Transit2insure is now underwritten by new Insurers on a non marine policy and differs from the cover previously available, when it was underwritten on a ‘marine’ policy format.
This should make it far easier to understand, although there are some aspects of difference in the cover you will now have.
The entire wording is on this site and you should read and understand that, but here are some of the major differences between the cover you used to purchase and what is on offer now.
This insurance is provided by AXA XL Insurance Company UK Ltd, registered in the UK, which is authorised by Financial Conduct Authority (FCA)
The following information provides a summary of the cover, exclusions and restrictions. The full terms and conditions of this insurance, including the general policy limits, can be found in the policy document within the website
What is this type of insurance?
This is a transit policy
What is insured?
Physical loss or damage which is sudden and unforeseen by you to stock whilst in transit
What is not insured?
The first GBP(£)250 of each and every claim War and Strikes risks
Are there any restrictions on cover?
If you are not a bona fide Antiques or Fine Art Dealer, Watch Maker or Repairer, Jeweller, Antiques and Fine Art shipper or Artist. You may not apply for nor purchase this Insurance
Where are you covered?
Whilst in transit between your location and the destination or between a sender’s location and yours (as applicable)
What are your obligations?
You must tell us as soon as practically possible if you become aware about any changes in the information you have provided to us which happens before the anticipated transit inception date
When and how you pay?
You pay online by card at the point of purchase
When does the cover start & end?
It starts at the anticipated transit inception date and ends 60 days after that
How do you cancel the contract?
This policy is not cancellable by you
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.
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.
If we exercise our right under (c) above:
If you have any questions or concerns about this insurance or the handling of a claim, please contact Connoisseur Underwriting at South House, South Street, Dorking RH4 2JZ.
Telephone 01306 734 106 and speak to John Wakefield (contact your insurance advisor named in the schedule through whom this insurance was arranged.)
We are dedicated to providing a high quality service and we want to ensure that we maintain this at all times. If you wish to make a complaint you can do so at any time by referring the matter to:
Complaints Department XL Catlin Services SE, UK Branch, 20 Gracechurch Street, London EC3V 0BG
Telephone Number: +44 (0)20 7743 8487
XL Catlin Services SE acts on behalf of AXA XL in the administration of complaints.
The complaint will be acknowledged, in writing, within two weeks of it being made.
If you remain dissatisfied after the Complaints Department has considered your complaint, or you have not received a final decision within eight (8) weeks, you can refer your complaint to the Financial Ombudsman Service at:
Exchange Tower, London E14 9SR
Tel Number: From within the United Kingdom
0800 0234 567 calls to this number are free on mobiles and landlines
0300 1239 123 calls to this number costs no more than calls to 01 and 02 numbers
From outside the United Kingdom
+44 (0)20 7964 0500
Fax Number: +44 (0)20 7964 1001
Text Number: 07860 027 586 Call Back Service
The Financial Ombudsman Service can look into most complaints from consumers and small businesses. For more information contact them on the above number or address, or view their website: www.financial-ombudsman.org.uk
We are covered by the Financial Services Compensation Scheme. You may be entitled to compensation from the Scheme if we are unable to meet our obligations under this policy. If you are entitled to compensation under the Scheme, the level and extent of the compensation will depend on the nature of this policy. Further information about the Scheme is available from the Financial Services Compensation Scheme (PO Box 300, Mitcheldean, GL17 1DY) and on their website: www.fscs.org.uk.