New Documentation & Policy Wording

Definitions

Act(s) of terrorism - Act(s) including but not limited to the use of force or violence and/or the threat thereof, of any person or group(s) of persons, whether acting alone or on behalf of or in connection with any organisation(s) or government(s), committed for political, religious, ideological or similar purposes including the intention to influence any government and/or to put the public, or any section of the public, in fear.

Consequential Loss - Damage, cost, expense or other financial liability incurred that is not directly attributable to the insured event, including loss of market.

Damage - Physical loss or damage which is sudden and unforeseen by you.

Deductible - The amount, as specified in your schedule, that we will deduct from each claim. 

Depreciation - The reduction in value of an item caused directly by damage to the item and arrived at with reference to the full insured value of the item as per the basis of settlement and its condition prior to the damage. 

Economic repair - Any repair that costs up to the value specified in the schedule or up to the market value whichever is the lesser.

Event - Any one or all events arising out of and directly occasioned by one sudden, unexpected, unusual and specific event occurring at an identifiable time and place.

Market Value - The price a willing buyer would pay to a willing seller, taking into account the state of the market for items of that type, the size, condition and provenance and if a work of art its position within the artist’s body of work.

Occurrence - All events arising out of and directly occasioned by one.

Schedule - A schedule containing the limits of indemnity and deductibles.

Selling Price - The price at which you offer an item for sale or, for sold items, the amount entered on your sales invoice. Where used in the basis of valuation, selling prices must be detailed in your stock records.

Stock - A physical item(s) of art, antiques, watches, objets d’art or objets de vertu of the type described as being traded by you or other information provided by you to us.

War - Invasion, acts of foreign enemies, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, military or usurped power.

We, us and our  - AXA XL Insurance Company UK Limited.

You or your - The named insured(s) in the schedule.

Policy Wording

This Policy is a contract between you and us administered by Connoisseur Policies, Ltd. trading as Connoisseur Underwriting on our behalf.

In return for the payment of the premium shown in the schedule, we are insuring you against damage to your stock or stock being sent to you, sustained during the period of 60 days following the anticipated transit inception date and whilst in the course of transit as shown in your schedule, in excess of the deductible and up to the sum insured as stated in the schedule.

In the event of total loss of your stock whilst in transit, we shall also reimburse your costs associated with transport.

This document, the schedule and any endorsements constitute your contract of insurance with us. It should be kept in a safe and secure place (particularly as it refers to values).

In accepting this policy and preparing the schedule, we have relied on the information and statements provided to us by you and your insurance broker in correspondence, proposal forms and other communications. If this is not accurate (or circumstances change in such a way as to affect this insurance i.e. anything that changes the risk), you must tell us as soon as you become aware of such inconstancy not doing so may void your policy or result in a claim under the policy not being covered.

Please read the documents carefully so that you understand the extent of the policy cover, your obligations under it and to ensure that it meets your needs.

Any enquiry or complaint that you have should be addressed initially to your insurance broker Connoisseur Underwriting. If you are not satisfied with the outcome, please follow the Complaints Procedure below.

