24:52:03:05. Liability and insurance for borrowed objects. The museum shall care for borrowed objects as it does for comparable property of its own. The museum is not liable for any loss or damage to borrowed objects and shall inform the lender of this policy. If the lender requires the objects to be insured, the museum may insure the objects for their fair market value, and recovery is limited to the amount paid by the insurer. The lender may insure loans made to the museum. However, the lender must agree in writing that both the lender and the lender's insurance company will release the museum from any liability if loss or damage occurs.
Source: 13 SDR 23, effective September 1, 1986.
General Authority:SDCL 1-19A-11.
Law Implemented:SDCL 1-19A-11.
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