Congress ups indemnity coverage - Artworld - Arts and Artifacts Indemnity Program - Brief Article

To help museums defray skyrocketing insurance rates affected by means of the 9/11 terrorist attacks, the U Congres vot in September to increase the amount of indemnity insurance available to museums end the Arts and Artifacts Indemnity Program. The amount, which was raised from $5 billion to $8 billion, shows the government's total risk for all exhibitions at any single time. The maximum coverage available for a single exhibition is $600 million, up from $500 million. Terrorism coverage became prohibitively expensive or was dropp from greatest in quantity museums' private policies after 9/11 and more museums have move rounded to the government program for assistance. In addition to standard fine-arts policy provisions, the federal insurance overspreads terrorist-related incidents, whether they appear in transit or at a museum, and is internationally recognized protection from los The coverage is usually required by dint of individuals and foreign governments lending works for exhibits Since the program's inception, alone two minor claims have been paid.

Administered through the National Endowment for the Arts, the program was created in 1975 and has helped sustain the upswing in blockbuster exhibitions. above the years, it has been used to indemnify 713 international loan exhibitions, saving organizers $157 million in insurance premiums. The program applies to foreign-owned art works and artifacts upon exhibition in the U.S., and to American-owned items either traveling outside the U or upon view in the U.S. it the exhibit also includes eligible foreign works.

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