EXHIBIT “C”

“Butterflies” Sculpture &

Current Fine Arts Insurance

Exhibition Policy

Fiscal Year 2025-26

City of Doral Public Art Program Advisory Board Meeting

Agenda

Friday, March 4, 2022 9:00 a.m.

Doral Government Center 1st Floor Multipurpose Room

8401 N.W. 53rd Terrace Doral, FL 33166

1. Call to Order

2. Roll Call

Carlos Arroyo, Public Works Director Lazaro Quintero, Assistant Parks and Recreation Director Maggie Santos, Communications Director Jane Decker, Building Department Director Flor Mayoral, DORCAM Representative

3. Public Comments

4. Discussion Items

1. Manolo Valdes Sculpture – Downtown Doral Park

5. Future Meeting Date: Friday, March 18, 2022

6. Adjournment

Anyone wishing to obtain a copy of an agenda item may contact the City Clerk at 305- 593-6725 or view the agenda packet on the City’s website at www.cityofdoral.com or at City of Doral Government Center, 8401 NW 53rd Terrace, Doral, Florida 33166 during regular business hours (Monday – Friday, 8:00 A.M. – 5:00 P.M.).

Memorandum

Date: March 9, 2022

To: Honorable Mayor and Councilmembers

From: Luis Figueredo City Attorney

Subject: Manolo Valdes Sculpture

The City Attorney’ s Office respectfully requests that the Mayor and City Councilmembers approve a Resolution approving the Exhibition and Loan Agreement with Artist, Manolo Valdes to exhibit the sculpture entitled “ Butterflies” at Downtown Doral Park.

Background

Manolo Valdes is a World-Renowned Spanish Artist who works in painting, sculpture, and mixed media. He introduced to Spain a form of expression that combined political and social obligations with humor and irony. In 1964, Valdes established the artists’ group Equipo Cronica with Joan Toledo and Raphael Solbes in which he remained until Solbes’ death in 1998. His work is influenced by Velazquez, Rembrandt, Reubens, Matisse Picasso and others. Valdes creates large works in which the lighting and colors express a sensation of tactility. His work is forceful and decorated with historical art symbols. Valdes has received various awards, including the Lissone and Biella in Milan in 196; the silver medal in the second International Prints Biennial in Tokyo;

an award from the Bridgestone Art Museum in Lisbon; the Alfons Roig Award in Valencia; the National Award for Plastic Arts in Spain, a medal from the biennial International Festival of the Plastic Arts in Baghdad; and in 1993, the Medal of Order of Andres Bello in Venezuela.

Throughout his long career, Valdés has never stopped investigating and reinventing art, with an insatiable appetite for conceptual and plastic experimentation. The result is unanimous critical acclaim and recognition from a growing public for his works that can be found in the great museums of the world. Manolo Valdés’s works are included in numerous public and private collections including, but not limited to, the de Young Museum of San Francisco; Peggy Guggenheim Collection, Venice, Italy; Hamburger Kunsthalle, Hamburg, Germany; Menil Foundation, Houston, Texas; Metropolitan Museum of Art, New York; Modern Museet Art, Stockholm, Sweden; Musée National d’Art Moderne, Centre Georges Pompidou, Paris, France;

Museo Nacional Centre de Arte Reina Sofía, Madrid, Spain; Museum of Fine Arts, Houston, Texas and Museum of Fine Arts, Boston, Massachusetts. Manolo’s iconic sculptures are exhibited outdoors in the parks and gardens of major cities such as the New York Botanical Gardens, Hofgarten, Dusseldorf and Chatsworth House, UK.

The City has negotiated an Exhibition and Loan Agreement attached as Exhibit “ A”. Under the terms of the agreement, Manolo Valdés agrees to loan at no charge to the City the sculpture entitled “ Butterflies” to be exhibited near the new Cultural Arts building in Downtown Doral Park. The term of the agreement is five years. The assessed value of the sculpture is

2,100,000.00.

Fiscal Impact:

The City is in the process of obtaining estimates to transport and install the sculpture.

That cost is estimated at $15,000. The City has obtained an estimate for fine art insurance .

The estimate provided is $ 12,000, to insure against "risks" of physical loss of or physical damage to the loaned Work. As this time, we do not have yet have an estimate for the foundation for the sculpture. Total costs, however, are not expected to exceed $ 50,000. The Public Arts Program Advisory Board met on March 4th,2022. We propose to have budgeted funds from the Public Art Program Fund ( 110.40005.500652 ) be transferred to the following accounts:

110.40005.500450 – Insurance $ 12,000

110.40005.500466 – Installation and Maintenance- Art Exhibits $ 38,000

Recommendation

The City Attorney’ s Office respectfully requests that the Mayor and City Councilmembers approve the Resolution approving the Exhibition and Loan Agreement and the expenditures necessary to transport, install and insure the Manolo Valdes sculpture.

Huntington T. Block Insurance Agency, Inc. is a licensed insurance producer in all states; Texas License # 17489; operating in CA under license # 0825502

Huntington T. Block Insurance Agency, Inc.

2001 K Street, NW, Suite 625 North Washington, DC 20006 TEL: 202.862.5353 FAX: 202-331-8409 www.huntingtontblock.com

August 20, 2025

Foundation Risk Partners 780 W. Granada Blvd.

Ormond Beach, FL 32174

Re: Doral Contemporary Art Museum & City of Doral Exhibition Policy Policy #AX01369-24-04

Dear Ashleigh:

Per your instructions, please find enclosed the above referenced policy effective October 08, 2025.

