We carry "Valuable Papers" coverage for everything -- onsite and offsite. I know the dilemma goes back on the listserv at least to the mid-90's when it comes to determining a value for such coverage. My approach has been to estimate the cost to have someone recreate what was lost.
For example, what would it cost to recreate one box of documents? Some contents are irreplaceable, although one would expect that irreplaceable vital records would be replicated in some fashion. Thus, each box is going to be analyzed to determine first whether it should even be recreated. For those that require replacing, we look to three sources: reprinting from electronic versions (assuming a paper copy is required), reacquiring from the source (such as a client or adverse party), and going to public records.
All of this takes as much time as procuring the records in the first place. And we would typically have Document clerks or Paralegals doing this kind of work. I know what those costs are to the firm. So looking at that one box and estimating the cost in labor and expenses, I can then multiply by the number of boxes (or linear feet for active records) to obtain a total for a location.
You will be shocked at the potential cost if you have never run such a scenario. There is a lot of sunk cost in all of those boxes. And it is expensive to recreate it. The same is true to recover (as opposed to replace) records.
We have been through a number of water-based events. Having the peace of mind from the insurance coverage allows me to make the professional choices that protect and preserve our information resources. I can protect the interests of our clients as well. Knowing this is in place removes one of those things that can keep a Records Professional awake at night.
David B. Steward
Director of Records
HUSCH BLACKWELL LLP
4801 Main Street, Suite 1000
Kansas City, MO 64112
Direct: 816.983.8860
Fax: 816.983.8080
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huschblackwell.com
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-----Original Message-----
From: Records Management Program [mailto:[log in to unmask]] On Behalf Of Sophie Loehrich
Sent: Wednesday, November 28, 2012 2:20 PM
To: [log in to unmask]
Subject: Insuring your records
Hi there,
Do any of you insure your records for a value that are stored off-site in storage? (e.g. content wise) I was wondering if this is possible or has ever been done.
The research I have done locally has not brought up any information. I would appreciate receiving your comments or links to good resources.
Thank you,
Sophie Loehrich, ERMM
Manager, Records & Information Privacy
1701-4555 Kingsway
Burnaby, BC V5H 4V8
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604-439-4191
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