There have been several changes to the Government Indemnity Scheme (GIS) in the UK that were brought about as of 1 January 2016. The GIS is a scheme by which the UK government covers the insurance cost of loans brought into national and non-national UK institutions, rather than a private insurer. This allows museums to put on top-quality temporary exhibitions without having to foot an enormous insurance bill. The scheme is said to save museums in the UK around £15 million a year.
The January changes are as follows:
- An increase in the minimum value per indemnified object from £300 to £1,000;
- An increase in the minimum liability from £5,000 to £25,000 per financial year for national institutions and non-national institutions with Designated collections;
- All national museums will be asked to sign updated irrevocable undertakings to the Secretary of State at Director level and thereafter in line with their funding agreements.