Please thoroughly review the entire policy including the exclusions and any endorsements, etc. with your client.

Should any corrections be needed, please notify me in writing with the request on an immediate basis.

Note that you will receive an invoice for the premium (less your commission) within the next 5-7 business days. The payment needs to be sent to the address referenced on HTB’s invoice, and not to the carrier directly.

IMPORTANT: Non-payment of premium does not properly constitute a request to cancel or non-renew coverage.

If the intent is not to continue with this coverage, written confirmation must be provided directly to me upon receipt of this letter. Lastly, I confirm herewith that your agency will be responsible for any premium earned prior to making your formal cancellation request.

Claims are to be reported to Huntington T. Block Insurance Agency, please report either to me or HTB’s Claims manager, Chris Michaels at 202-429-8507 or Chris.Michaels@aon.com. Note, it is important that any fire or water losses be reported immediately.

Thank you for allowing Huntington T. Block Insurance Agency, Inc. to place this important insurance on your behalf and contact me with any questions.

Sincerely, Erin Kane Sr. Underwriter

Enclosures

(CIPFA_EX_AX) FINE ART EXHIBITION - AXIS CIP

Fine Arts Insurance

FINE ART EXHIBITION POLICY

The insurance companies signatory hereto (hereinafter called the Company) each only for itself and not one for another by this joint policy of insurance do insure

Doral Contemporary Art Museum & City of Doral

(hereinafter referred to as the Insured)

For the percentage underwritten for each and every loss covered hereunder as set forth under their respective names.

Sr. Underwriter : Erin Kane

AXIS Insurance Company 111 S. Wacker Drive, Suite 3500

Chicago, Illinois 60606

Telephone: (312) 977-0700 Fax: (312) 977-0401 www.axiscapital.com

COVERAGE INFORMATION PAGE

The Coverage Information Page of this policy states the Coverage that you have selected. Only those sections that are completed with respect to limits of liability, rates, and premiums shall be deemed to be covered by this policy.

Policy Type: Exhibition Policy

Named Insured: Doral Contemporary Art Museum & City of Doral

Exhibition Name: Butterfiles

Mailing Address: 8401 NW 53rd Terrace Doral, FL 33166

Policy Term: From: October 08, 2025 To: October 08, 2026 12:01 A.M. Standard Time at the place of issuance.

Policy Premium:

$10,500.00 Premium

$840.00 Terrorism premium

$113.48 FIGA Regular Assessment Surcharge

$11,453.48 Total Premium

PARTICIPATING INSURANCE COMPANIES

In witness whereof the Companies hereunder have caused this policy to be signed by a duly qualified officer, attorney or agent, this 8th day of October, 2025.

Company(s): Policy Number(s):

Percentage Underwritten:

AXIS Insurance Company AX01369-24-04 100%

Authorized Representative: Huntington T. Block Insurance Agency, Inc.

Issued Date: August 20, 2025 By:

DESCRIPTION OF COVERAGES PROVIDED

PROPERTY COVERAGE - EXHIBITION

Limits of Liability:

a. $2,100,000 while on exhibition or otherwise at:

8401 NW 53rd Terrace Doral, FL, 33166, USA

b. $0 while in transit on any one conveyance.

c. $0 while in overseas transit on any one conveyance.

d. $2,100,000 in any one loss or disaster, either in case of partial or total loss, or salvage charges, or expenses, or all combined.

Deductible:

$0 each claim for loss or damage separately occurring.

$25,000 Shall apply to outdoor art

$25,000 Applies only to windstorm losses

TERRORISM COVERAGE

Limit of Liability:

a. $2,100,000 as per forms attached.

EARTHQUAKE COVERAGE

Limit of Liability:

a. Included

ADDITIONAL INTERESTS

SPECIAL CONDITIONS AND ATTACHMENTS

CIP_CIT Fine Arts Itinerary

EXHPOL0618 Exhibition Policy

CL370-USCAN B Inst Radioactive Cont, Chem, Biological, Bio-Chem & Electro Weapons Excl Clause

END_MANU Manuscript Endorsement Form

ILP0010104 OFAC Advisory Notice

PN161-M 12 20 T Policyholder Disclosure - Notice of Terrorism Insurance Coverage

CL_Communicable Disease Communicable Disease Clause

CL_Limit Cyber Coverage Limited Cyber Coverage Clause

JC2010-014(08-10) Sanction Limitation Clause

HURDED Hurricane/Tropical Storm Deductible Clause

CM0101(11-85) Florida Changes - Warranties

CM0116(02-12) Florida Changes - Loss Payment

IL0255(03-16) Florida Changes - Cancellation And Nonrenewal

IL0952(01-15) Cap on Losses from Certified Acts of Terrorism

AXIS 104 (04-15) State Fraud Statement

AXIS 102 AIC (06-15) Signature Page

(CIP_CIT) Page 1 of 1

FINE ARTS INSURANCE

ITINERARY

Borrower:

Exhibition Name: Butterfiles

The following is the exhibition itinerary covered by this certificate. Changes made after issuance will be endorsed herein.

Exhibition Dates Name and Location of Institution Limits From To

City of Doral 8401 NW 53 Terrace Doral, FL, 33166

$2,100,000 10/08/23 10/08/24

EXHPOL0618 Page 1 of 5

Huntington T. Block Insurance Agency, Inc.

