Page 79 - Policy Wording - Hollard Prestige Portfolio

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Hollard Prestige Portfolio – Version 1.5 – 19 June 2024
Section 4 – Fine arts
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We will pay either the cost of the item which you are required by a court of law to relinquish
possession of, or your legal liability limited to the item’s fair market value if you have already
disposed of the item.
The most we will pay under this section for both the item concerned and legal costs is the limit stated in the
schedule.
It is a condition of this section that the purchase of the item must have been made after the start date of the policy
and any relevant claim in relation to defective title is made against you during the period of insurance.
You must provide proof, to our satisfaction, that you took all reasonable steps to check the origin of the item,
particularly if purchased from a source other than from a member of a recognised art or antique trade association
or an auctioneer specialising in fine art and antiques.
○ New acquisitions
We will allow an automatic increase in the total sum insured up to the limit stated in the schedule to cover
any items you recently purchased provided you notify us within 30 days from the date of purchase and pay the
additional premium as determined by us.
○ Transit
We will cover you against loss or damage to the collection when in transit, up to the limit stated in the schedule,
provided:
– the items are in your close personal safekeeping or that of your agents agreed by us
– the items are not left unattended in a vehicle.
The excess stated in the schedule applies to this cover.
Optional cover
The following cover is available at an additional premium. These amounts are not part of the sum insured for fine arts.
○ Exhibitions cover
Should the property insured be exhibited at any art exhibition the following conditions will apply before cover will
be applicable:
– You need to notify us before the items are to be exhibited at the exhibition. The end date will be the date
the items are returned to the premises as stated in the schedule.
– You must supply all relevant details for the exhibition location and the security arrangements that will be
in place.
– We may at our discretion stipulate certain requirements in order for cover to be in force.