藝術品貨運保險條款

SCHEDULE

PolicyNo.

Insured:

Addressforcorrespondence:

PeriodofInsurance:

Exhibitionandlocation:

Transit:

SumInsured:

Deductible:

Conditions: aspertheattachedEX97wording

GoverningLaw:

DisputeResolution:

Premium:

ChubbFineArtExhibitionInsurancePolicy

PLEASEREADTHEENTIREPOLICYCAREFULLYESPECIALLYTHEHIGHLIGHTEDPARTSWHICHMAYEXEMPTTHEUNDERWRITERSFROMLIABILITYUNDERTHISPOLICY.

TheUnderwritershavereliedonthesubmissionmadetothemandallinformationprovidedinconnectionwithitindecidingtoacceptthisinsurance.

COVER TheworksofartdescribedintheScheduleareinsuredagainstphysicallossorphysicaldamageoccurringduringtheperiodofinsurancewhileattheexhibition(includingincidentalstorage)andwhileintransit,bothasshownintheSchedule,subjecttothefollowingexclusions,basisofsettlementandconditions.

TheUnderwritersareonlyliabletotheextentthatanyothervalidinsurancewouldfailtocoveranyclaimifthisinsurancehadnotbeenissued.

EXCLUSIONS Thisinsurancedoesnotcover:

A. lossordamagedcausedbyorresultingfrom:

(i) naturalageing,gradualdeterioration,inherentdefect,rustoroxidation,mothorvermin,warpingorshrinkage;

(ii) repair,restorationoranysimilarprocess

B. loss,damageorliabilityarisingdirectlyorindirectlyfromseepage,pollutionorcontamination,howeversuchseepage,pollutionorcontaminationmaybeencaused.

C. lossordamagedirectlyorindirectlyoccasionedby,happeningthroughorinconsequenceofwar,invasion,actsorforeignenemies,hostilities,(whetherwarbedeclaredornot),civilwar,rebellion,revolution,insurrection,militaryorusurpedpower.

D. lossordamagecausedbyorresultingfromconfiscation,nationalisation,requisitionordestructionofordamagetopropertybyorundertheorderofanygovernmentorpublicorlocalauthority.

E. lossordamagecausedinwholeorinpartbynuclearreaction,nuclearradiationorradioactivecontamination.

BASISOFSETTLEMENT: A. TheUnderwriterswillpaytheagreedvalueasshownintheSchedule.However,intheeventofpartiallossofordamagetoanyiteminsured,theUnderwriterswillpaythecostandexpenseofrestorationplusanyresultingdepreciationbutnotexceedingtheagreedvalueofthatitem.

B. Intheeventoflossordamagetoanyinsureditemwhichhasanincreasedvaluebecauseitformspartofapairorset,anypaymentunderthisinsuranceshalltakeaccountoftheincreasedvalue.

C. InnoeventwilltheUnderwritersbeliableformorethantheapplicablelimitsofliabilityshownintheSchedule.

D. Followingpaymentofthefullamountinsuredforanyitem,pairorset,theUnderwriterswillbecomethefullownersandreservetherighttotakepossessionoftheitempairorset.

CONDITIONS TheUnderwritersshallnotbeliabletopayclaimunderthisinsuranceunlesstheinsuredcomplieswillallrequirementsinthefollowingconditions.

1. Changeincircumstances

TheinsuredmustadvisetheUnderwritersassoonasreasonablypossibleofanychangeincircumstanceswhichmaymateriallyaffectthisinsurance.

2. DueDiligence

Theinsuredmusttakeallreasonablecareandmeasurestoprotecttheinsuredworksofartandtomaintainthemingoodcondition.

3. Transit

Theinsuredmustinsurethatworksofartintransitarepackedandunpackedbycompetentpackers.

4. Noticeofproofofloss

Intheeventofanyincidentwhichmaygiverisetoaclaimunderthisinsurancenoticemustbegiventotheinsured’sbrokeroragentassoonasreasonablypossible,andtothepoliceifacrimeissuspected.

Ifaclaimismade,theinsuredmustgivetheUnderwriterssuchrelevantinformationandevidenceasmayreasonablyberequiredandco-operatefullyintheinvestigationoradjustmentoftheclaim.IfrequiredbytheUnderwriterstheinsuredmustsubmittoexaminationunderoathbyanypersondesignatedbytheUnderwriters.

5. Recoveredproperty

IftheUnderwritersrecoveranyoftheworksofart,theinsuredcanbuythembackfromtheUnderwritersatthelesserof:

(i) theamountofthesettledclaimplusinterestfromthedateofsettlementatarelevantprevailingbankbaseratepluslossadjustmentandrecoveryexpenses;

(ii) thefairmarketvalueatthetimeofrecovery.

TheUnderwriterswillnotifytheinsuredbypostathislastknownaddressoftherighttobuytherecoveredworksofartandtheinsuredwillhave60daysfromthedateofnoticetoexercisethisright.

6. Subrogation

TheUnderwriterswillbeentitledtobringproceedingsintheinsured’sname(butattheUnderwriters’expense)torecoverfortheUnderwriters’benefittheamountofanypaymentmadeunderthisinsurance,includingtheirowncostsandexpenses.theUnderwritersshallbeentitledtoexerciseralltherightsandremediesoftheInsuredwhoshallgiveallassistanceinhispowerastheUnderwritersmayrequire.

7. Misrepresentationandfraud

IftheInsuredhasconcealedormisrepresentedanymaterialfactorcircumstancerelatingtothisinsuranceormakesanyclaimknowingittobefraudulent,thisinsuranceshallbecomevoid.

8.