Fine Arts Insurance Program (BUS-1)
COVERAGE:
The domestic and foreign Fine Arts policies insure artwork under various conditions. Art work is insured to declared value, or fair market value (whichever is lower) against all risk of physical loss or damage from any external cause, except as excluded below.
Fine Arts Section I: Covers works of art, rarity or historical value located within the continental United States or Canada. This coverage is for exhibits (not owned by the University) being transported and/or displayed.
Fine Arts Section II: Covers collections of works of art, rarity or historical value on a permanent long-term basis (six months or more) located within the continental United States or Canada.
Fine Arts Section III - Foreign Exhibits: Covers works of art, rarity or historical value located outside the continental United States or Canada.
EXCLUSIONS:
Damage sustained due to and/or resulting from any repairing, restoring or retouching process.
PREMIUMS:
Fine Arts I: None at this time.
Fine Arts II and Fine Arts III: Contact Risk Management Services at 752-2629 for a quote.
DEDUCTIBLES:
Fine Arts I: None at this time.
Fine Arts II: $1,000.00 per occurrence.
Fine Arts III: Negotiated for each exhibit.
SECURING COVERAGE:
For items on loan to the University, an Art Exhibition Loan Agreement needs to be completed.
For department owned artwork, a memo requesting the insurance must be submitted to Risk Management Services. It should contain the following:
CLAIMS:
Contact Risk Management Services at 752-2629.
LOSS CONTROL:
Loss control is particularly important when dealing with fine art. Insurance can never fully compensate for the loss of unique art objects. Some of the things you can do to prevent or limit losses are:
Use strict measures for key control and access control.
Use dry sprinkler systems that will not cause floods in the event or an earthquake or ruptured pipe.
Keep up to date appraisals so that in the event of a loss you are fully covered.
By securing the Fine Arts Insurance coverage, departments may avoid being held financially liable for losses which would be otherwise covered by this program.
The property program (BUS-28) does not provide the same coverage. (Earthquake & floods covered under BUS-1)
Feel free to contact Risk Management Services at 752-2629 for further loss control suggestions tailored to your specific needs.