The University of Texas System Fine Arts Policy provides coverage for paintings, etchings, drawings (including frames, glasses and shadow boxes), rare books, manuscripts, rugs, tapestries, statuary, and other bona-fide works of art, or rarity, historic value, or artistic merit. The policy insures against all risks of physical loss or damage from any external cause, except as excluded within the policy. Some common exclusions related to the fine arts policy are wear and tear, deterioration, hostile or warlike action in time of peace or war, shipments by mail unless by registered first class mail or parcel post provided.
Coverage is included for art you loan to others, or art on loan to you from others. It is always best to have a loan agreement in place between the two parties (sample loan agreement). Under terms of this agreement, objects of this loan will receive the care and respect that is necessary to ensure the integrity of the objects.
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