FINE ARTS INSURANCE

EXHIBITION POLICY

1. Property Insured: This policy covers fine arts and collectible objects of every description including but not limited to paintings, etchings, drawings, photographs (including their frames, glasses, shadow boxes and vitrines), rare books and manuscripts, numismatic objects, rugs, tapestries, antiques, sculpture, statuary, ceramics, pottery, porcelain, memorabilia, natural history objects or historical artifacts, archeological objects, video artwork, packing crates, installation and re-installation material, and technical equipment including video monitors, projectors, EDP hardware and software of a non-artistic value used in association with, or as part of an exhibit used in direct association with an installation or exhibition, and other bona fide works of art, or rarity, historic value, or artistic merit, all of the above being insured while on a “wall to wall” basis from the time said property is removed from its normal repository, incidental to shipment, until returned thereto or other point designated by the owner or their agent prior to return shipment, including while in transit and while on exhibition or otherwise worldwide.

This coverage shall terminate:

(a) upon arrival of the property at the final destination designated by the owner or their agent, or

(b) upon expiration of this policy, whichever may first occur. The term of this policy may be extended, however, by endorsement hereon and payment of additional pro rata premium.

2. Owners/Lenders as Loss Payees/Additional Insureds: Owners and lenders of Property Insured under this policy shall be Loss Payees and/or Additional Insureds, as their respective interests may appear.

3. Policy Term: This policy shall attach at 12:01 A.M. Standard Time at the place of issuance shown on the Declarations Page. This policy covers losses payable hereunder for the term indicated.

4. Perils Insured: Risks of physical loss or damage from any external cause, except as hereinafter excluded. Loss, if any, payable to the Insured or order.

5. Limits of Liability: The Insurer shall not be liable under this section of this policy for more than the sums stated on the Declarations Page or as otherwise stated elsewhere in this policy.

6. Deductible: Each claim for loss or damage separately occurring shall be adjusted separately, and from the amount of such adjusted claim the sum which is stated on the Declarations Page shall be deducted.

7. Premium: The premium for the policy year stated on the Declarations Page shall be due and payable as of the effective date.

VALUATION

1. Basis of Valuation: It is understood and agreed that in the event of loss or damage hereunder, all property coming under the protection of this insurance shall be valued at and insured hereunder as follows:

(a) As per schedule or schedules on file indicating individual value of each article insured, such amounts to be the agreed value of said articles for purposes of this insurance. Property consisting of packing crates, installation and similar materials; and technical equipment including video monitors, projectors, EDP hardware and software of a non-artistic value, used in direct association with or part of a specific exhibition or installation, are valued at replacement cost.

EXHPOL0618 Page 2 of 5

(b) In the absence of such schedule, schedules or individual values, this Company shall not be liable for more than the sums agreed upon with the owner of the property or admitted by the insured prior to loss, or otherwise this Company shall not be liable beyond the current market value of the property at the time of any loss or damage occurs and in no event for an amount in excess of that specified in the policy. Ascertainment or estimate shall be made by the Insured and this Company, or if they differ, then the amount of loss will be determined as provided for in the Arbitration Clause of this policy.

2. Partial Loss: In cases of partial loss, or damage to any insured item, the amount payable shall be the cost and expense of repair and/or restoration plus any resulting depreciation in value, but not exceeding the full insured value of that item.

3. Total Loss: In cases of total loss to any insured item, for which the Insurer has paid the full insured value of that item, it is agreed that upon payment of the loss, such item shall be surrendered to the Insurer.

4. Museum Clause: Where the Insured is required by way of contract, due to national patrimony, the following clause shall apply:

Notwithstanding the nature and total amount of the damage, Insured Property for which total loss has been paid, shall remain the property of the person or persons who legally held the ownership at the time immediately prior to the loss, and the amount payable shall not exceed the insured value agreed to between the Insured and owners.

If Insured Property is lost and later recovered, General Conditions, item 11., Loss Buy Back, shall apply.

5. Currency Fluctuation: Notwithstanding the limits of insurance stated herein, it is hereby agreed that in the event of loss or damage to the property insured hereunder, with an original valuation in currency other than US Dollars (and/ or other currencies), claims will be paid in US Dollars (and/or other currencies), equivalent to the amount of loss in the original currency at the date of settlement.

6. Library of Congress Valuation Clause: With respect to loans from the Library of Congress, Washington, DC: The Library of Congress shall have the right to elect to receive reimbursement in the form of property of a similar nature to the item lost or damaged, such property to be identified by the Library of Congress within one year from the date of loss as satisfactory replacement of the lost or damaged property for which loss is payable under this policy. In the event of such election, the Insurer shall bear the cost to acquire such property on behalf of the Library of Congress.

POLICY EXCLUSIONS

This policy does not insure against loss or damage caused by:

1. Wear and tear, gradual deterioration, inherent vice, or loss or damage sustained due to or resulting from any repairing, restoration, or retouching process. However, this exclusion shall not apply where the Insurers and/or their representatives have directed repairing, restoration, retouching, or other process following a loss.

2. War Risks, except with respect to Insured Property in overseas transit, including:

(1) War, Hostile or warlike action in time of peace or war, including action in hindering, combating or defending against an actual, impending or expected attack

(a) by any government or sovereign power (de jure or de facto); or by any authority maintaining or using military, naval or air forces; or

(b) by military, naval or air forces; or

(c) by an agent of any such government power, authority or forces;

(2) any weapon of war employing atomic fission or radioactive force whether in time of peace or war;

(3) insurrection, rebellion, revolution, civil war, usurped power, or action taken by governmental authority in hindering, combating or defending against such an occurrence, seizure or destruction under quarantine or customs regulations, confiscation by order of any government or public authority, or risks of contraband or illegal transportation or trade.

