20 U.S.C. § 974 : US Code - Section 974: Indemnity limits

Search 20 U.S.C. § 974 : US Code - Section 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 $10,000,000,000 at any one
time.
(c) Limit for single exhibition
No indemnity agreement for a single exhibition shall cover loss
or damage in excess of $1,200,000,000.
(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;
(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.