Danny Freeman 5/18/2016 (2) - Laserfiche WebLink

(1) The City had a reasonable belief at the time the action was taken that the action was necessary to protect the Work or other property in the custody of the City, or that the Work constituted a hazard to the health and safety of the public or the staff or agents of the City; and (2) The City exercised reasonable care in the choice and application of such emergency conservation measures, considering all circumstances and knowledge reasonably available to the City at the time. If the City applied emergency conservation measures as provided above and if the Lender is the author of the Work,the Lender may require the City to remove any attribution of the Work to the Lender but otherwise agrees that 17 U.S.C. §106A(a)(3) shall not apply. 13. INSURANCE A. General Unless the Lender already has insurance on the Work that will be in effect during this Agreement,the City shall insure the Work for its fair market value at the beginning of this Agreement. Such insurance shall be for "all risks" of physical loss or damage from any external cause while at any location during the period of this loan, subject to the following limitations: (1) If the Work has been industrially fabricated and can be replaced to the artist's specifications,the amount of such insurance shall be limited to the cost of such replacement; (2) If the Work is fragile or otherwise difficult to insure,the City may insist that the Lender either self-insure or maintain its own insurance on the Work; (3) The City may in its discretion require an appraisal or other reasonable evidence of the estimated fair market value of the Work for insurance purposes; (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, City of Everett Sculpture Loan Agreement Page 3 of 9