I've never loaned sports memorabilia, and to be honest nothing in my collection is probably worthy of it. But I have loaned a handful of paintings to museums. Thesere were generally well-regarded institution and provided contracts (some little more than letters, but still binding) that indicated they would cover them on their insurance. The one time i was unsure of how the painting would be valued given the vast discrepancy between the price I paid for it and recent auction prices from the artist, the museum agreed to insure it for replacement value. It probably would have been better to specify a dollar figure, as that might have gotten sticky had it been lost, but there ended up being no such issue.
While I agree with some other posters that there is "nothing in it for you" financially, I respectfully disagree that there is nothing in it for you at all. The sense of contributing to a field you love and enjoy is priceless. If there were a greater interest in obscure but extremely rare Japanese baseball cards or run of the mill Cuban or Negro League type 1 photos, I would happily consider loaning them to a museum. I might miss them slightly, but it is not as if I pull each and every one from its folio and admire it each day.
If you are loaning the items for any significant period of time, it is probably worth agreeing (in writing, of course) to conditions under which you may demand their return and make sure such a clause is overwhelmingly in your favor. After all, they do belong to you...or, under certain conditions of reclamation, your estate.
Cheers!
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