War Risks in overseas transit as described above, is at all times, subject to (48) forty-eight hours notice of cancellation, given by either party. Once the cancellation date is reached coverage under this policy shall terminate only with respect to shipments that commence after the cancellation date.

EXHPOL0618 Page 3 of 5

3. Nuclear reaction or nuclear radiation or radioactive contamination, all whether controlled or uncontrolled and whether such loss be direct or indirect, proximate or remote, or be in whole or in part caused by, contributed to, or aggravated by the perils insured against in this policy; however, subject to the foregoing and all provisions of this policy, direct loss by fire resulting from nuclear reaction or nuclear radiation or radiation or radioactive contamination is insured against by this policy.

ADDITIONAL COVERAGE

1. U.S. Indemnity Deductible Coverage: It understood and agreed that this policy can be used to cover any U.S. Arts & Artifacts Indemnity Deductible up to $500,000 per exhibition, based on the Certificate of Indemnity issued by the U.S. Government Indemnity Program. However, this policy shall not cover war risks, nuclear reaction, nuclear radiation, radioactive contamination or terrorism as detailed in this policy’s exclusions and conditions. The amount payable for loss or damage is in addition to the limits of insurance shown on the Declarations page. This coverage shall only apply to exhibitions being hosted and/or organized by the Insured and insured under this Policy.

No deductible applies to this coverage.

2. Debris Removal: This policy covers expenses incurred for the removal of all debris of the Property Insured hereunder, caused by any Insured Peril. The Insurer will not be liable for such cost amounting to more than 25% of the insured value of the property. In no event shall the total incurred by the Insurer for debris removal and claim settlement exceed the Limit of Insurance on the Policy.

Payment under this Coverage Extension will not increase the applicable Limit of Insurance, but if:

(a) The sum of direct physical loss or damage and debris removal expense exceeds the Limit of Insurance; or

(b) The debris removal expense exceeds the amount payable under the 25% limitation;

We will pay up to an additional $25,000 in any one occurrence under this Coverage Extension.

3. Expediting Expenses: We will pay your actual and reasonable costs resulting from a covered loss of or damage to Covered Property to expedite or repair including, but not limited to, overtime, night work, work on public holidays, rapid transportation of people and/or materials, and extra costs of temporary repair.

This Coverage Extension will apply from the date of the covered loss or damage and for such time reasonably necessary to repair, or otherwise mitigate loss for covered properties.

The most we will pay under this Coverage Extension in any one occurrence involving one or more items of Covered Property is $25,000.

4. Event Cancellation Coverage: The Insurer shall compensate the Insured, up to a limit of $50,000 for any expenses incurred the preparation, transfer, and installation of an exhibition insured under the policy, that in the end cannot be carried out at the qualified premises, within 48 hours before the opening, due to disqualification of the premises as a result of fire, explosion, flooding, hurricane earthquake, and other disasters of nature, war, strikes and/or decision of the government or of the authorities. This coverage shall only apply to exhibitions being hosted and/or organized by the Insured and insured under this Policy.

5. Shipping Expense Clause/Coverage During Delay: When the subject matter insured is not delivered to the designated destination due to circumstances beyond the control of the insured following an insured peril, Insurers will also pay any charges incidental to the marine, air and ground transits, which have been or may be included by the Insured.

This insurance shall remain in force during delay beyond the control of the insured, any deviation, forced discharge, reshipment or trans-shipment, and during any variance of the voyage declared hereunder arising from the exercise of a liberty granted to ship owner or charterers under the contract of affreightment.

The limit for this coverage is $50,000 any one loss and $100,000 in the annual aggregate. The amount payable is in addition to the limits of liability shown on the Declarations Page. No deductible applies to this coverage.

EXHPOL0618 Page 4 of 5

GENERAL CONDITIONS

1. Arbitration: If the Insured and the Insurer fail to agree as to the amount of loss, each shall, on the written demand of either made within sixty (60) days after receipt of proof of loss by the Insurer, select a competent and disinterested appraiser, and the appraisal shall be made at a reasonable time and place. The appraisers shall first select a competent and disinterested umpire, and failing for fifteen (15) days to agree upon such umpire, then on the request of the Insured or the Insurer, such umpire shall be selected by a judge of a court of record in the state in which such appraisal is pending. The appraisers shall then appraise the loss, stating separately the current market value at the time of loss and the amount of loss, and failing to agree shall submit their difference to the umpire. An award in writing of any two shall determine the amount of loss. The Insured and the Insurer shall each pay his or its chosen appraiser and shall bear equally the other expenses of the appraisal and umpire. The Insurer shall not be held to have waived any of its rights by any act relating to appraisal.

2. Assignment of Policy: This policy shall be void if assigned or transferred without the written consent of the Insurer.

3. Automatic Reinstatement: In the event of a loss under this policy the amount of such loss is automatically reinstated immediately without additional premium and the insurance shall remain in force for the full policy limits set forth on the Declarations Page.

4. Cancellation: This policy may be canceled by either the Insured or the Insurer on giving sixty (60) days notice in writing to the other, but ten (10) days notice in the event of non-payment of the premium. Such notice shall not apply to Property in due course of Transit. Upon such cancellation the Insured shall furnish to the Insurer a complete statement of the Insured Property and pay the pro-rata premium to date of cancellation as provided.

If the period of limitation relating to the giving of notice of cancellation is prohibited or made void by any law controlling the construction thereof, such period shall be deemed to be amended, so as to be equal to the maximum period of notice of cancellation permitted by such law.

