Page 76 - Policy Wording - Hollard Prestige Portfolio

74 Hollard Prestige Portfolio – Version 1.5 – 19 June 2024
Section 4 – Fine arts
Specific definitions for this section
○ Fine arts means art, antiques and collectables of particular value due to their age, style, artistic merit or collectable
value including:
– furniture, paintings, drawings, etchings, prints and photographs
– tapestries, carpets and rugs
– manuscripts and books
– ornaments, statues and sculpture
– stamps or coins forming part of a collection including books, pages, mountings, albums, containers, frames,
cards and display cabinets
– gold, silver, pewter, platinum or gold-plated and silver-plated items
– clocks and barometers
– collections, a private collection of rare, unique or novel items of personal interest such as dolls, toy soldiers,
guns and models as well as memorabilia
– musical instruments
– wine collection
– furs,
all of which belong to you or for which you are responsible.
○ Agreed value means the values agreed between you and us. This does not necessarily reflect the retail value.
○ Appreciation means the increase in value of an item during the period of insurance.
○ Collection means the art, antiques and other property belonging to you or for which you have a legal responsibility
as stated in the schedule or asset inventory survey.
○ Depreciation means the reduction in value of an item directly caused by damage to the item.
○ Fair market value means the price of the item in the current market that you would obtain in an arms-length sale
between a willing buyer and a willing seller.
○ Fine arts do not include any items used for any business activity.
○ Re-valuation is the process carried out by an independent valuator while re-assessing the value of an item.
Where we cover your fine arts
Anywhere in the world, but the domicile insured address/es will be limited to the Republic of South Africa.
We will pay for loss or damage to your fine arts temporarily removed from the home provided that theft or attempted
theft of fine arts temporarily removed to another premises or out of a vehicle must be accompanied by evidence of
violent and forced entry.