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Museum gets liability insurance coverage

MORE: National Slavery Museum timeline and archives

By Chelyen Davis

RICHMOND—The bankrupt U.S. National Slavery Museum has bought an insurance policy through Lloyd’s of London.

The policy is intended to protect the museum and its creditors in case someone wanders onto its Fredericksburg property and is injured. It covers liabilities up to $2 million. Such a policy is reportedly required because of the museum’s bankruptcy filing.

The policy may have been purchased with private funds, as the museum is $7 million in debt and its only real asset is the 38 acres of land in Fredericksburg at Celebrate Virginia.

Former Gov.  Doug Wilder, who founded the museum, filed for bankruptcy on its behalf last year. While the museum had spent money on design and construction, no museum building was ever begun.

The museum is trying to reorganize, and plans to apply to renew its state authority to solicit charitable donations.

Chelyen Davis:  804/343-2245

cdavis@freelancestar.com

Permalink: http://news.fredericksburg.com/newsdesk/2012/02/07/museum-gets-liability-insurance-coverage/