---
kind: "section"
citation: "20 U.S.C. § 974"
title: "20"
title_heading: "Education"
number: "974"
heading: "Indemnity limits"
release: "119-102"
url: "https://uscodex.org/usc/20/974"
units:
  - "Chapter 26A — Indemnity for Exhibitions of Arts and Artifacts"
---

# §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](/usc/20/973.md), the [Council](/usc/20/80r–1.md?p=2) shall review the estimated value of the items for which coverage by an indemnity agreement is sought. If the [Council](/usc/20/80r–1.md?p=2) agrees with such estimated value, for the purposes of this chapter, the [Council](/usc/20/80r–1.md?p=2) shall, after approval of the application as provided in subsection (c) of [section 973 of this title](/usc/20/973.md), 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 $15,000,000,000 at any one time for international exhibitions, and $7,500,000,000 at any one time for domestic exhibitions.
- (c) **Limit for single exhibition—** No indemnity agreement for a single exhibition shall cover loss or damage in excess of $1,800,000,000 for international exhibitions, or $1,000,000,000 for domestic exhibitions.
- (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;
  - (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;
  - (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;
  - (7) not less than $400,000,000 but less than $500,000,000, 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; or
  - (8) $500,000,000 or more, then coverage under this chapter shall extend only to loss or damage in excess of the first $500,000 of loss or damage to items covered.

## Footnotes

[^1]: So in original. Probably should be “$200,000,000,”.
[^2]: So in original. Probably should be “this”.

## Source credit

(Pub. L. 94–158, § 5, Dec. 20, 1975, 89 Stat. 845; Pub. L. 96–496, title III, §§ 301, 302, Dec. 4, 1980, 94 Stat. 2593; Pub. L. 99–194, title III, § 303, Dec. 20, 1985, 99 Stat. 1345; Pub. L. 100–202, § 101(g) [title II, § 201], Dec. 22, 1987, 101 Stat. 1329–213, 1329–249; Pub. L. 101–512, title III, § 318 [title III, § 301], Nov. 5, 1990, 104 Stat. 1960, 1976; Pub. L. 105–277, div. A, § 101(e) [title III, § 333], Oct. 21, 1998, 112 Stat. 2681–231, 2681–294; Pub. L. 108–81, title V, § 501, Sept. 25, 2003, 117 Stat. 1003; Pub. L. 109–54, title IV, § 427, Aug. 2, 2005, 119 Stat. 555; Pub. L. 110–161, div. F, title IV, § 426(2), (3), Dec. 26, 2007, 121 Stat. 2151; Pub. L. 113–235, div. F, title IV, § 416, Dec. 16, 2014, 128 Stat. 2448.)

## Notes

### Editorial Notes

### Amendments

2014—Subsec. (b). Pub. L. 113–235, § 416(1), substituted “$15,000,000,000” for “$10,000,000,000” and “$7,500,000,000” for “$5,000,000,000”.

Subsec. (c). Pub. L. 113–235, § 416(2), substituted “$1,800,000,000” for “$1,200,000,000” and “$1,000,000,000” for “$750,000,000”.

2007—Subsec. (b). Pub. L. 110–161, § 426(2), inserted “for international exhibitions, and $5,000,000,000 at any one time for domestic exhibitions” before period at end.

Subsec. (c). Pub. L. 110–161, § 426(3), inserted “for international exhibitions, or $750,000,000 for domestic exhibitions” before period at end.

2005—Subsec. (b). Pub. L. 109–54, § 427(1), substituted “$10,000,000,000” for “8,000,000,000”.

Subsec. (c). Pub. L. 109–54, § 427(2), substituted “$1,200,000,000” for “$600,000,000”.

2003—Subsec. (b). Pub. L. 108–81, § 501(1), substituted “$8,000,000,000” for “$5,000,000,000”.

Subsec. (c). Pub. L. 108–81, § 501(2), substituted “$600,000,000” for “$500,000,000”.

Subsec. (d)(7), (8). Pub. L. 108–81, § 501(3), added pars. (7) and (8) and struck out former par. (7) which read as follows: “$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.”

1998—Subsec. (b). Pub. L. 105–277, § 101(e) [title III, § 333(1)], substituted “$5,000,000,000” for “$3,000,000,000”.

Subsec. (c). Pub. L. 105–277, § 101(e) [title III, § 333(2)], substituted “$500,000,000” for “$300,000,000”.

Subsec. (d)(4). Pub. L. 105–277, § 101(e) [title III, § 333(3)], struck out “or” at end.

Subsec. (d)(5). Pub. L. 105–277, § 101(e) [title III, § 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, § 101(e) [title III, § 333(5)], added pars. (6) and (7).

1990—Subsec. (b). Pub. L. 101–512, § 318 [title III, § 301(a)], substituted “$3,000,000,000” for “$1,200,000,000”.

Subsec. (c). Pub. L. 101–512, § 318 [title III, § 301(b)(1)], substituted “$300,000,000” for “$125,000,000”.

Subsec. (d)(3). Pub. L. 101–512, § 318 [title III, § 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, § 318 [title III, § 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, § 303(a), substituted “$650,000,000” for “$400,000,000”.

Subsec. (c). Pub. L. 99–194, § 303(b), substituted “$75,000,000” for “$50,000,000”.

1980—Subsec. (b). Pub. L. 96–496, § 301, substituted “$400,000,000” for “$250,000,000”.

Subsec. (d). Pub. L. 96–496, § 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.

### Statutory Notes and Related Subsidiaries

### Effective Date of 1990 Amendment

Amendment by Pub. L. 101–512 effective Oct. 1, 1990, see section 318 [title IV, § 403(b)] of Pub. L. 101–512, set out as a note under section 951 of this title.