Page 80 - Bay Union - Platinum Policy Wording
P. 80

Sec on 4 – Fine arts
Speci c de ni ons for this sec on
○ Fine arts means art, an ques and collectables of par cular value due to their age, style, ar s c merit or collectable value including:
– furniture, pain ngs, drawings, etchings, prints and photographs
– tapestries, carpets and rugs
– manuscripts and books
– ornaments, statues and sculpture
– stamps or coins forming part of a collec on including books, pages, moun ngs, albums, containers, frames, cards and display cabinets
– gold, silver, pewter, pla num or gold-plated and silver-plated items
– clocks and barometers
– collec ons, a private collec on of rare, unique or novel items of personal interest such as dolls, toy soldiers, guns and models as well as memorabilia
– musical instruments
– wine collec on
– 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 re ect the retail value.
○ Apprecia on means the increase in value of an item during the period of insurance.
○ Collec on means the art, an ques and other property belonging to you or for which you have a legal responsibility as stated in the schedule or asset inventory survey.
○ Deprecia on means the reduc on 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 ac vity.
○ Re-valua on is the process carried out by an independent valuator while re-assessing the value of an item.
78 Bay Union – Pla num Policy Wording – 24 October 2016

   78   79   80   81   82