Ottawa, October 27, 2023
CMA Insurance Program Update
The CMA has offered its members-only Insurance Program through Marsh Canada since the early 1990’s. Since 2007, the program includes Collections, Package (commercial liability), and Directors & Officers Insurance, and bulk pricing on insurance coverage tailored specifically to the sector is one of CMA’s most significant member benefits.
Currently, 264 members (including the CMA) participate in the program, and of those, fully 81 subscribe to all three insurance packages. While Directors and Officers Liability has been negotiated until June 2025, the Commercial and Collection packages are renegotiated to renew each December 1st. Individual institutions participating in the program obtain the latest rates as their individual policies renew during the December-November year.
Marsh negotiates this annual insurance renewal on behalf of the CMA; while historically this renewal has been overseen by a CMA Insurance Committee, that body has not met since 2019, and the responsibility has fallen to staff.
The CMA will be reconstituting the Insurance Committee, in part to support the renewal of the CMA-Marsh insurance program agreement and the December 2023 renewal.
To inform the work of the committee, management is asking the membership for specific feedback on the CMA Insurance program – the good and the bad – at insurance@museums.ca. That could include:
- Feedback on participants ability to access information on the program;
- Experience dealing with claims under the program; and/or,
- Reactions to pricing under the program, or pricing comparisons with other providers.
The CMA will be holding an introductory meeting with interested members and Marsh Canada at Noon ET on Friday, November 3, 2023 to receive an update on the program to date, and possibly, to receive the updated 2023-2024 proposal. The CMA is asking for Expressions of Interest from current and recent participants in the CMA insurance program to meet with Marsh and (depending on interest) to provide the nucleus for a revamped CMA Insurance Committee (updated Terms of Reference to follow).
Expressions of interest in meeting with Marsh and/or volunteering the the CMA Insurance Committee should include contact details, details of insurance program member and a brief introduction to your interest in the insurance program, and be submitted by Tuesday, October 31st to insurance@museums.ca.
Disponible en français.