5. Changes: The terms of this policy can only be changed by an endorsement issued with approval of the Insurer and forming part of this policy.

6. Collection from Others: No loss shall be paid hereunder if the Insured has collected the same from others. However, when the Insured purchases coverage from a transporting carrier to cover the Insured’s deductible, this will be considered special insurance and therefore not be subject to this clause.

7. Each Insurer: The interest of each Insurer hereunder is individual and not joint, and whenever the right or privilege is retained by the Insurers, such right or privilege may be exercised by each Insurer independently.

8. Examination Under Oath: The Insured shall submit, and so far as is within his or their power, shall cause all other persons interested in the property and members of the household and employees to submit to examinations under oath by any persons named by the Insurer, relative to any and all matters in connection with a claim and subscribe the same; and produce for examination all books of account, bills, invoices, and other vouchers or certified copies thereof if originals be lost, at such reasonable time and place as may be designated by the Insurer or its representatives, and shall permit extracts and copies thereof to be made.

9. Excess Insurance: Permission is granted to the Insured to purchase excess insurance without prejudice to this Policy, nor shall the existence of such insurance, if any, reduce or affect the Insurers’ liability under this Policy.

10. Liberalization Clause: If a revision of this policy form which would broaden coverage without an additional premium is adopted during this policy period, or within 6 (six) months before Fine Art coverage is effective, the broadened coverage will apply.

11. Loss Buy Back: The Insured shall have the right to repurchase from the Insurer property of the Insured that is recovered for the amount paid to the Insured for the loss, plus an amount which represents loss adjustment and recovery expenses.

Damaged property of the Insured, for which a total loss has been paid, may be re-purchased by the Insured at its fair market value at the time of loss.

The Insurer agrees to notify the Insured by mail at the last known address of the right to repurchase damaged or recovered property and the Insured shall have sixty (60) days from date of such notice to exercise the repurchase right.

12. Misrepresentation and Fraud: This Policy shall be void if the Insured has intentionally concealed or misrepresented any material fact or circumstance concerning this insurance or the subject thereof, or in case of any fraud, attempted fraud or false swearing by the Insured touching any matter relating to this insurance, or the subject thereof, whether before or after a loss.

EXHPOL0618 Page 5 of 5

13. No Benefit to Bailee: This insurance shall in no way inure directly or indirectly to the benefit of any carrier or other bailee.

14. Notice of Loss: In the event of loss or damage which may give rise to a claim under this insurance, notice is to be given to the Insurer as soon as is reasonably possible, and to the police if a crime is suspected. The Insured shall also file with the Insurer or its agent within ninety (90) days from the date of loss, a detailed sworn proof of loss. Moreover, the Insured must give the insurer such relevant information and evidence as may reasonably be required, and cooperate fully in the investigation and adjustment of any claim.

15. Other Insurance: If there is any other valid and collectible insurance covering the Property Insured hereunder, whether prior, subsequent to, or simultaneous with this Insurance, which in the absence of this insurance would cover the loss or damage hereby covered, then the Insurer shall not be liable hereunder for more than the excess over and above such other insurance.

This clause, however, shall not apply to property of others in the Insured’s care, custody or control and the existence of such insurance or payment of a loss thereunder shall not constitute a defense to any claim otherwise payable under this policy, nor shall such insurance be called on to contribute to any loss payable hereunder. The provisions of this clause do not apply to insurance expressed to be underlying or to excess amounts insured hereunder.

16. Packing and Securing of Property in Transit or Storage: It is a condition of this insurance that the Insured will take all reasonable steps to ensure that Property Insured under this Policy will be packed by competent packers and in such a manner as to withstand the normal hazards associated with transit or storage.

17. Pairs and Sets: In the event of the total loss of any articles which are part of a pair or set, the Insurer agrees to pay the Insured, at the option of the Insured, the full amount of the value of such pair or set as determined by the Valuation Clause contained herein, subject otherwise to the applicable Deductible Clause set forth herein, and the Insured agrees, if such option is elected, to surrender the remaining article or articles of the pair or set to the Insurer.

In the event of partial loss of any articles which are part of a pair or set, this Insurer agrees to pay the measure of loss or damage to such property at a reasonable and fair proportion of the total value of the set, giving consideration to the importance of said property as a set or pair and according to the application of the depreciation of value clause to the unit and the whole set.

18. Prevailing Terms and Conditions: All matters not provided for herein or by endorsement hereon shall be covered by the terms and conditions of the Insurer’s printed policy form to which this form is attached and which has been issued in conjunction herewith. The forgoing clauses contained in this form are to supersede and take the place of all other clauses in the printed form of the policy wherein they may conflict.

19. Required by Law: Any provisions required by law to be stated in policies issued by subscribers hereto shall be deemed to have been stated herein.

In the event of litigation, subscribers hereto, upon request, agree to issue separate policies covering their individual subscription.

20. Settlement of Claims: All adjusted claims, the settlement amount and terms of which have been agreed by the Insurer and the Insured, shall be paid or made good to the Insured within thirty (30) days after satisfactory proof of interest and loss has been received and accepted at the office of the Insurer.

21. Subrogation: In the event of any payment under this policy the Insurer shall be subrogated to all the Insured's rights of recovery therefore against any person or organization and the Insured shall execute and deliver instruments and papers and do whatever else is necessary to secure such rights. The Insured shall do nothing after loss to prejudice such rights. This clause shall not apply, however, to museums or other cultural institutions in which the Insured Property is being exhibited or on loan. In addition, this clause shall not apply to professional packers and shippers, auction houses, lenders or other individuals or institutions or other bailees with whom the Insured has waived their right of recovery, in writing, prior to a loss.

