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Art Insurance Program Guidelines
The contact for the fine arts and special collections insurance is Risk Management in the System office. Information and requests for schedule changes or insurance certificates should be directed through Risk Management.
The insurance covers all types of losses, subject to a small number of limitations or exclusions. The deductible is $1,000 per claim.
B. Owned and Art of Others on Long-term Loan
The campus should maintain a detailed inventory of all University owned and long-term borrowed fine arts and special collections (objects), incorporating any additions or deletions. Objects on long-term loan (over a year) are treated the same as owned on the insurance. An updated listing of all objects will be required in late autumn for the January insurance policy renewal. A back-up of the campus art inventory should be kept at a separate location from the original. There should be a written agreement in place for all objects on long-term loan to the University.
For newly acquired owned or long-termed borrowed objects (over a year), notify Risk Management, but only if the value is $100,000 or higher for a single object or group of objects obtained at the same time. Notification should be made on the form Artwork—High Valued Acquisitions or Long-Term Loan to the University. Attach appraisal or other documentation for each object, listing appropriate information, such as artist, title, date created, medium or material, and value. Also, there is no need to notify Risk Management when objects are removed from the collections, unless the value exceeds $100,000. The annual updated schedule should incorporate all changes that occurred during the year.
C. Borrowed Art: Art on Short-Term Loan from Others for Exhibition, Study or Research
Notify Risk Management of fine arts or special collections on short-term loan to the University, but only if the borrowed art has a total value of $100,000 or more. Notification should be made on the form Artwork—Short-Term Loan to the University. It is not necessary to include any other documentation. If the loan involves several lenders, enter “Multiple Lenders” in the Lender Information section and leave the contact information blank; it is not necessary to do a separate form for each lender (however, a separate form would be needed for any lender requesting a certificate). The campus should maintain a detailed inventory of all objects on short-term loan to the University for exhibition, study or research. There should be a written agreement in place for all objects on short-term loan to the University.
D. Certificates of Insurance
If a certificate of insurance (proof of insurance) is required for objects on short-term loan to the University, submit a request on the form Artwork—Short-Term Loan to the University. If a certificate of insurance is required for long-term loans to the University, submit a request on the form Artwork—High Valued Acquisitions or Long-Term Loan to the University. For other certificate needs, contact Risk Management.
Consult the full guidelines for reporting a property claim: Property Loss–University Buildings, Contents or Other Property. All claims should be submitted to Risk Management as soon as possible (no later than 60 days) on the following form: Claim Form: Property Loss–University Buildings, Contents or Other Property. Provide the following information: date of loss; cause of loss (e.g. theft, vandalism, fire, smoke, sprinkler leakage); estimated dollar amount of damage; description of object(s) damaged or stolen; and steps taken to mitigate the loss. The campus should take whatever steps are necessary to prevent further damage. Unless required to do so for safety reasons, do not discard any objects until authorized to do so by the insurance company. Thefts and vandal isms should be reported to the police and a copy of the police report obtained and submitted with the notice of loss.
A $1,000 deductible will apply to all covered losses. The campus or campus department is responsible for self-funding the $1,000 deductible. However, for objects of others on short-term loan to the University, there will be no deductible for claims that exceed $1,000 (for such claims, the insurance will pay the owner for the total claim). For claims under $1,000 involving objects of others on short term loan, the campus will be responsible for paying the owner for the loss (i.e. unless other arrangements were made in writing, the campus should pay the owner for the full value for a covered loss with no deductible). Risk Management will assist with working out settlements with owners.