General Conditions

1. Fair Processing Notice
   This Privacy Notice describes how the insurer stated in the schedule (for the purpose of this notice we, us or the Insurer) collect and use the personal information of insureds, claimants and other parties (for the purpose of this noticeyou) when we are providing our insurance and reinsurance services.
   The information provided to the Insurer, together with medical and any other information obtained from you or from other parties about you in connection with this policy will be used by the Insurer for the purposes of determining your application, the operation of insurance (which includes the process of underwriting, administration, claims management, analytics relevant to insurance, rehabilitation and customer concerns handling) and fraud prevention and detection. We may be required by law to collect certain personal information about you, or as a consequence of any contractual relationship we have with you. Failure to provide this information may prevent or delay the fulfilment of these obligations.
   Information will be shared by the Insurer for these purposes with group companies and third party insurers, reinsurers, insurance intermediaries and service providers. Such parties may become data controllers in respect of your personal information. Because we operate as part of a global business, we may transfer your personal information outside the United Kingdom or/and the European Economic Area for these purposes.
   You have certain rights regarding your personal information, subject to local law. These include the rights to request access, rectification, erasure, restriction, objection and receipt of your personal information in a usable electronic format and to transmit it to a third party (right to portability).
   If you have questions or concerns regarding the way in which your personal information has been used, please contact: dataprivacy@axaxl.com.
   We are committed to working with you to obtain a fair resolution of any complaint or concern about privacy. If, however, you believe that we have not been able to assist with your complaint or concern, you have the right to make a complaint to the UK Information Commissioner's Office.
   For more information about how we process your personal information, please see our full privacy notice at: http://axaxl.com/privacy-and-cookies.
2. Dispute Resolution
   If we and you are not able to agree any question of valuation, the dispute will be referred to an independent third party expert in the relevant field. If we and you cannot agree on an expert, then we and you must each propose a name and then we and you will be bound by the mid point between the valuations given by the two experts. It is agreed that there will be no appeal from this valuation. 
3. Due Diligence
   You must take all reasonable care and measures to protect the insured property, to maintain it in good and proper condition and to avoid and minimise any losses under the policy. You must ensure that the stock is securely and adequately packed in storage and whilst in transit so as to withstand the normal hazards associated with storage or transit. If you fail to comply, we  shall have no liability under this Policy, if you to comply with this these provisions, unless you show that non-compliance with this provision could not have increased the risk of the loss which actually occurred in the circumstances in which it occurred.
4. Governing law and jurisdiction
   Unless otherwise agreed in writing, this policy is governed by the Laws of England and Wales and shall be subject to the exclusive jurisdiction of the Courts of England and Wales. 
   
5. Breach of the Duty of Fair Presentation
   We have accepted and set the terms of this policy based on the information provided by you. If this is not accurate or circumstances change in such a way as to affect this policy, you must as soon as you become aware of such inconstancy tell us. Without prejudice to any other rights we may have in respect of any misrepresentation or non-disclosure that may have occurred, we may
   1. If we would not have entered into the contract at all, we may avoid the Policy and refuse all claims, but must return the premiums paid.
   2. If we would have entered into the Policy, but on different terms (other than terms relating to the premium), the Policy is to be treated as if it had been entered into on those different terms from the outset, if we so require.
   3. In addition, if we would have entered into the Policy, but would have charged a higher premium, we may reduce proportionately the amount to be paid on a claim (and, if applicable, the amount already paid on prior claims). In those circumstances, we shall pay only X% of what it would otherwise have been required to pay, where X = (premium actually charged/higher premium) x 100.
   If your breach of the duty of fair presentation was deliberate or reckless, we may avoid the policy, and refuse to pay all claims and we need not return any of premiums paid.
6. Joint insureds
   The total amount that we will pay will not exceed the amount that we are liable for toany one insured as defined on the schedule.
   
7. Stock records
   You must keep and maintain stock and account records of the purchase(s) of the articles being transported. If the basis of settlement relates to the selling price, this must also be recorded. Waybills and transport documents must also be kept by you. These records must be available for inspection by us or our representatives in the event of a claim. Stock with transport documents not recorded in these records is not covered under this policy. 
   
8. Third parties
   You and we are the only parties to this policy. No bailee or any person to whom the stock is entrusted for any purpose, including transit or storage, has any rights under this policy. A person who is not a party to this contract has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this contract but this does not affect any right or remedy of a third party which exists or is available apart from that Act.
   
9. Enforceability
   You and we are the only parties to this policy. No bailee or any person to whom the stock is entrusted for any purpose, including transit or storage, has any rights under this policy. A person who is not a party to this contract has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this contract but this does not affect any right or remedy of a third party which exists or is available apart from that Act
   
10. Sanctions
    No insurer shall be deemed to provide cover and no insurer shall be liable to pay any claim or provide any benefit hereunder to the extent that the provision of such cover, payment of such claim or provision of such benefit would expose that insurer to any sanction, prohibition or restriction under United Nations resolutions or the trade or economic sanctions, laws or regulations of the European Union, United Kingdom or United States of America.
    
11. Sum Insured
    If, at the time of damage, the sum insured is less than the cost price or selling price, the amount we will pay will be proportionally reduced. In no event will we be liable for more than the total sum insured stated in the schedule.
12. Cancellation
    You may not cancel this insurance.