No, they don't. They insure it on their own property, but that's no different, in a sense, from renting a car. Obviously they don't have to lend it, but if they do, their own bylaws insist that it's covered for its fair market value, so that when anything is borrowed, whether it's insured or indemnified, the borrower bears full responsibility.
When indemnification comes into effect, it is not a date, it's an actual signature that is on a condition report. This is vital because that condition report is the benchmark against which we are indemnifying. So for anything—a crack in a painting or a picture frame—a condition report is made by qualified conservators. In most cases, it is actually co-signed by the lender and the borrower. Those condition reports must be provided to the program, and indemnity goes on or off with them. Moreover, they're cumulative. Every time it's taken in or out of a crate, a new condition report has to be made, so we know where and when any damage occurred.