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Fine Arts and Property of Others

  • In most cases, fine arts or other items loaned to and taken into the care, custody and control of the University departments can be provided with coverage through the University’s Property Insurance Plan
  • Personal items belonging to others that are at the University, but where there is no written documentation of being on loan and in the care, custody, or control of the University, are not covered under the University’s property coverage
  • For unusual loans, or loans of high value, it is recommended that you contact the Director of Risk Management, at (434) 592-3582 (leave a message), early in the planning process
  • Written documentation of the loan, loan period, and agreement that the University will cover the item is required for coverage, as explained in more detail in the sections 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:

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 University Contracts and Agreements
  • 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 the Office of 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.
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