Aris, the art title insurance firm released a white paper on non-profit museum risk. The paper looks at exposure due to WWII and other thefts, cultural patrimony, restricted gifts, and lien claims on art works. As the exposure has increased, so has the need for proper coverage.
Aris reports
Source: Aris
April 23, 2013 - Technical summary of the art market legal title risk challenges facing the U.S. non-profit museum community including general museums and university museums
NEWS RELEASE - The time is ripe for museums and the museum community as a whole to reconsider their approach to managing ownership risks of purchases, gifts and deaccessions and the spectrum of market exposures to WWII and other theft, cultural patrimony, restricted gifts and financial lien claims, which have increasingly and consistently been the genesis of litigation. The landscape of liability in this context is entering a sea-change. The paper at the link below reviews the fiduciary and public trust issues for the nonprofit community surrounding acquisition governance in the post-Sarbanes-Oxley world and exposures notwithstanding federal and state nonprofit liability immunity laws and museum D&O and E&O insurance policies.
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