The Treasury is set to provide indemnity coverage for the Bayeux Tapestry, estimated at £800 million, while the historic artwork is on loan to the British Museum next year. The 70-meter-long embroidery, which depicts the Battle of Hastings in 1066, will travel from France to London as part of an agreement between the French and British governments.
The Government Indemnity Scheme (GIS) will cover the tapestry's transit, storage, and display, protecting against potential loss or damage. According to a Treasury spokesperson, the GIS is essential because without it, "public museums and galleries would face a substantial commercial insurance premium, which would be significantly less cost effective."
Indemnity insurance, in this context, acts as a guarantee against financial loss resulting from damage or destruction of the artifact. The Bayeux Tapestry, nearly 1,000 years old, is a significant historical artifact, and its loan to the UK marks a rare occasion for the British public to view it. The tapestry's return to the UK will be the first time in 900 years that it has been displayed in the country.
Concerns have been raised by some French art experts regarding the tapestry's delicate condition and the potential risks associated with transporting it. These concerns have been dismissed by French officials, who maintain that the tapestry is fit for travel.
The Treasury has received an initial valuation for covering the Bayeux Tapestry and has provisionally approved it. Formal confirmation of the loan is contingent upon the final valuation being received.
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