Loss of commercial value of a work after restoration resulting in compensation paid in agreement with the insurers.
A procedure exercised by museums or galleries before acquisition or loan to ensure that any object offered for purchase, gift, loan, bequest or exchange has not been illegally obtained in, or exported from, its country of origin or any intermediate country in which it might have been owned legally (including the museum’s own country). Due diligence in this regard should establish the full history of the item from discovery to production.
A document listing general requirements to be considered during the loan of an object. A Facilities Report outlines an institution's facilities, climate, security, staffing, insurance and loan history. The purpose of this document is to assure a lender that the borrower has a history of professional and responsible care of museum artefacts.
Immunity from seizure
Law guaranteeing the immunity from seizure of borrowed works while they remain on the territory.
Letter of comfort
A 'letter of comfort' means a written confirmation from a representative of the Government that the borrower of the cultural object or the borrowing State will do everything within its power to safeguard the item from seizure.
(definition by OMC subgroup on immunity from seizure, 2010)
Long term loan
A loan with a duration of several years duration, generally 3-5 years. The loaned object contributes to the borrower’s permanent collection and is regarded as forming part of the collection for the period of the loan.
(definition from the report on ‘Long term loans best practises report’ from the OMC-group on Long-term Loans and Collection Research, 2010)
Nail to nail
From the removal of the work of art until its return to the lender, in other words during exhibition, storage and transportation in both directions.
Self insurance (see shared liability)
Shared liability (non insurance)
Shared liability is an agreement between two museums with the objective of sharing liability as far as possible in respect of specific risks involved in loan transactions. The museums have agreed on the fact that the Borrower has a certain freedom in deciding whether he wants to insure its share of the liability or not. This implies a reciprocal relationship between the museums which is based on trust. The museums consider one another as equal partners which use comparable standards with regard to the organisation of exhibitions. The two parties are also in agreement that museum objects by definition are irreplaceable and are no part of economic trading (extra comercium). Usually the institutions which agree on shared liability are in a contractual relationship in which they draw funds from various budgets (for example, museums from different states)
(definition by Galambos/Bergevoet, 2010 and the ‘Lending to Europe’ report, 2005)
A national scheme whereby the state undertakes to provide financial compensation for the loss or damage of a work on loan, without any insurance company acting as an intermediary.
Waiver of subrogation
In the event of damage to a work, a clause waiving claims against the organisers, commissioners, curators, official representatives of the lender, transport companies, transit companies and packaging companies, except in the case of malice, deceit or gross negligence.