Page 82 - Bay Union - Platinum Policy Wording
P. 82

Sec on 4 – Fine arts
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 speci ed, and for unspeci ed 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 incep on 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-valua on 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 condi on at the moment prior to damage.
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.
80 Bay Union – Pla num Policy Wording – 24 October 2016


































































































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