Ken Barnes 7/27/2023 - Laserfiche WebLink

Sculpture Loan Agreement Page 4 (4) If the Lender does not state a fair market value for the Work or the Lender cannot produce reasonable evidence of the Work's fair market value, the City may either (i) require the Lender to maintain its own insurance on the Work, or (ii) insure the Work in an amount determined by the City (provided that such determination shall not be construed for any purpose to be an appraisal by the City); and (5) The City will not be liable for any risk or loss beyond the coverage provided by its "all risk" policy. B. Valuation Disclaimer and Loss Exclusions Neither the execution of this Agreement nor the provision of insurance coverage at the Lender's stated fair market value shall constitute an endorsement or approval of the Lender's stated fair market value by the City for any purpose whatsoever. The City's policy covering the Work will contain the usual exclusions for loss or damage due to war, invasion, hostilities, rebellion, terrorism, insurrection, confiscation by order of any government or public authority, risks of contraband or illegal transpiration and/or trade, nuclear damage, wear and tear, gradual deterioration, insects, vermin and inherent vice, and for damage sustained due to and resulting from any repairing, restoration or retouching process unless caused by fire and/or explosion. The Lender agrees that, in the event of loss or damage, recovery shall be limited to such amount, if any, as may be paid by the insurer, thereby releasing the City, and the officers, agents and employees of the City from liability for any and all claims arising out of such loss or damage. C. Lender’s Insurance If the Lender chooses to maintain his own insurance, the Lender must provide to the City: (a) a certificate of insurance evidencing coverage; (b) an endorsement naming the City as an additional insured; and (c) waiver any rights of subrogation against the City from any liability in connection with the Work. The City shall not be responsible for any error or deficiency in information furnished to the Lender's insurer or for any lapses in the Lender's insurance coverage. 14. LIMITS ON LIABILITY The City shall not be liable to, or claims by, third parties. The City shall not be liable for loss of or damage to the Work due to or resulting from normal wear and tear, gradual deterioration, vermin, inherent vice, pre-existing flaw or condition, radioactive contamination, wars, terrorism, strikes, riots, civil commotion, or repair, restoration or retouching processes other than those repair, restoration or retouching processes undertaken as emergency conservation measures.