Collecting Issues & Resources | Insurance for Photography Art

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This policy contains certain words that are defined in the Glossary of Terms on Page 8 of this policy. Please review these words and carefully read the policy.

What type of property this insurance policy covers:

This policy covers fine art of every nature and description principally consisting of photographs, photo collages & montages, and photographic images of all types including but not limited to: albumen prints; daguerreotypes; dry plates; dye transfer prints; gelatin silver prints; photogravures; carte-de-visites; platinum prints and computer generated images.

Such photography includes:
1. Boards or mounts attached to or part of the photography, including the original boxes, outside covers, frames and glass, and folders or albums which are a significant part of the work and/or its value;
2. Any loss in value to editions or portfolios, or sets resulting from loss or damage to any part or parts of them.
This policy also covers:
1. Your reference library and other reference material belonging to You which are not for sale nor listed in your inventory;
2. Furniture and fixtures of a fine art nature, belonging to the business, which are not for sale nor listed in the inventory.
Whose property is covered by this policy:

This policy covers property that is usual to the conduct of Your business as a dealer which is property:
1. You own, whether for sale or not; and/or
2. of others which is being held by You in trust, meaning in Your care, custody or control at the request of others; and/or
3. on consignment to You or property consigned by You to others where You have agreed to insure the property prior to loss; and/or
4. sold by You but not delivered; and/or
5. owned jointly by You and others; and/or
6. belonging to others for which You may be liable; and/or
7. which You have agreed to insure or have assumed the liability for, prior to loss.
What causes of loss are covered under this policy:

This policy covers the property for all risks of physical loss or damage, unless excluded below, including, but not limited to, loss or damage from: fire, water, smoke, earthquake, flood, vandalism, theft, burglary or mysterious disappearance, sprinkler leakage, tearing, foxing, chipping, unexpected or rapid oxidizing, rippling, fingerprints, smudging, creasing, cracking, scratching or puncture.
What causes of loss are NOT covered under this policy (exclusions):
1. Loss or damage sustained due to wear and tear, gradual deterioration, insects, vermin, inherent vice;
2. Loss or damage sustained due to and resulting from any repairing, restoration or retouching process. However, in certain situations, if approved by this company in advance, this exclusion may be deleted and You may be charged an additional premium.
3. Loss or damage sustained due to dishonest or criminal acts done by the owner(s), partners, and/or officers or directors of the entity insured under this policy or done at Your/their direction.
4. Loss or damage sustained due to war, which for purposes of this policy is defined as: hostile or warlike action in time of peace or war, including action in hindering combating or defending against an actual, impending or expected attack:
  1. By any government or sovereign power (de jure or de facto), or by any authority maintaining or using military, naval or air forces; or
  2. By military, naval or air forces; or
  3. By an agent of any such government, power, authority or forces;
  4. any weapon of war employing atomic fission or radioactive force whether in time of peace or war;
  5. insurrection, rebellion, revolution, civil war, usurped power, or action taken by governmental authority in hindering, combating or defending against such an occurrence, seizure or destruction under quarantine or customs regulations, confiscation by order of any government or public authority, or risks of contraband or illegal transportation or trade; However if You require war coverage as defined above, if approved by this Company in advance, this exclusion may be deleted and You may be charged an additional premium.
5. Loss or damage sustained due to nuclear reaction or nuclear radiation or radioactive contamination, all whether controlled or uncontrolled, and whether such loss be direct or indirect, proximate or remote, or be in whole or in part, caused by, contributed to, or aggravated by the perils insured against in this policy; however, subject to the foregoing and all provisions of this policy, direct loss by fire resulting from nuclear reaction or nuclear radiation or radioactive contamination is insured against by this policy.
Where this insurance applies:

This insurance covers the property insured under this policy anywhere in the world, subject to the locations listed below including while on exhibition or in transit as shown in B and C below.
The amount the property is covered for (amounts of insurance):
1. Limit(s) at specifically scheduled (named) locations are:
  
  Location(s): Amount(s) of Insurance:
  
  1. $
  
  2. $
  
  Should additional space for more than for 2 locations be required, an endorsement will be attached to this policy listing the locations and amount(s) of liability.
2. Limit at any one unnamed location not listed above including while on exhibit or at a show:
  $
3. Limit for property in transit in any one shipment irregardless of the method of transport:
  $
The TOTAL amount of insurance provided by this policy in any one loss is:
$
Deductible:

Each claim arising out of the same event shall be considered one claim, whether involving one or multiple items, and shall have a deductible subtracted from the loss payment:

Deductible Amount (each claim): $
How the property will be valued in the event of a loss:

In the event of a loss this policy will pay You as follows:
1. Your property: at either cost plus 20% or selling price less 15%, whichever is greater;
2. Property of others, or property on consignment: the most current agreed consigned value plus 20%; (for the purposes of this insurance, consigned value is the amount You have agreed to pay the owner, agent, or consignor of the property if the consigned property is sold);
3. Property sold but not delivered: at the selling price plus accrued expenses from the date of sale;
4. Property owned jointly: same as (a), above;
5. Property of others for which You may be liable: Your legal liability;
6. Property which You have agreed to insure or have assumed liability for prior to loss: the most current agreed consigned value plus 20%.
7. Property not for sale: at its current market value.
Partial losses:

In the event of partial loss or damage to the property insured, this policy will pay:
1. The cost to repair or replace the property to its original value immediately before the loss; or
2. The difference between the value of the property before loss and its value after the loss; or
3. The cost to restore the property as nearly as possible to its condition immediately before the loss. If the value after repair or restoration is less than the value before the loss, this policy will pay the difference between the value after restoration and the value before the loss.
Legal Liability:

