All Fine Art, whether purchased, donated or loaned, must be reported to MSU Safety & Risk Management in order to be covered under this insurance program. Unreported Fine Arts whether displayed or stored may not be covered.

What is Covered

Fine Arts include objects of rare or historic value such as paintings, statuaries or collections that Montana State University owns or is instructed to insure in loan agreements. Reported Fine Arts are also insured in-transit to and from the University, however MSU must put the state on notice prior to transporting, contact the MSU Safety & Risk Management Insurance Manager at [email protected] to report.

Fine Arts on loan or consignment to the University are covered against physical loss or property damage while they are on University property for the value that is agreed upon by the state and owners as declared in the loan agreement.  They may also be covered in-transit to and/or from the University, depending on the loan arrangements in the agreement.


MSU Departments that have Fine Arts must maintain an inventory that catalogues and digitizes (photographs or video) each piece, along with purchasing/loan agreements and estimated market values. This inventory will be maintained at the MSU Department owning or having custody of the Fine Art and be reported annually to MSU Safety and Risk Management. Certain high-value items should be reported individually throughout the year. Values may be updated at any time the Fine Arts are re-evaluated.


To schedule Fine Arts for insurance coverage, accurately and completely report the following information:

  1. Building (closest nearby building for outdoor statuary)
  2. Location within or outside of the building, e.g., floor and room number
  3. Estimated market value of exhibited items
  4. Description of insured objects
  5. Estimated market value of stored items
  6. Security measures, e.g., patrol guard, security locks, anchored, alarm system, exterior lighting, permanent windows, camera surveillance
  7. Loss history, if any
  8. Coverage start date


The coverage end date must be reported once Fine Art is no longer owned or on loan to MSU.

The contact for reporting the information above is the MSU Safety & Risk Management Insurance Manager at [email protected].

Coverage Conditions

  1. Reporting to MSU Safety & Risk Management, as described above.
  2. Maintenance of an inventory of Fine Arts by object at current market value.
  3. In-Transit Coverage:
    • Coverage for Fine Arts being transported by an approved transportation company within Canada or the U.S. is provided under this policy.  However, all Fine Arts must be packed and unpacked by packers who are trained and skilled in utilizing procedures and materials necessary to protect that particular type of fine art.
  4.  Fine Arts may occasionally be transported by University employees or other designated persons.  However, the items must be appropriately packed by an experienced fine arts person AND the vehicle transporting the items must never be left unattended.  Contact the MSU Safety & Risk Management Insurance Manager if items are to be moved by an employee or other designated person.


The policy deductible is $1,000 per occurrence for all perils from any external cause, except as otherwise excluded. 

Not Covered

  1. Owned Fine Arts that are not declared to MSU Safety & Risk Management
  2. Fine Arts loaned out without prior approval of the state Risk Management & Tort Defense Division. An agreement is required.
  3. Wear and tear
  4. Gradual deterioration
  5. Inherent vice (deterioration due to what the item is made out of)
  6. Mold
  7. Insects, vermin or rodents
  8. Damage sustained or resulting from any repair, restoration or retouching process
  9. War, military and governmental action
  10. Nuclear hazards
  11. Shipping Fine Arts via the United States Postal Service
  12. Loss or damage while shipped under “on deck” Bills of Lading.


Coverage territory is various locations in the State of Montana or worldwide. Property of the state or property of others loaned to the state shall be covered on a “wall to wall” basis from the time the property is removed from its normal repository and returned and shipped to another point designated by the state. Coverage applies while in transit worldwide and while on exhibition at any location worldwide.

Insurance Recovery

MSU must notify the state Risk Management & Tort Defense Division of a claim or potential claim within five business days. Claims that are not reported within a reasonable period of time may be denied. To report a claim, use the state Report of Incident. Attach supporting information such as police or fire department reports, repair estimates, photographs and information on any adverse party’s insurance.

REV: 7/21/2015