Commentary

135 Minimum liability clause

BAILMENT vol 3(1)
| Commentary

135 Minimum liability clause

| Commentary

135 Minimum liability clause

The Secretary of State will not provide indemnities in respect of loans to national borrowing institutions where an object has a value of £1,000 or less. Non-national institutions with designated collections must bear the cost of claims up to a limit of £25,000 per year. Other non-national borrowers must meet the cost of any claim up to a limit of £300 for each object, plus one per cent of the total value of the object if that object is valued at £4,000 and above1.

National borrowing institutions are required to meet the cost of

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