Hiscox Fine Art Policy Summary

Policy name: Fine Art by Hiscox Type of insurance: Fine art insurance Underwritten by: Hiscox Insurance Company Limited

• Insured fine art is covered against physical loss or physical damage anywhere in the world.
• Sum insured increased by up to 25% to cover any items you acquire during the period of insurance. You must tell underwriters within 60 days of acquisition and pay an extra premium for this cover to be effective.
• If an item is partly damaged, you may decide whether the underwriters repair, replace or pay the value of the damaged item. If the underwriters repair it, the underwriters will also pay for any loss in value. The most the underwriters will pay in total is the value of that item.
• If any item which has an increased value because it forms part of a pair or set is lost or damaged, any payment underwriters make will take account of the increased value. You may decide if we pay the value of the entire pair or set. The most under writers will pay is the value of that pair or set.
•  If underwriters recover any of your property after a loss, underwriters will write to you at your correspondence address shown in the schedule and you can buy it back from underwriters within 60 days. Underwriters will charge:
  • the amount they paid for your claim plus interest; or
  • the fair market value of the item at the time underwriters recover it;
    whichever is less.
    

  Significant or Unusual Exclusions/Limitations

  Underwriters do not cover:

  • loss or damage caused by wear and tear, gradual deterioration, inherent defect, rust or oxidation, moth or vermin, warping or shrinkage.

  mechanical or electrical faults or breakdown.

  loss, damage, costs or expenses arising directly or indirectly from biological or chemical contamination caused by or resulting from an act of terrorism. This includes poisoning, or preventing or limiting the use of an object, due to the effects of any biological or chemical agent.

  You must tell underwriters or your insurance agent as soon as possible of any incident which you may need to claim for. If you do not, underwriters will not have to pay your claim.

  Duration of Contract

  Insurance contracts normally run for a period of 12 months. Please speak to your insurance agent if you require a different period. We strongly urge our customers to review their contracts each year to ensure they have adequate cover in place.

  Cancellation Rights

  You can cancel your new insurance policy up to 14 days from the start of the contract (plus postage time) and receive a full
  

  premium refund. After this you may cancel your insurance at any time by writing to the underwriters.
  Underwriters may cancel your insurance policy by sending you 30 days notice by registered post to your correspondence address
  shown in the schedule.

  Claims Service

  • No deductions for wear and tear
  • A guarantee to pay interest on any claim over £2,500 not paid to you by us within 4 working days of receiving a signed agreement form. We can only keep this promise if your bank is in the United Kingdom and if you give us your bank details at the time you sign the acceptance form. This promise can not apply if you ask us to pay by another method.

  If you suffer a loss and need to make a claim you should contact your insurance agent immediately. If this is not possible then you can call us directly using our 24-hour emergency claims number on 0870 0843781. You will need to provide your Hiscox policy number and full details of the claim, including the date, amount and circumstances of loss.

  Questions and Complaints

  If you have a question or complaint, please speak to your insurance agent or contact us directly using the details below: Hiscox Customer Services

  1 Great St Helen's, London EC3A 6HX Telephone: 0870 084 3777 If you are not satisfied with the way your complaint has been handled, you may ask the Ombudsman to review your case without

  affecting your statutory rights.

  We are covered by the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation from the scheme if we cannot meet our obligations. The maximum level of compensation you can receive from the Scheme for a claim against an insurance firm depends on the type

  of insurance policy, as described here. FSCS may arrange to transfer your policy to another insurer, provide a new policy or if these actions are not possible, provide compensation. Non-compulsory insurance (such as home insurance): the first £2,000 of a claim or policy is protected in full. Above this threshold, 90% of the rest of the claim or value of unused premiums will be met.

  Your Hiscox Quotation

  You should discuss with your insurance agent exactly what your insurance needs are. They will then provide you with a quotation
  

  based on the information you have provided.
  The quotation you receive from your insurance agent should give a breakdown of the total price, including the amount we will
  receive, as well as any related fees, charges, expenses and taxes applicable. The quotation will be valid for a specified period.
  Under some circumstances, your insurance agent may make some additional charges during the life of the policy. Please check
  with your insurance agent for details.
  

  Please note that this policy summary document does not contain the full terms and conditions of this contract. These can be
  found in the Fine Art by Hiscox policy wording. If you would like a copy of the full policy wording, please contact your insurance
  agent.
  

  Hiscox Insurance Company Limited (registered no. 70234) is authorised and regulated by the Financial Services Authority and is also a member of the Association of British Insurers. Unless some other law is agreed in writing, this policy will be governed by the laws of England.

   

   

  Hiscox plc 1 Great St Helen’s London EC3A 6HX Telephone +44 (0)870 084 3777 Facsimile +44 (0)20 7448 6900 Email customerservices@hiscox.com