This policy will cover Your legal fees and related expenses, court costs and judgments for Your legal liability for property defined in the first paragraph of this policy for which you are being held legally liable. This policy will cover such fees, costs and judgments in the event of any action, suit or other proceeding for loss or damage, up to the Total Amount of Insurance shown in section 6 of this policy.
Losses to editions, portfolios, albums or sets:

In the event of loss or damage to items which are a part of an edition, portfolio, album, or are part of a pair or set, this policy will pay, at Your option, the full value of the edition, portfolio or set as specified in the schedule. You then agree to give the entire edition, portfolio or set to the Company; or, this policy will pay the difference between the full value of the complete set, portfolio or album prior to loss, and the value after loss and/or restoration, taking into account the loss or damage to the part or parts and the resulting loss in value to the whole edition, portfolio, album or set.
How loss disagreements will be settled:

If after 90 days following a loss, You and the Company cannot agree on the amount of the loss, You shall each independently select a competent and disinterested appraiser who will do an appraisal of the lost or damaged item(s) basing it on the valuation as agreed and as shown on the declarations page of this policy and defined in paragraph 8. The appraisers shall then select a competent and disinterested umpire. If they cannot agree upon an umpire within 15 days, then one shall be appointed by a judge or court in the state where the loss is pending. The umpire shall then review the appraisals, and from them determine the value and amount of loss. You and the Company agree to each pay for the costs and expenses of Your own appraiser and to equally share the costs and expense of the umpire, if any.
Loss buyback provision:

In the event property for which a claim payment was made to You, is recovered by the Company, the Company agrees to offer You first option to purchase the property, as long as it is recovered within three years from the date you received the claim settlement. It is agreed that the price for You to purchase the property from the Company will be no more than the amount which was paid to You in the claim settlement. If the property is recovered after three years, You will be given the first option to purchase the property from the Company, at a price to be determined by them.
Other insurance:

This insurance policy shall be primary insurance before any other valid and collectible insurance, unless You have agreed with others, prior to loss, that their insurance shall be primary or contributing.
Subrogation clause:

This Company may require from You an assignment of all Your rights of recovery against any party for loss or damage, to the extent that a claim payment is made to You. However, this Company will not be granted recourse against shippers, packers, customers, warehouses, or other bailees except with Your or your agent/broker's prior agreement and written consent.
Packing and shipping condition:

Property covered by this policy will be packed and/or shipped in a manner as is customary and commonly accepted for the medium to best protect the property being packed or shipped.
Restoration costs:

In the event of any loss or damage covered by this policy, the amount of loss shall include, if required, any cost and expense of restoring the damaged property, including any additional charges in connection to the restoration such as shipping, packing, etc. of the damaged property.

If it is determined that the damaged property is to be restored, You and the Company shall mutually agree upon the restorer.
No benefit to bailee:

Unless approved by the Company, this policy shall not benefit directly or indirectly any shipper or other bailee to whom the property is entrusted.
Notice of loss:

You shall give as soon as practicable, a report or notification to your agent/broker of every loss, damage or occurrence which may give rise to a claim under this policy.
Settlement of loss:

All claims shall be paid to You within thirty (30) days after the company receives a satisfactory proof of Your interest and proof of loss.
Misrepresentation and fraud:

This policy shall be void if You have concealed or misrepresented any material fact or circumstance concerning this policy, which affected the acceptance of the policy or its terms as offered by the Company, whether before or after a loss.
Suit against Underwriters:

No suit, action or proceeding for the recovery of any claim under this policy shall be sustainable in any court of law unless it is reported to your agent/broker or this Company within twelve (12) months after You first discover the loss. Provided, however, that if the law of the state in which the policy is issued does not allow this limitation, then the limit of time allowed by that state law shall apply.
Cancellation:
1. This policy may be canceled by You at any time by sending the policy to, or notifying, your agent/broker stating when the policy is to be canceled.
2. The Company may cancel this policy for underwriting reasons, a material change in the risk from that initially assumed by them, or a previously unknown fact or circumstance which affects the Company's opinion of the risk as initially assumed by them. Such written notice of cancellation shall be mailed to You by certified mail at the address shown on the Declaration Page of the policy ninety (90) days before the cancellation shall become effective.
3. The Company may cancel this policy for non-payment of premium by mailing, by certified mail, written notice of cancellation ten (10) days in advance of the effective date of the cancellation.
For all cancellations effective during the term of this policy, return premiums shall be calculated on a pro-rata basis from the date of the cancellation.
Conformity to statute:

Terms of this policy which are in conflict with the statutes of the state in which the policy is issued are hereby amended to conform to such statutes.
Assignment:

The policy shall be considered invalid by this Company if assigned to another party or transferred without the prior consent of the Company.
Records:

You will, to the best of Your ability, maintain an accurate inventory of all property insured under this policy, as well as all consignment agreements.
Automatic Reinstatement of Limits:

Unless you have advised your agent/broker, the total amount of insurance shown in section 6 shall not be reduced during the term of this policy by any loss. However, in the event of a loss settlement which is 50% or more of the annual premium, the premium shall be 100% earned by the Company and no return premium shall be paid to You should you decide to cancel this policy.
Conflicts in Policy Wording:

The policy wording in sections 1 through 27 override and replace any similar or conflicting provisions in the policy jacket or standard policy conditions or any other preprinted wording forming part of this policy.

Glossary of Terms

For the purposes of this policy, the following words are defined as follows:

"You" and "Your" shall mean the entity or individual(s) shown on the declarations page of this policy. (Commonly known as the policyholder or the Insured.)
The "Company" shall mean the insurance company that has underwritten the coverage and has issued or caused to be issued this policy.
The "Declarations Page" shall mean that page of the policy that shows Your name and address and indicates the term of the policy as well as other specific information relevant to the policy's conditions.