Page 83 - Policy Wording - Hollard Prestige Portfolio 1.4

Section 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 specified, and for unspecified 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 inception 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-valuation 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 condition 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.
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