Good Afternoon,
The article is informative presented from a loss control perspective. Unfortunately, only the lender is given advise on eliminating, transferring or mitigating risk. How about the museums risk management to whom you propose assumes all the risk. Since the lender gains from the display by increasing the artworks value, perhaps they should share some risk with the museum or the museum require it be held harmless in the event of damage or theft. I would at least require a certificate of insurance from the lender naming my gallery as an additional insured.
Best regards,
John Graveley, CPCU, AAI
Underwriting Manager
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Good Afternoon,
The article is informative presented from a loss control perspective. Unfortunately, only the lender is given advise on eliminating, transferring or mitigating risk. How about the museums risk management to whom you propose assumes all the risk. Since the lender gains from the display by increasing the artworks value, perhaps they should share some risk with the museum or the museum require it be held harmless in the event of damage or theft. I would at least require a certificate of insurance from the lender naming my gallery as an additional insured.
Best regards,
John Graveley, CPCU, AAI
Underwriting Manager