22. Suit Against Insurer: No suit, action or proceeding for the recovery of any claim under this policy shall be sustainable in any court of law or equity unless the same be commenced within twelve (12) months next after discovery by the Insured of the occurrence which gives rise to the claim. Provided, however, that if by the laws of the state within which this policy is issued such a limitation is invalid, then any such claims shall be void unless such action suit or proceeding be commenced within the shortest limit of time permitted by the laws of such state to be fixed herein.

23. Value Declared: It is understood and agreed that any Property Insured hereunder while in transit may be dispatched under a declaration as being “without artistic value”, the values declared in such cases being only nominal values.

(CL370-USCAN B)

29/01/04

10/11/2003

INSTITUTE RADIOACTIVE CONTAMINATION, CHEMICAL, BIOLOGICAL, BIO-CHEMICAL AND ELECTROMAGNETIC

WEAPONS EXCLUSION CLAUSE

This clause shall be paramount and shall override anything contained in this insurance inconsistent therewith

1. In no case shall this insurance cover loss damage liability or expense directly or indirectly caused by or contributed to by or arising from

1.1 ionising radiations from or contamination by radioactivity from any nuclear fuel or from any nuclear waste or from the combustion of nuclear fuel

1.2 the radioactive, toxic, explosive or other hazardous or contaminating properties of any nuclear installation, reactor or other nuclear assembly or nuclear component thereof

1.3 any weapon or device employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter

1.4 the radioactive, toxic, explosive or other hazardous or contaminating properties of any radioactive matter. The exclusion in this sub-clause does not extend to radioactive isotopes, other than nuclear fuel, when such isotopes are being prepared, carried, stored, or used for commercial, agricultural, medical, scientific or other similar peaceful purposes

1.5 any chemical, biological, bio-chemical, or electromagnetic weapon.

CL 370

U.S.A. & CANADA ENDORSEMENT FOR THE

INSTITUTE RADIOACTIVE CONTAMINATION, CHEMICAL, BIOLOGICAL,

BIO-CHEMICAL AND ELECTROMAGNETIC WEAPONS EXCLUSION CLAUSE

10/11/03

This policy is subject to the Institute Radioactive Contamination, Chemical, Biological, Bio-Chemical And Electromagnetic Weapons Exclusion Clause 10/11/03 (RACCBE). The inclusion of RACCBE in this policy is material to underwriters' willingness to provide coverage at the quoted terms, conditions and rates.

It is the intent of the parties to give maximum effect to RACCBE as permitted by law. In the event that any portion of RACCBE may be found to be unenforceable in whole or in part under the law of any state, territory, district, commonwealth or possession of the U.S.A., or any province or territory of Canada, the remainder shall remain in full force and effect under the laws of that state, territory, district, commonwealth or possession, province or territory. Further, any such finding shall not alter the enforceability of RACCBE under the laws of any other state, territory, district, commonwealth or possession of the U.S.A., or any province or territory of Canada, to the fullest extent permitted by applicable law.

(END_MANU) Page 1 of 1

Coverage Information Change Endorsement

Endorsement: 1

Policy Type: Exhibition Policy

Named Insured: Doral Contemporary Art Museum & City of Doral

Agent: Huntington T. Block Insurance Agency, Inc.

Effective Date: October 8, 2025

Expiration Date: October 8, 2026

It is understood and agreed that coverage under this policy is only afforded to the following item:

Butterflies Aluminum 503 x 1524 x 356 cm 16 x 50 x 12 feet

Company(s): Policy Number(s):

Percentage Underwritten:

AXIS Insurance Company AX01369-24-04 100%

By:

IL P 001 01 04 © ISO Properties, Inc., 2004 Page 1 of 1

IL P 001 01 04

U.S. TREASURY DEPARTMENT'S OFFICE OF FOREIGN

ASSETS CONTROL ("OFAC")

ADVISORY NOTICE TO POLICYHOLDERS ENDORSEMENT

No coverage is provided by this Policyholder Notice nor can it be construed to replace any provisions of your policy. You should read your policy and review your Declarations page for complete information on the coverages you are provided.

This Notice provides information concerning possible impact on your insurance coverage due to directives issued by OFAC.

Please read this Notice carefully.

The Office of Foreign Assets Control (OFAC) administers and enforces sanctions policy, based on Presidential declarations of "national emergency". OFAC has identified and listed numerous:

● Foreign agents;

● Front organizations;

● Terrorists;

● Terrorist organizations; and

● Narcotics traffickers;

as "Specially Designated Nationals and Blocked Persons". This list can be located on the United States Treasury's web site – http//www.treas.gov/ofac.

In accordance with OFAC regulations, if it is determined that you or any other insured, or any person or entity claiming the benefits of this insurance has violated U.S. sanctions law or is a Specially Designated National and Blocked Person, as identified by OFAC, this insurance will be considered a blocked or frozen contract and all provisions of this insurance are immediately subject to OFAC. When an insurance policy is considered to be such a blocked or frozen contract, no payments nor premium refunds may be made without authorization from OFAC. Other limitations on the premiums and payments also apply.

