MORE INSURANCE FOR AMERICAN MUSEUMS

Since it was established in 1975, the Arts and Artifacts Indemnity Program has enabled museums to minimize the cost of insuring works that come from overseas by applying to the federal government to guarantee the owners payment in the event of theft, damage, or loss. Now, in addition to the ten billion dollars reserved for the foreign coverage, a pool of five billion dollars has been created to protect art and artifacts lent to museums from within the United States, reports Mike Boehm in the Los Angeles Times. “This is one of the best things to happen in the museum field for a long time,” said Ford Bell, president of the American Association of Museums. Since fears of terrorism increased seven years ago in the wake of the September 11 attacks, insurance hikes have “threatened to strangle museums’ ability to present important art to the public,” said Joanne Heyler, director and chief curator of the Santa Monica–based Broad Art Foundation. Panels of experts will decide who qualifies for the domestic insurance. The objects to be insured need to be worth at least seventy-five million dollars.