What if my department needs to insure unique or especially valuable property, such as works of art or rare books?
Although precious artwork and rare books are covered under the University’s property insurance program, the property insurance program doesn’t cover every hazard (most water damage, for instance), so if a painting is doused by rain through an open window, your department is stuck for the cost of damage — unless you purchase special fine arts coverage. Fine arts insurance (Permanent Collection and Domestic Exhibit) covers all perils except: • wear and tear, gradual deterioration, moths, vermin, inherent vice, or loss or damage sustained due to or resulting from any repairing, restoration or retouching process • war • nuclear hazard • shipment by mail unless by registered first class or parcel post –provided such shipments not exceed $1,000 in value • loss or damage to property shipped under “on deck” bills of lading. For a cost of 23 cents per hundred dollars insured, the fine arts insurance program will cover your on-campus permanent collection up to a value of $5,000,000. The deduct
