§ 974. — Indemnity limits.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 20USC974]
TITLE 20--EDUCATION
CHAPTER 26A--INDEMNITY FOR EXHIBITIONS OF ARTS AND ARTIFACTS
Sec. 974. Indemnity limits
(a) Approval of estimated values
Upon receipt of an application meeting the requirements of
subsections (a) and (b) of section 973 of this title, the Council shall
review the estimated value of the items for which coverage by an
indemnity agreement is sought. If the Council agrees with such estimated
value, for the purposes of this chapter, the Council shall, after
approval of the application as provided in subsection (c) of section 973
of this title, make an indemnity agreement.
(b) Maximum limits of coverage
The aggregate of loss or damage covered by indemnity agreements made
under this chapter shall not exceed $5,000,000,000 at any one time.
(c) Limit for single exhibition
No indemnity agreement for a single exhibition shall cover loss or
damage in excess of $500,000,000.
(d) Deductible limit
If the estimated value of the items covered by an indemnity
agreement for a single exhibition is--
(1) $2,000,000 or less, then coverage under this chapter shall
extend only to loss or damage in excess of the first $15,000 of loss
or damage to items covered;
(2) more than $2,000,000 but less than $10,000,000 then coverage
under this chapter shall extend only to loss or damage in excess of
the first $25,000 of loss or damage to items covered;
(3) not less than $10,000,000 but less than $125,000,000, then
coverage under this chapter shall extend to loss or damage in excess
of the first $50,000 of loss or damage to items covered;
(4) not less than $125,000,000 but less than $200,000,\1\ then
coverage under this chapter shall extend to loss or damage in excess
of the first $100,000 of loss or damage to items covered;
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\1\ So in original. Probably should be ``$200,000,000,''.
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(5) not less than $200,000,000 but less than $300,000,000, then
coverage under the \2\ chapter shall extend only to loss or damage
in excess of the first $200,000, of loss or damage to items covered;
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\2\ So in original. Probably should be ``this''.
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(6) not less than $300,000,000 but less than $400,000,000, then
coverage under this chapter shall extend only to loss or damage in
excess of the first $300,000 of loss or damage to items covered; or
(7) $400,000,000 or more, then coverage under this chapter shall
extend only to loss or damage in excess of the first $400,000 of
loss or damage to items covered.
(Pub. L. 94-158, Sec. 5, Dec. 20, 1975, 89 Stat. 845; Pub. L. 96-496,
title III, Secs. 301, 302, Dec. 4, 1980, 94 Stat. 2593; Pub. L. 99-194,
title III, Sec. 303, Dec. 20, 1985, 99 Stat. 1345; Pub. L. 100-202,
Sec. 101(g) [title II, Sec. 201], Dec. 22, 1987, 101 Stat. 1329-213,
1329-249; Pub. L. 101-512, title III, Sec. 318 [title III, Sec. 301],
Nov. 5, 1990, 104 Stat. 1960, 1976; Pub. L. 105-277, div. A, Sec. 101(e)
[title III, Sec. 333], Oct. 21, 1998, 112 Stat. 2681-231, 2681-294.)
Amendments
1998--Subsec. (b). Pub. L. 105-277, Sec. 101(e) [title III,
Sec. 333(1)], substituted ``$5,000,000,000'' for ``$3,000,000,000''.
Subsec. (c). Pub. L. 105-277, Sec. 101(e) [title III, Sec. 333(2)],
substituted ``$500,000,000'' for ``$300,000,000''.
Subsec. (d)(4). Pub. L. 105-277, Sec. 101(e) [title III,
Sec. 333(3)], struck out ``or'' at end.
Subsec. (d)(5). Pub. L. 105-277, Sec. 101(e) [title III,
Sec. 333(4)], substituted ``not less than $200,000,000 but less than
$300,000,000'' for ``$200,000,000 or more'' and substituted semicolon
for period at end.
Subsec. (d)(6), (7). Pub. L. 105-277, Sec. 101(e) [title III,
Sec. 333(5)], added pars. (6) and (7).
1990--Subsec. (b). Pub. L. 101-512, Sec. 318 [title III,
Sec. 301(a)], substituted ``$3,000,000,000'' for ``$1,200,000,000''.
Subsec. (c). Pub. L. 101-512, Sec. 318 [title III, Sec. 301(b)(1)],
substituted ``$300,000,000'' for ``$125,000,000''.
Subsec. (d)(3). Pub. L. 101-512, Sec. 318 [title III,
Sec. 301(b)(2)(B)], amended par. (3) generally. Prior to amendment, par.
(3) read as follows: ``$10,000,000 or more, then coverage under this
chapter shall extend only to loss or damage in excess of the first
$50,000 of loss or damage to items covered.''
Subsec. (d)(4), (5). Pub. L. 101-512, Sec. 318 [title III,
Sec. 301(b)(2)(A), (C)], added pars. (4) and (5).
1987--Subsec. (b). Pub. L. 100-202 substituted ``$1,200,000,000''
for ``$650,000,000''.
Subsec. (c). Pub. L. 100-202 substituted ``$125,000,000'' for
``$75,000,000''.
1985--Subsec. (b). Pub. L. 99-194, Sec. 303(a), substituted
``$650,000,000'' for ``$400,000,000''.
Subsec. (c). Pub. L. 99-194, Sec. 303(b), substituted
``$75,000,000'' for ``$50,000,000''.
1980--Subsec. (b). Pub. L. 96-496, Sec. 301, substituted
``$400,000,000'' for ``$250,000,000''.
Subsec. (d). Pub. L. 96-496, Sec. 302, substituted provisions
relating to deductible amounts under indemnity agreements for provisions
limiting coverage under this chapter to loss or damage in excess of the
first $15,000 resulting from a single exhibition.
Effective Date of 1990 Amendment
Amendment by Pub. L. 101-512 effective Oct. 1, 1990, see section 318
[title IV, Sec. 403(b)] of Pub. L. 101-512, set out as a note under
section 951 of this title.
Section Referred to in Other Sections
This section is referred to in section 975 of this title.
