Risk Management and insurance in the fine arts/museum industry

Principles of Microeconomics

February 21, 2021

Every industry has its risk management challenges. Some are faced by most businesses. Others are either unique or more significant for particular industries.

Submit a business whitepaper (at least 10 pages long) that discusses and analyzes major risk management challenges, and how best to treat them.

Businesses or other entities in these industries have unique loss exposures. They manage these exposures through: (1) risk control techniques—changing what they do to lower the frequency or severity of losses, and (2) risk financing techniques—arranging efficient means of payment for all exposures not eliminated by risk control techniques. In your paper, you should: (1) describe the industry and its main loss exposures, (especially ones unique to the industry) (2) identify and explain common risk control techniques, focusing on their effectiveness, (3) identify and explain common risk financing techniques implemented by members of these industries, e.g., retention, insurance and (4) critically evaluate the risk management options available to businesses in the industry and provide a risk management action plan (recommend a risk management plan for a hypothetical business in the industry on how best to handle the various loss exposures you have identified).

It must contain a review of these topics:

  1. Discussion and description of the industry you choose for your paper
  2. Major categories of loss exposures facing this industry, particularly those that are at least somewhat unique to the industry
  3. Risk control techniques that should be implemented in the industry
  4. Risk financing techniques, especially insurance, that is available to treat key loss exposures
  5. Overall risk management plan for businesses in your chosen industry

Also Secondary Sources…

    1. This is a research paper. You must consult and cite secondary sources.
    2. You should examine 5-10 secondary sources in researching your paper and you must cite at least 5.
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