18 MARCH 2014 Claims Magazine PropertyCasualty360.com
By Phil Gusman
Phyllis Milliner, client services manager and claims manager, and Michelle
Montgomery, director of quality control,
both with Bowling Green, Kentucky-based Van Meter Insurance Group, which
placed the account, say the museum is
covered under a broad Chubb Insurance
Group commercial-property policy, with
a collection endorsement to cover the vehicles themselves.
“We had tailored coverage to fit the
needs of the museum,” Montgomery says,
noting that a standard policy without the
endorsement would have left the dam-
aged vehicles without coverage.
The value of the vehicles, she says, is
based on appraisals the museum ob-
tains regularly and insured to an agreed
amount in the policy.
Milliner says there are “no issues as
far as the value of the corvettes that went
down or the building,” and adds the
agency is “very happy with how we placed
Montgomery and Milliner both say the
sinkhole would be a covered peril, and
Montgomery says the loss will involve
one small deductible.
Additionally, Montgomery says the
policy would also cover the two vehicles
on loan from General Motors in addi-
tion to the six owned by the museum,
pointing out that many cars at the mu-
seum are owned by other people who
have loaned them.
Montgomery credits the speed with
which Van Meter’s personnel were able
to begin work on the claim, noting that
a Chubb adjuster was on the scene within
four hours of the reported loss, which
she says was “an accomplishment” as the
Chubb claims office is in Arizona.
“We were very pleased to be able to
get the insured an adjuster out there so
quickly,” Montgomery says.
Philadelphia Insurance Companies,
which writes the casualty part of the ac-
count, declined to comment. At press
The National Corvette Museum’s insurance agent is happy with how coverage was placed and says there are no coverage concerns regarding the sinkhole that claimed eight classic
vehicles on the morning of Feb. 12.
Commotion at the
National Corvette Museum
Analyzing Coverage and Sinkhole Risks