US Congress Votes Insurance Increase For Museums

The US House of Representatives has voted to substantially increase the amount of insurance available to US museums to insure artwork borrowed from abroad. “The indemnity program, administered by the National Endowment for the Arts on behalf of the Federal Council on the Arts and the Humanities, was created in 1975 to minimize costs American museums pay to insure international exhibitions. Unlike standard commercial insurance, government indemnity covers the effects of terrorism both in transit and on site. The program has been flooded with requests from museums trying to organize ambitious international shows at a time when insurance costs have risen as much as 500 percent.”