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Art insurance.locked

  • Abigail Price

Extract

Method of risk management by which the owner or custodian of an object (the insured) transfers the risk of potential financial loss to an insurance company (the insurer) in return for the payment of a premium. By forming a contract of insurance, the insurer promises to indemnify the insured up to a specified amount of loss or damage occurring during a fixed period of insurance and caused by or resulting from events beyond the control of the insured....

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