Insurance Section of General Conditions of Outgoing Agreement

The following text is excerpted from the General Conditions of the Outgoing Loan Agreement to aid in determining whether a borrower's coverage meets University requirements.


“The Borrower will maintain, at its own cost and expense, all risk fine arts wall-to-wall insurance covering the Requested Work(s) against direct physical loss or damage in an amount equal the value(s) stated above from the time the Requested Work(s) leave Harvard Library until they are returned to Harvard Library. The Requested Work(s) will be insured on the Borrower’s policy at the value(s) set forth above and insured against direct physical loss or damage. Such insurance may be subject to exclusions applicable to loss resulting from wear and tear; gradual deterioration or inherent vice; moths, vermin, or rodents; any repairing, restoration, or retouching process; hostile or warlike action, insurrection, rebellion, revolution or civil war (not including terrorism); nuclear reaction, nuclear radiation or radioactive contamination; actions taken by governmental authority; or risks of contraband or illegal transportation or trade, but may not be subject to any other exclusions without prior written consent of Harvard Library. The insurance policy providing such coverage shall be issued by an insurance company with A.M. Best Company financial strength rating/financial size category of A-:X or better and shall name “President and Fellows of Harvard College” as an additional insured.

The Borrower will provide a certificate of insurance evidencing such insurance at least 30 days prior to the shipment of the Requested Work(s) unless otherwise agreed to by Harvard Library in writing. Acceptance of delivery of such certificate by the Harvard Library does not constitute approval or agreement by Harvard Library that the insurance requirements have been met. The Borrower will notify Harvard Library in writing at least 30 days prior to the cancellation or non-renewal of the required insurance, or any material change that will result in non-compliance with the above specifications. The Borrower’s failure to secure and maintain insurance as required in this agreement, and/or any inaction by Harvard Library with regard to notice of such failure, will not release the Borrower from liability for loss or damage to the Requested Work(s). If the Borrower fails to secure and maintain said insurance, the Borrower will, nevertheless, be required to respond financially in case of loss or damage as if said insurance were in effect.”

(excerpted from the Harvard Library Outgoing Loan Agreement, General Conditions)