Hello Sergey - I suggest you contact your insurance agent and review with him/her the portion of your policy which covers records and vital papers. At a minimum this would inform the agent that part of your records are stored offsite and provide your agent with an opportunity to inspect the offsite facility, should they wish to do so. A review would also provide an opportunity for you and other impacted staff to make sure you have adequate coverage in the event of a loss. One of the tricky bits with records is establishing a quantifiable method of records valuation since records involved in litigation could be worth millions of dollars while others you may not go to the trouble of remediating if they were involved in a flood. Costs associated with records remediation would be one possible solution for valuation. There are many companies that provide remediation services. The ones I am familiar with can establish a contract with you for little or no up-front cost. This establishes you as a priority client in the event of a large-scale disaster. They should also be able to provide estimates regarding the cost of remediation for data or records that are damaged by water, smoke, etc. Remediation cost should be an acceptable method for establishing or adjusting limits of coverage where records are concerned. Your agent can confirm this, or articulate other methods of establishing an accurate limit. 

Modifying existing coverage should be much more cost-effective than binding a separate policy.

Hope this helps,

Jim

Jim Booth
Records & Information Management Practice Leader

Brightstone Insurance Services, LLC
Direct – 919.323.3266
Direct Fax – 914.636.0802
Main - 877.862.4755 x 3266
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www.brightstoneins.com


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