Christine,

More than likely the answer would be yes.  If a piece is insured for a
certain value, than the insurance company would not give more than the
stated value.

The problem I have always found is that many people ask museums for
appraisal values, which most of us can not do because we are non-profit
institutions.  I think it is of utmost importance to relay to a lender that
if they are loaning a valuable piece and they don't have an idea of its
worth, they need to get it appraised by a licensed appraiser.

Good luck in revising your form.

Chris Goodlett
Curator of Collections
Kentucky Derby Museum


>From: Christine Dwyer <[log in to unmask]>
>Reply-To: Museum discussion list <[log in to unmask]>
>To: [log in to unmask]
>Subject: Policy for Loans
>Date: Thu, 20 Jul 2000 09:09:05 -0400
>
>Hello All,
>
>We are a small museum and many of our changing exhibits rely heavily on
>loaned pieces.  I recently reviewed the agreement we sign with individuals
>who loans us pieces for display and found it lacking.  On our current form,
>the loaner states what his/her piece is worth, and we both sign it.  We
>have
>purchase insurance for all the pieces, of course.  My question is, heaven
>forbid, if anything ever happened to a loaned item, is the loaner
>restricted
>to what he/she put on the paper?  Do they have any recourse if they
>subsequently discover the piece is worth a great deal more?  I'm curious
>about what other small museums, like ours, require contractually for loans.
>Thanks.
>
>Christy
>
>
>Christine M. Dwyer, Director
>Stanly County Museum
>& Historic Preservation Commission
>245 East Main Street, Albemarle, NC 28001 USA
>(704) 986-3777   (704) 986-3778 fax
>www.co.stanly.nc.us/Departments/Museum/index.htm
>

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