To amend the Arts and Artifacts Indemnity Act to increase the amount of loss or damage coverage, in the aggregate and for single exhibitions, authorized by such Act.

February 13, 2003

Ms. MCCOLLUM introduced the following bill; which was referred to the Committee on Education and the Workforce

To amend the Arts and Artifacts Indemnity Act to increase the amount of loss or damage coverage, in the aggregate and for single exhibitions, authorized by such Act.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Arts and Artifacts Indemnity Act Amendments of 2003'.

SEC. 2. AMENDMENTS.

Section 5 of the Arts and Artifacts Indemnity Act (20 U.S.C. 974) is amended--

(1) in subsection (b) by striking `$5,000,000,000' and inserting `$8,000,000,000',

(2) in subsection (c) by striking `$500,000,000' and inserting `$750,000,000', and

(3) in subsection (d)--

(A) in paragraph (4) by striking `$200,000' and inserting `$200,000,000',

(B) in paragraph (6)--

(i) by striking `chapter' and inserting `Act', and

(ii) by striking `or' at the end,

(C) in paragraph (7)--

(i) by striking `$400,000,000 or more, then coverage under this chapter' and inserting `not less than $400,000,000 but less than $500,000,000, then coverage under this Act', and

(ii) by striking the period at the end and inserting `; or', and

(D) by adding at the end the following:

`(8) $500,000,000 or more, the coverage under this Act shall extend only to loss or damage in excess of the first $500,000 of loss or damage to items covered.'.

END