indemnity agreement

indemnity agreement Sec. 5. (a) Upon receipt of an application meeting the requirements of subsections (a) and (b) of section 4, the Council shall review the estimated value of the items for which coverage by an indemnity agreement is sought. If the Council agrees with such estimated value, for the purposes of this Act, the Council shall, after approval of the application as provided in subsection (c) of section 4, make an indemnity agreement. (b) The aggregate of loss or damage covered by indemnity agreements made under this Act shall not exceed $15,000,000,000, at any one time for international exhibitions, and $7,500,000,000 at any one time for domestic exhibitions. (c) No indemnity agreement for a single exhibition shall cover loss or damage in excess of $1,800,000,000 for international exhibitions, or $1,000,000,000 for domestic exhibitions. (d) If the estimated value of the items covered by an indemnity agreement for a single exhibition is— (1) $2,000,000 or less, then coverage under this Act shall extend only to loss or damage in excess of the first $15,000 of loss or damage to items covered; (2) more than $2,000,000 but less than $10,000,000, then coverage under this Act shall extend only to loss or damage in excess of the first $25,000 of loss or damage to items covered; (3) not less than $10,000,000 but less than $125,000,000, then coverage under this Act shall extend to loss or damage in excess of the first $50,000 of loss or damage to items covered; (4) not less than $125,000,000 but less than $200,000, then coverage under this Act shall extend to loss or damage in excess of the first $100,000 of loss or damage to items covered; (5) not less than $200,000,000 but less than $300,000,000, then coverage under the Act shall extend only to loss or damage in excess of the first $200,000, of loss or damage to items covered; (6) not less than $300,000,000 but less than $400,000,000, then coverage under this chapter shall extend only to loss or damage in excess of the first $300,000 of loss or damage to items covered; (7) not less than $400,000,000 but less than $500,000,000, then coverage under this chapter shall extend only to loss or damage in excess of the first $400,000 of loss or damage to items covered; or (8) $500,000,000 or more, then coverage under this chapter shall extend only to loss or damage in excess of the first $500,000 of loss or damage to items covered. [20 U.S.C. 974] Enacted Dec. 20, 1975, P.L. 94–158, sec. 5, 89 Stat. 845; amended Dec. 4, 1980, P.L. 96–496, secs. 301, 302, 94 Stat. 2593; amended Dec. 20, 1985, P.L. 99–194, sec. 303, 99 Stat. 1345; amended Dec. 22, 1987, P.L. 100–202, sec. 101, 101 Stat. 13329–213,1329–2219; amended Nov. 5, 1990, P.L. 101–512, sec. 301, 104 Stat. 1976; amended Oct. 10, 1998, P.L. 105–277, sec. 333, 112 Stat. 2681–294; amended Sept. 25, 2003, P.L. 108–81, sec. 501, 117 Stat. 1003; amended Dec. 16, 2014, division F of P.L. 113–235, sec. 416, 128 Stat. 2448.