Page 77 - Policy Wording - Hollard Prestige Portfolio

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Hollard Prestige Portfolio – Version 1.5 – 19 June 2024
Section 4 – Fine arts
What is covered
○ We will cover you against loss or damage from a cause which happens in the locations stated in `Where your fine
arts are covered' during the period of insurance, subject to the terms, conditions, exclusions and limits described
in this policy.
○ We reserve the right to request a valuation certificate and/or proof of purchase prior to settlement in the event of
a claim. You need to ensure that your fine arts are regularly re-valued, as they are subject to currency fluctuations.
All valuation certificates must be in South African currency.
○ Appreciation
We will pay you for an increase in value of the item in the event of loss or damage, up to the limit stated in the
schedule.
○ Depreciation
We will cover loss of value to an item where it occurs as a direct result of damage covered under this policy up to
the sum insured stated in the schedule.
○ Liability to the public
We will cover you for personal legal liability under Section 5, Personal Liability as far as it applies to your liability
as the owner of the fine arts.
○ Temporary storage costs
If, in our opinion, your building is rendered uninhabitable or the security is compromised as a result of loss or
damage at your insured address, we will cover you up to the limit stated in the schedule for:
– reasonable temporary storage costs
– transporting and securing your collection,
provided you have our prior written agreement.
How much we will pay
○ If an item is lost or destroyed, we will pay the value of the item. The value is the agreed value for those items
specified, and for unspecified items it is the fair market value.
If the lost or destroyed item is judged by a surveyor from our independent panel to have increased in value since
the inception or renewal of the policy, we will pay any extra increase in value (over and above the agreed value)
that does not exceed the limit stated in the schedule. We will also pay the re-valuation fees to the surveyor.
○ If an item is partly damaged, it will be re-valued by a surveyor from our independent panel according to its
condition at the moment prior to damage.