Page 80 - Policy Wording - Hollard Prestige Portfolio

78 Hollard Prestige Portfolio – Version 1.5 – 19 June 2024
Section 4 – Fine arts
Our rights
○ Appreciating asset clause means in order to have any lost or damaged items re-valued, you will have to provide
up-to-date valuations prior to any loss or damage and subsequent claim. The valuations should be no older than
24 months at the time of loss or damage. The re-valuation will rely on clear images of the insured items, which
must also be provided prior to any loss or damage.
○ Repaired items means if damaged items which are the subject of a claim are fully restored, we will continue to
insure them at a new value agreed without any additional premium. We reserve the right to review the premium
at renewal of the policy.
○ Valuation certificates
We may request you to provide us with a valuation certificate prior to settlement of a claim. You must ensure that
your fine arts are re-valued every two years. If the sum insured is not adequate, average will apply.
What is not covered
○ We will not cover any loss or damage – unless specifically stated as covered below – caused by, or consisting of:
– dryness or moisture, exposure to light or extreme temperatures, unless the loss is caused by storm or fire
damage
– anything that happens gradually, including smoke and dust damage, rising damp, fungus or mildew, mould,
action of light, atmospheric or climatic conditions, corrosion, rot, rust, decay or a rise in the water table
– scratching, chipping, chewing, tearing, disfiguration or discolouration and cracking or denting
– coastal or river erosion, rust and/or corrosion
– gradual deterioration, lack of maintenance, depreciation or wear and tear
– defective workmanship or design or the use of faulty materials
– infestation, vermin, rats, mice, insects, pests or domestic pets
– loss, damage or deterioration of an item caused by any process of cleaning, repairing, restoring, dyeing,
bleaching or alteration
– breakage of mirrors, glassware, crystal, crockery or china while they are being used, cleaned or carried by
hand
– damage to glass, glassware, jewellery or other brittle articles due to cracking, denting, chipping or scratching
– any additional costs resulting from the unavailability of matching materials
– over-winding of clocks.
○ We do not pay for loss or damage caused by animals biting, pecking or clawing the fine arts or damage caused
by their excrement or urine (for example, birds chewing and biting parts of your fine arts made of wood or cats
clawing furniture). We will, however, pay for damage to your fine arts caused by an animal which does not belong
to you or anyone living in your home while it is accidentally trapped inside your home.
○ We do not pay for the disappearance of an individual stamp, coin, or other item that is insured as part of a
collection unless it is mounted in a volume and the page is also lost.