265.54  Estimated values; limits of indemnity.--

(1)  Upon receipt of an application meeting the requirements of s. 265.53(1)-(3), the Department of State, through a committee of experts designated by the Division of Cultural Affairs, shall review the validity of the application, including the accuracy of the value of the items for which coverage by an indemnity agreement is sought. The department may have the items appraised by an independent appraiser, with the cost charged to the applicant. If the committee agrees with such estimated value, for the purposes of ss. 265.51-265.56, the department shall, after approval of the application as provided in s. 265.53(4), make an indemnity agreement.

(2)  Covered indemnity claims shall be limited to $1 million for any one exhibition. Aggregate claims for loss or damage covered by indemnity agreements under ss. 265.51-265.56 shall not exceed $3 million.

(3)  Coverage under ss. 265.51-265.56 shall extend only to loss or damage in excess of the first $25,000 of loss or damage resulting from a single exhibition.