PN161-M 12 20 T

POLICYHOLDER DISCLOSURE

NOTICE OF TERRORISM

INSURANCE COVERAGE

Coverage for acts of terrorism is included in your policy. You are hereby notified that the Terrorism Risk Insurance Act, as amended in 2019, defines an act of terrorism in Section 102(1) of the Act: The term “act of terrorism” means any act or acts that are certified by the Secretary of the Treasury - in consultation with the Secretary of Homeland Security, and the Attorney General of the United States —to be an act of terrorism; to be a violent act or an act that is dangerous to human life, property, or infrastructure; to have resulted in damage within the United States, or outside the United States in the case of certain air carriers or vessels or the premises of a United States mission; and to have been committed by an individual or individuals as part of an effort to coerce the civilian population of the United States or to influence the policy or affect the conduct of the United States Government by coercion. Under your coverage, any losses resulting from certified acts of terrorism may be partially reimbursed by the United States Government under a formula established by the Terrorism Risk Insurance Act, as amended. However, your policy may contain other exclusions which might affect your coverage, such as an exclusion for nuclear events. Under the formula, the United States Government generally reimburses 80% beginning on January 1, 2020, of covered terrorism losses exceeding the statutorily established deductible paid by the insurance company providing the coverage. The Terrorism Risk Insurance Act, as amended, contains a $100 billion cap that limits U.S. Government reimbursement as well as insurers’ liability for losses resulting from certified acts of terrorism when the amount of such losses exceeds $100 billion in any one calendar year. If the aggregate insured losses for all insurers exceed $100 billion, your coverage may be reduced.

The portion of your annual premium that is attributable to coverage for acts of terrorism is specified in the policy Declarations, and does not include any charges for the portion of losses covered by the United States government under the Act.

CL_COMMUNICABLE DISEASE 4 2021 Page 1 of 1

COMMUNICABLE DISEASES CLAUSE

The following exclusion shall be added to the policy:

1. Notwithstanding any provision to the contrary within this insurance, this insurance does not insure any loss, damage, liability, claim, cost or expense of whatsoever nature caused by, contributed to by, resulting from, arising out of, or in connection with a Communicable Disease or the fear or threat (whether actual or perceived) of a Communicable Disease.

2. For the purposes of this endorsement, loss, damage, liability, claim, cost, expense or other sum, includes, but is not limited to, any cost to clean-up, detoxify, remove, monitor or test:

2.1 for a Communicable Disease, or

2.2 any property insured hereunder that is affected by such Communicable Disease.

3. As used herein, a Communicable Disease means any disease which can be transmitted by means of any substance or agent from any organism to another organism where:

3.1 the substance or agent includes, but is not limited to, a virus, bacterium, parasite or other organism or any variation thereof, whether deemed living or not, and

3.2 the method of transmission, whether direct or indirect, includes, but is not limited to, airborne transmission, bodily fluid transmission, transmission from or to any surface or object, solid, liquid or gas or between organisms.

4. This endorsement applies to all coverage extensions, additional coverages, exceptions to any exclusion and other coverage grant(s).

All other terms and conditions remain unchanged.

CL_Limited Cyber Coverage Clause 4 2021 Page 1 of 1

LIMITED CYBER COVERAGE CLAUSE

(TARGETED CYBER ATTACK WRITE-BACK)

It is agreed that:

1. Subject to paragraphs 3, 4 and 6 below, in no case shall this insurance cover loss, damage, liability or expense directly or indirectly caused by or contributed to by or arising from the use or operation, as a means for inflicting harm, of any computer, computer system, computer software program, malicious code, computer virus or process or any other electronic system.

2. Subject always to all the terms and conditions of the policy to which this clause attaches, this insurance covers physical loss or physical damage to the property insured caused by or contributed to by or arising from the use or operation of any computer, computer system, computer software program, computer process or any other electronic system, if such use or operation is not as a means for inflicting harm.

3. Where this clause is endorsed on policies covering risks of war, civil war, revolution, rebellion, insurrection, or civil strife arising therefrom, or any hostile act by or against belligerent power, or terrorism or any person acting from a political motive, paragraph 1 shall not operate to exclude losses (which would otherwise be covered) arising from the use of any computer, computer system or computer software program or any other electronic system in the launch and/or guidance system and/or firing mechanism of any tangible weapon or missile.

4. It is understood and agreed that paragraph 1 shall not apply to an otherwise covered physical loss of or physical damage to the property insured caused by a Targeted Cyber Attack. The burden of proving cover under this write-back shall be on the Insured.

5. For the purpose of paragraph 4, Targeted Cyber Attack means the use or operation, as a means of inflicting harm, of any computer, computer system, computer software program, malicious code, computer virus or process or any other electronic system where the motive is to inflict harm solely on (or upon) the Insured or the Insured's property.

6. Property insured by this policy does not include electronic data, unless and to the extent that this is expressly stated otherwise elsewhere in this policy.

All other terms and conditions remain unchanged.

JC2010-014 (08-10) Page 1 of 1

Sanction Limitation and Exclusion Clause

No (re)insurer shall be deemed to provide cover and no (re)insurer shall be liable to pay any claim or provide any benefit hereunder to the extent that the provision of such cover, payment of such claim or provision of such benefit would expose that (re)insurer to any sanction, prohibition or restriction under United Nations resolutions or the trade or economic sanctions, laws or regulations of the European Union, United Kingdom or United States of America.

JC2010/014

11 August 2010

(HURDED) Page 1 of 1

HURRICANE/TROPICAL STORM DEDUCTIBLE CLAUSE

The following clause shall apply to losses occurring at the following locations:

Effective October 8, 2025, each claim for loss or damage caused by or resulting from a hurricane or tropical storm (separately occurring), as declared by the National Weather Service, shall be adjusted separately and from the amount of each claim the sum of $25,000 shall be deducted.

