procedure will obviate having appraisers review many items which have a minor monetary value.

3. Items considered to have a value in excess of one thousand dollars should be appraised by a qualified appraiser to avoid dispute with the insurers as to correct valuation in the event of loss. The report of the appraiser is to be retained in a safe place at the unit for use as required in conjunction with the listing para 1.

4. Items on loan to a museum should be listed separate from owned items. The value of each of these items (except for Crown property) is to be obtained in writing from the owner to prevent a dispute on value if the item is subsequently lost. These statements of values are to be retained in a safe place at the unit for use as required.

5. In addition to museum property, some unit NPF activities have items in their possession, either owned or on loan, which have appreciated in value since acquisition, eg, paintings, carvings, sterling silver trays. Individual owned items, eg, a painting, if considered to have a value in excess of one thousand dollars, should be appraised as for museum property and the report of the appraiser retained in a safe place at the unit for use in substantiating an insurance claim if a loss occurs. For items on loan to a unit the current appraised value should be obtained from the owner in writing.

6. The cost of an appraisal must be borne by the unit concerned.

7. Museums operated by Reserve Force units may be covered under the NPF CIP. In order to obtain coverage for a museum the Reserve Force unit concerned must have the museum accredited by the CF Museum Committee under the provisions of CFAO 27-5. They must also provide the NPF CIP insurers, through the CFO&VPI, with a copy of the listing of museum contents prepared in accordance with paragraphs 1 to 4.