Risk Management & Tort Defense

Protecting Montana's Vital Assets & Resources

Fine Arts Insurance Summary

A summary of fine arts coverage, exclusions, and policy information is provided below. Coverage may vary by agency and by location. This summary does not alter or amend coverage provided in statute or under the state property/casualty insurance program. Specific exclusions, limitations, or conditions may apply. For a comprehensive review of coverage and program requirements, please click here for PDF (230kb) or here for Word (50kb). For additional information, please contact the Risk Management & Tort Defense Division at (406)444-2421.


  1. Insurer: StarNet Insurance Company and Axis Insurance Company.
  2. Broker: Alliant Insurance Services.
  3. Term of Coverage: 7/1 to 6/30 each fiscal year.
  4. Coverage Territory: This policy applies to insured property on a 'wall to wall' basis from the time the property is removed from its normal repository to return shipment, except prior notification and approval of the Risk Management & Tort Defense Division is required for any shipment by ocean going marine vessel. For coverage outside these territories please contact the Risk Management and Tort Defense Division.
  5. Cause of Loss Covered: All risk of direct physical loss from any external cause except as excluded within the policy form.
  6. Property Covered: Paintings, etchings, drawings, rare books, manuscripts, rugs, tapestries, statuary, and other bona fide works of art, or rarity, historic value, or artistic merit of all kinds, which is: 
    1. Property of the state.
    2. Property of others on loan to the state.
    3. Property of others offered as gifts to the state.
    4. The state's interest in residuary gifts.
    5. And also property of others loaned to the state for which the state has been instructed to insure and while in transit.
  7. Liability Coverage: This policy covers the liability of the state as bailee of all loaned properties for which the state has been instructed to insure.
  8. International Transportation Coverage: The policy covers property of state and others that the state has been instructed to insure while at locations outside of the United States and Canada and while in transit. See policy for policy terms and conditions for shipments.
  9. Major Exclusions: The policy has the following primary exclusions amongst others within the policy itself.
    1. Wear and tear, gradual deterioration, moths, vermin, inherent vice, or loss sustained due to or resulting from any repairing, restoration, or retouching process.
    2. Hostile or warlike action.
    3. Loss or damage to property shipped under "on deck" Bills of Lading.
    4. Nuclear loss. 
    5. Shipments by mail unless by registered first class mail.
  10. Valuation of Property: In the event of loss the valuation of property will be; Property of the State; Current market value at the time the damage occurs. Property acquired: Current market value at time of loss. Property on loan: Value agreed upon between owners and state provided it does not exceed market value.
  11. Limits:
    $500,000,000 At premises.
    $500,000,000 Disaster/Loss/All Expenses Combined.
    $100,000,000 Unnamed locations worldwide.
    $100,000,000 Legal liability subject to the Montana Tort Cap (§2-9-108).
    $100,000,000 In-transit worldwide.
  12. Deductibles: $25,000 any one loss except no deductible for legal liability.