Page 78 - Policy Wording - Hollard Prestige Portfolio

76 Hollard Prestige Portfolio – Version 1.5 – 19 June 2024
Section 4 – Fine arts
We may decide whether we repair, replace, reinstate or pay the value of the damaged item. If we repair it, we will
also pay for any resultant loss in value. If the item had appreciated before it was damaged, we will pay any extra
increase in value (over and above the agreed value) that does not exceed the limit stated in the schedule.
○ The maximum amount we will pay for any one loss is the sum insured as stated in the schedule.
Additional cover
When we accept a claim under your policy for an insured cause that happens during the period of insurance, you are
also entitled to the additional cover. Additional cover is limited to the amount stated in the schedule. The excess in
the schedule applies if specifically stated below.
○ Accidental damage means unforeseen accidental damage to the contents up to the sum insured.
We do not cover loss or damage:
– caused by cleaning, repairing or restoring by any manner or method
– garden furniture
– cracking or scratching of glass, glassware or any similar breakable article – this does not apply to jewellery
– mechanical, electrical or electronic breakdown.
The excess stated in the schedule applies to this cover.
○ Collection temporarily stored elsewhere
We will cover you against loss or damage to the collection when temporarily situated elsewhere for an agreed
period of time.
○ Death of an artist
The agreed value will be increased by the limit stated in the schedule immediately upon the death or incapacity
of the artist subject to you notifying us in writing thereof within 21 working days. The additional premium payable
on the artworks will be due immediately following the death of the artist.
○ Defective title
We will pay you up to the limit stated in the schedule for a valid claim if you have purchased an item which you are
subsequently required by a court of law to relinquish possession of, due to:
– the vendor’s lack of title, or defective title, to the item purchased by you
– any charge or encumbrance placed on the item, prior to purchase by you, of which you were not aware.
In addition:
•
You are insured for legal costs you incur, with our prior written agreement, in defending a claim
made against you for defective title arising from the above.