Art Loan Agreement Example
4 2. Unless the lender chooses to maintain its own insurance coverage for the duration of the loan, the institution insures this work of art, as part of a comprehensive legal insurance, for the amount indicated under this agreement, against all risks of material or external damage during the term of the loan. This directive sets limits on the acts of God and the usual exclusions in case of loss or deterioration due to wear, progressive degradation, moths, vermin, defects or damage inherent in a process of repair, restoration or retouching authorized, or for reasons such as hostile or belligerent acts in times of peace or war , nuclear or radioactive violence, reaction or contamination, insurrection, rebellion, civil war, obstruction of government authority, control or defence of such a deposit, quarantine seizure or destruction or customs regulations, confiscation by order of a government or authority, or risk of trafficking or transport or illicit trafficking. 5 The party that applies the methods of transporting the work of art to the exhibition or exhibition must provide adequate insurance coverage, as shown here. (3) If the lender chooses to maintain its own insurance, the lender`s insurance is paramount. The lender agrees to request in writing, prior to issuance, a waiver of the transfer of its insurer to the institution. If the lender does not request the waiver of the assignment, the contract is an exemption from the institution`s liability in relation to the loan. (4) The work remains the property of the institution in the exhibition for which it was loaned for the time provided by this agreement, but may be removed from the exhibition at any time by the institution. Work is only returned to the lender at the address indicated in this contract, unless the institution is informed in writing.
If the legal ownership of the loan is changed over the life of the loan, the new owner may be required, prior to restitution, to establish a right to obtain the loan by satisfactory evidence for the establishment.