In the event of any recovery or salvage on a loss which has been or is being paid thereunder, such recovery or salvage shall accrue entirely to the benefit of the company under this policy until the sum paid by them has been made up.

Company(s): Policy Number(s):

Percentage Underwritten:

AXIS Insurance Company AX01369-24-04 100%

By:

CM 01 01 11 85 Copyright, Insurance Services Office, Inc., 1984 Page 1 of 1

COMMERCIAL INLAND MARINE

CM 01 01 11 85

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

FLORIDA CHANGES – WARRANTIES

This endorsement modifies insurance provided under the following:

COMMERCIAL INLAND MARINE COVERAGE PART

Wherever the words "warrants", "warranties", "warranted" or "warranty" appear in this Coverage Part, you and we agree that they are representations.

CM 01 16 02 12 © Insurance Services Office, Inc., 2011 Page 1 of 1

COMMERCIAL INLAND MARINE

CM 01 16 02 12

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

FLORIDA CHANGES

This endorsement modifies insurance provided under the following:

COMMERCIAL INLAND MARINE COVERAGE PART

A. Paragraph 5. of Loss Condition E. Loss Payment in the Commercial Inland Marine Conditions is replaced by the following:

5. Provided you have complied with all the terms of this Coverage Part, we will pay for covered loss or damage within:

a. 20 days after we receive the sworn proof of loss and reach written agreement with you; or

b. 30 days after we receive the sworn proof of loss and:

(1) There is an entry of final judgment; or

(2) There is a filing of an appraisal award with us.

Paragraph A. does not apply to the Mail Coverage Form.

B. The following provisions are added to Loss Condition C. Duties In The Event Of Loss in the Commercial Inland Marine Conditions:

1. A claim, supplemental claim or reopened claim for loss or damage caused by hurricane or other windstorm is barred unless notice of claim is given to us in accordance with the terms of this Coverage Part within three years after the hurricane first made landfall or a windstorm other than hurricane caused the covered damage. (Supplemental claim or reopened claim means an additional claim for recovery from us for losses from the same hurricane or other windstorm which we have previously adjusted pursuant to the initial claim.)

This provision concerning time for submission of claim, supplemental claim or reopened claim does not affect any limitation for legal action against us as provided in this Coverage Part under the Legal Action Against Us Condition, including any amendment to that condition.

2. Any inspection or survey by us, or on our behalf, of property that is the subject of a claim, will be conducted with at least 48 hours' notice to you. The 48-hour notice may be waived by you.

IL 02 55 03 16

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

IL 02 55 03 16 © Insurance Services Office, Inc., 2015 Page 1 of 3

FLORIDA CHANGES – CANCELLATION

AND NONRENEWAL

This endorsement modifies insurance provided under the following:

CAPITAL ASSETS PROGRAM (OUTPUT POLICY) COVERAGE PART

COMMERCIAL INLAND MARINE COVERAGE PART

COMMERCIAL PROPERTY COVERAGE PART

CRIME AND FIDELITY COVERAGE PART

EQUIPMENT BREAKDOWN COVERAGE PART

FARM COVERAGE PART

STANDARD PROPERTY POLICY

A. Paragraph 2. of the Cancellation Common Policy

Condition is replaced by the following:

2. Cancellation For Policies In Effect 90 Days Or

Less

a. If this policy has been in effect for 90 days or less, we may cancel this policy by mailing or delivering to the first Named Insured written notice of cancellation, accompanied by the specific reasons for cancellation, at least:

(1) 10 days before the effective date of cancellation if we cancel for nonpayment of premium; or

(2) 20 days before the effective date of cancellation if we cancel for any other reason, except we may cancel immediately if there has been:

(a) A material misstatement or misrepresentation; or

(b) A failure to comply with underwriting requirements established by the insurer.

b. We may not cancel:

(1) On the basis of property insurance claims that are the result of an act of God, unless we can demonstrate, by claims frequency or otherwise, that you have failed to take action reasonably necessary as requested by us to prevent recurrence of damage to the insured property; or

(2) Solely on the basis of a single property insurance claim which is the result of water damage, unless we can demonstrate that you have failed to take action reasonably requested by us to prevent a future similar occurrence of damage to the insured property.

B. Paragraph 5. of the Cancellation Common Policy Condition is replaced by the following:

5. If this policy is cancelled, we will send the first Named Insured any premium refund due. If we cancel, the refund will be pro rata. If the first Named Insured cancels, the refund may be less than pro rata. If the return premium is not refunded with the notice of cancellation or when this policy is returned to us, we will mail the refund within 15 working days after the date cancellation takes effect, unless this is an audit policy.

If this is an audit policy, then, subject to your full cooperation with us or our agent in securing the necessary data for audit, we will return any premium refund due within 90 days of the date cancellation takes effect. If our audit is not completed within this time limitation, then we shall accept your own audit, and any premium refund due shall be mailed within 10 working days of receipt of your audit.

The cancellation will be effective even if we have not made or offered a refund.

Page 2 of 3 © Insurance Services Office, Inc., 2015 IL 02 55 03 16

C. The following is added to the Cancellation Common Policy Condition:

7. Cancellation For Policies In Effect For More Than 90 Days

a. If this policy has been in effect for more than 90 days, we may cancel this policy only for one or more of the following reasons:

(1) Nonpayment of premium;

(2) The policy was obtained by a material…