THE UNDERWRITERS hereby agree, to the extent and in the manner herein provided, to insure against physical loss or damage to property as per the Schedule from whatsoever cause arising, except as hereinafter specified, within the geographical limits, during the period and not exceeding the total sum insured specified in the Schedule.

DEFINITIONS

STAMPS - comprising Stamps, Covers, Envelopes, Postcards, Albums, Philatelic Literature, Stamp Boxes and Cases and/or other articles of philatelic or postal history or interest, owned by the Insured or held in trust by him and for which he is responsible.

EXCLUSIONS

This Certificate does NOT cover:

(a)     loss or damage caused by wear, tear, gradual deterioration, moth or vermin or directly caused by conditions of storage;

(b)     damage to or deterioration of any article directly caused whilst being worked upon or undergoing any process;

(c)      stamps, as herein defined, of values in excess of £1,000 not specified in the Schedule herein;

(d)     stamps in transit where the value exceeds £150 unless they are;-

(i)    sent (or returned) using Special Delivery or

(ii)   personally accompanied by the Insured or his/her representative at all times during the journey.

(e)     loss or damage exceeding £15,000 in respect of stamps in transit or at premises other than those specified in the Schedule to this Certificate;

(f)       loss or damage directly or indirectly caused by or contributed by or arising from ionising radiations and/or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel;

(g)     Loss or Damage directly or indirectly occasioned by, happening through or in consequence of war, invasion, acts of foreign enemies, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, military or usurped power or confiscation or nationalisation or requisition or destruction of or damage to property by or under the order of any government or public or local authority;

(h)     (a)     loss or destruction of or damage to any property whatsoever or any loss or expense whatsoever resulting or arising therefrom or any consequential loss

         (b)     any legal liability of whatsoever nature

                  directly or indirectly caused by or contributed to by or arising from

         (i)      ionising radiations or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel

         (ii)     the radioactive, toxic, explosive or other hazardous properties of any explosive nuclear assembly or nuclear component thereof;

(i)      1.      Loss or destruction of or damage to any property whatsoever, or any loss or expenses whatsoever resulting or arising therefrom or any consequential loss;

         2.      Any legal liability of whatsoever nature;

         3.      Death or injury to any person;

         Directly or indirectly caused by or contributed to by or arising from Biological or Chemical contamination due to or arising from;

• Terrorism; and/or
• Steps taken to prevent, suppress, control or reduce the consequences of any actual attempted, threatened, suspected or perceived terrorism.

For the purposes of this exclusion “terrorism” means any act(s) of any person(s) or organisation(s) involving:

• The causing, occasioning or threatening of harm of whatever nature and by whatever means;
• Putting the public or any section of the public in fear;

In circumstances in which it is reasonable to conclude that the purpose(s) of the person(s) or organisation(s) concerned are wholly or partly of a political, religious, ideological or similar nature.

(j)      loss, destruction or damage directly occasioned by pressure waves caused by aircraft and other aerial devices traveling at sonic or supersonic speeds.

(k)     1.      Loss or destruction of or damage to any property whatsoever, or any loss or expenses whatsoever resulting or arising therefrom or any consequential loss;

         2.      Any legal liability of whatsoever nature

Directly or indirectly caused by or contributed to by or arising from

• Computer viruses, erasure or corruption of electronic data;
• The failure of any equipment to correctly recognise the date or change of date;

For the purposes of this exclusion “computer virus” means a corrupting instruction from an unauthorised source that propagates itself via a computer system or network.

(l)      any loss, damage, cost, claim or expense, whether preventative, remedial or otherwise, directly or indirectly arising out of or relating to:

         (a)     the calculation, comparison, differentiation, sequencing or processing of data involving the date change to the year 2000, or any other date change, including leap year calculations, by any computer system, hardware, programme or software and/or any microchip, integrated circuit or similar device in computer equipment or non-computer equipment, whether the property of the Insured or not; or

         (b)     any change, alteration, or modification involving the date change to the year 2000, or any other date change, including leap year calculations, to any such computer system, hardware, programme or software and/or any microchip, integrated circuit or similar device in computer equipment or non-computer equipment, whether the property of the Insured or not.

         This clause applies regardless of any other cause or event that contributes concurrently or in any sequence to the loss, damage, cost, claim or expense.

CONDITIONS

• The basis of valuation for the purposes of this insurance is market value at the time of loss or damage to be agreed by any independent individual or organisation mutually agreed by the Underwriters and the Insured.
• Any item of the Schedule which covers articles not separately specified is subject to average, that is to say, if the value of all articles covered by such item shall at the time of any loss or damage be of greater value than the sum insured hereby in respect thereof, the Insured shall be entitled to recover hereunder only such proportion of the said loss or damage as the sum insured in respect of such item bears to the total value of all articles covered by such item.
• This Certificate does not cover any loss or damage which at the time of the happening of such loss or damage is insured by or would, but for the existence of this Certificate, be insured by any other existing policy or policies except in respect of any excess beyond the amount which would have been payable under such policy or policies had this insurance not been effected.
• This Certificate may be cancelled at any time at the request of the Insured in writing to the agent who effected the insurance and the premium hereon shall be adjusted on the basis of the Insurers receiving or retaining the customary short term premium. The Certificate may also be cancelled by or on behalf of Underwriters by thirty days notice given in writing to the Insured at his last known address and the premium hereon shall be adjusted on the basis of the Underwriters receiving pro rata premium Notice shall be deemed to be duly received in the course of post if sent by prepaid letter post properly addressed.
• Underwriters shall be liable, within the Certificate terms and conditions, in the event of loss or damage to one or more items as defined herein, forming a block or set.

EITHER

         (a)     for the market value of the block or set, Underwriters retaining any remaining part of the block or set. OR

         (b)     for the difference between the market value of the block or set prior to the loss, or damage, and the market value after the loss or damage has occurred.

• The Insured shall in case of loss or damage and as a condition precedent to any right of indemnification in respect thereof give to the Underwriters such information and evidence as the Underwriters may reasonably require and as may be in the Insured's power.
• If the Insured shall make any claim knowing the same to be false or fraudulent, as regards amount or otherwise, this certificate shall become void and all claims hereunder shall be forfeited.
• It is understood by the insured that any information provided to the Underwriters regarding the insured will be processed by the Underwriters, in compliance with the provisions of the Data Protection Act 1998, for the purpose of providing insurance and handling claims, if any, which may necessitate providing such information to third parties.
• 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 which exists apart from that Act.

10.    Notice to the Proposer/Assured [or as applicable]

The Parties are free to choose the law applicable to this Insurance Contract.  Unless specifically agreed to the contrary this insurance shall be subject to English Law.

11    The subscribing Underwriters’ obligations  under contracts of insurance to which  subscribe are several and not joint and are limited solely to the extent of their subscription of any co-subscribing insurer who for any reason does not satisfy all or part of its obligations.

Any enquiry or complaint should be addressed in the first instance to your Broker.

If you are not satisfied with the way a complaint has been dealt with you may ask the Complaints Department at Lloyd's to review your case without prejudice to your rights in law.

The address is: Complaints Department, Lloyd's, One Lime Street, LONDON EC3M 7HA

Telephone: 020-7327-5693