Summary of Cover
Insurance for Collectors of paintings, sculptures, porcelain, silver, furniture and other items that are unique or rare, have a relatively high value and are collectable.
The following is a summary of the cover provided by the Griffin standard insurance package. This cover is subject to various terms, conditions and exclusions which are contained in the full policy document. Please contact your agent or us if you would like a copy of the full policy document.
Summary of Cover
Physical loss or physical damage to items specifically insured:
- While in the named location(s), and
- While insured for a transit, and
- While insured for repair or restoration, and
- For the first 60 days after being newly acquired but before special acceptance by Underwriters (this section has a limit of 10% the value otherwise insured).
Some Perils included in the cover:
- Accidental damage
- Malicious damage
- Flood or water damage
- Looting after an Earthquake or Fire
- Storm or Frost
Extension of Cover
In the event that items are recovered after Underwriters have paid a claim for the loss, the assured has the right to purchase them back from the Underwriters at the lesser of:
a) the fair market value at the time of recovery or
b) the amount of the settled claim plus interest from the date of settlement and loss adjustment and recovery expenses.
Worldwide unless the cover is specifically limited in the Schedule.
Basis of Valuation
- The value agreed by the underwriters and shown on the schedule, or
- For items not yet individually listed, the market value immediately prior to the loss, or
- In the event of partial loss or damage, the cost and expense of restoration plus any resulting depreciation in value, not exceeding the full vale of that item.