Page 83 - Bay Union - Platinum Policy Wording
P. 83

Sec on 4 – Fine arts
Addi onal cover
When we accept a claim under your policy for an insured cause that happens during the period of insurance, you are also en tled to the addi onal cover. Addi onal cover is limited to the amount stated in the schedule. The excess in the schedule applies if speci cally 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 ar cle – this does not apply to jewellery – mechanical, electrical or electronic breakdown.
The excess stated in the schedule applies to this cover.
○ Collec on temporarily stored elsewhere
We will cover you against loss or damage to the collec on when temporarily situated elsewhere for an agreed period of  me.
○ Death of an ar st
The agreed value will be increased by the limit stated in the schedule immediately upon the death or incapacity of the ar st subject to you no fying us in wri ng thereof within 21 working days. The addi onal premium payable on the artworks will be due immediately following the death of the ar st.
○ Defec ve  tle
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  tle, or defec ve  tle, 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 addi on:
• You are insured for legal costs you incur, with our prior wri en agreement, in defending a claim made against you for defec ve  tle arising from the above.
• 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.
Bay Union – Pla num Policy Wording – 24 October 2016 81

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