OK, here is a different twist.
Scenario:
Outstanding loan from 16 years ago that has fallen thru the cracks. Objects are lost. "Wall to Wall" coverage ended April 2000. Is there a claim? The argument can be presented that lender, as stewards' has failed to exercise "due diligence" in tracking and recovering objects at the end of "Wall to Wall". Question: Is the borrower responsible and should file a insurance claim OR is the lender now responsible?
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George Grigonis
Collections Manager
Mütter Museum - College of Physicians of Philadelphia
Philadelphia PA
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Original Message:
Sent: 04-06-2015 09:17 AM
From: Leslie Ory Lewellen
Subject: Insurance
Greetings, DeWayne,
All of these objects--both donations and loans to you--would be covered under your institution's insurance. No question that the objects that were donated to you institution would be your responsibility to insure, since they belong to you. The donors have no involvement in them anymore and no longer hold any responsibility to cover insurance. The loans to you should technically also be under covered under your insurance unless you have negotiated otherwise and noted this in your loan agreement. If you do not currently execute loan agreements between you and your lenders, I would strongly suggest that you consider implementing them. Even a very simple one without any legal jargon is for your institution's benefit as well as your lenders. Your loan agreement should indicate who should be providing insurance coverage, which again should most likely be your institution, while the objects are on your premises.
If you have any additional questions, feel free to contact me via email or phone.
Best of luck, and regards,
Leslie Ory Lewellen
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Ms. Leslie Ory Lewellen | Associate Registrar for Acquisitions
Minneapolis Institute of Arts
2400 Third Avenue South
Minneapolis, MN 55404