Fine Arts and Property of Others

Generally, fine arts or other items formally loaned to a University department and placed under its care, custody, and control may be covered under the University’s Property Insurance Plan. Items belonging to others that are on campus but not formally documented as being on loan to the University are not covered under the University’s property insurance.

For unusual or high-value loans, departments should contact Risk Management for guidance.

To obtain coverage, the loan must be supported by written documentation outlining the loan agreement, loan period, and acknowledgment that the University will insure the item. Additional details are provided below.

Fine Arts and Antiques

In most cases, fine arts and antiques being loaned to the University can be covered at their appraised or stated value by the university’s Property Insurance Plan.

You can request coverage by providing the following to the Office of Risk Management at least one week prior to the date coverage is to begin:

• All loan agreements will require contract review and signature by the Procurement Contract Services team, as explained in the University Contract Policy hosted on the Procurement Document Library.

Other Property Loaned to the University

In most cases, items other than fine arts and antiques on loan to the university can be covered at their actual cash value by the university’s Property Insurance Plan.

These loans require the documented approval of the dean or department head via written documentation between the lender and the university, which establishes there is an agreement that the item is on loan to the university and will be covered by the university’s rather than the lender’s insurance for a specified time period

• For information regarding contract review and signature by a designated University Signatory, please refer to Contract Services
• For loans where the university will be covering the item during transit when the loan involves sensitive equipment or for values of $10,000 or more, the loan must be reported to Risk Management prior to finalizing shipping arrangements, by providing the following information:
  • The loan agreement
  • Details regarding the shipping method
  • How the item will be safeguarded

You may be contacted to discuss shipping and insurance issues.