Delaware Freeport Holdings, LLC

Fine Arts Packer and Shippers Insurance

10 March 2024 – 09 March 2025

TERRITORIAL

LIMITS/ SITUATION:

Worldwide (excluding for Russia, Belarus, Ukraine, Cuba, North Korea and Iran) any one

conveyance from the time of pick up by contract and/or until final delivery, including

packing, unpacking, storage, exhibitions and/or transits from USA / Canada to Worldwide or

vice versa.

COVER

This insurance covers All Risks of physical loss or damage to the property insured where

Delaware Freeport LLC has received specific instructions to insure the property insured on

behalf of their customer or client during the period of Insurance, through an insured event

as herein, subject to the provisions, conditions, exclusions and limitations defined herein.

BASIS OF VALUATION

The "Value" on which settlement for total loss will be based shall be agreed values as

declared by the customer(s) or client(s).

INCEPTION OF COVER

As from acceptance of responsibility of artwork by Delaware Freeport LLC or when the

artwork is the care, custody or control Delaware Freeport LLC until final delivery, including

packing, unpacking, storage, handling of goods (mounting and dismounting of paintings,

removal and installation of sculpture, cladding) and/or transits anywhere in the world,

subject to the following.

LOSS BUY BACK CLAUSE

The owner shall have the right to repurchase from Underwriters Insured Interest of the

Owner that is recovered, for the amount of the settled claim plus loss adjustment and

recovery expenses. Interest recovered in a damaged condition for which a Total Loss has

been paid, may be repurchased by the Owner at the then fair market value of the damaged

Interest.

Underwriters will notify the Owner of the right to repurchase recovered Interest as above

and the Owner shall have sixty (60) days from the date of notice to exercise said repurchase

rights.

LOSS PAYEE CLAUSE

In accordance with the Delaware Freeport LLC's business requirements it is agreed that

Banks and/or mortgagees and/or lenders and/or similar interested parties are to be

automatically included as Loss Payees herein as their respective rights and interests in the

interest insured may appear but only in so far as losses may be recoverable under the terms

and conditions agreed herein.

Specific Loss Payee status can be acknowledged to Insured and/or Loss Payee by McGill

and Partners on Insurers' behalf upon request by Delaware Freeport LLC.

MEANS OF TRANSPORT

Conveyances by Road and/or Air and/or Water and/or Rail and/or Post and/or Courier and/

or by personal conveyance and/or by any other means of conveyance.

WAIVER OF RECOURSE CLAUSE

In the event of loss or damage for which the Underwriters have agreed to pay the lnsured's

customer under this insurance, Insurers shall waive their right of recourse against the

Insured, their sub-contractors, their directors, officers, employees, representative and

agents, carriers, packers and/or other depositories, except with the prior consent of the

contractor and/or of its agent: however, the Insurers reserve their full rights of recourse

against air carriers and/or ship owners.

CONDITIONS

ALARM MAINTENANCE CLAUSE

It is a condition of this Contract, that where an Alarm System is installed at the lnsured's

premises, it shall be maintained under contract. It is however, understood that in the event

of the equipment failing to function at the time of any loss the lnsured's right to indemnity

hereunder shall not be prejudiced if the Insured was not aware of such failure or it was

beyond the lnsured's control.

APPRAISAL

If the Insured and Insurer's fail to agree to the amount of loss each shall, on the written

demand of either made within sixty (60) days after receipt of proof of loss by Insurers,

select a competent and disinterested appraiser, and the first appraisal shall be made at a

reasonable time and place. The appraiser shall first select a competent and disinterested

umpire and failing for fifteen (15) days to agree upon such umpire, then on the request of

the Insured or Insurers such umpire shall be selected by a judge of a court of record in the

state or country which such appraisal is pending. The appraiser shall then appraise the

loss, stating separately the current market value at the time of loss and the amount of loss

two shall determine the amount of loss. The Insured and Insurers shall each pay his or its

chosen appraiser and shall bear equally the other expenses of the appraiser and umpire,

Insurers shall not be held to have waived any of their rights by any act relating to appraisal.

CANCELLATION CLAUSE

This Contract may be cancelled at any time by the Insured in writing to the Broker or Agent

who effected this Contract. The Underwriters will then be entitled to the customary short

rate proportion of the premium. This Contract may also be cancelled by or on behalf of

Underwriters by giving thirty (30) days notice in writing sent by first class mail to the

Insured at his last known address. The Underwriters will then be entitled to the pro rata

proportion of the premium.

Repayment of any unearned premium will be made as soon as reasonably possible and will

not affect the effectiveness of the Cancellation in any way.

Notice will be deemed to have been given if sent by first class mail properly addressed.

In respect of shipments, in the event of such notice being given, cancellation shall only

apply with respect to shipments the risk on which has not attached prior to the expiration of

the above period of thirty days.

Notwithstanding the foregoing, cover hereunder against the risks of War, Strikes, Riots and

Civil Commotions may be cancelled by Underwriters by giving seven days notice, except for

cover against the risks of Strikes, Riots and Civil Commotions on shipments to or from the

United States of America, which may be cancelled by giving forty eight hours notice. In

such an eventuality, cover will only be cancelled in respect of shipments, the risk on which

has not attached hereunder under the terms of the relevant Institute Clauses, by the

effective date and/or hour of cancellation.

Payment or tender of any unearned premium by Underwriters shall not be a condition

precedent to the effectiveness of Cancellation, but such payment shall be made as soon as

practicable if Underwriters do not agree to reinstate the cover.

NOTIFICATION CLAUSE

The Insured upon knowledge of any occurrence likely to give rise to a claim hereunder shall

give immediate advice thereof to the Underwriters through:

Risk Strategies Fine Art.

750 Third Avenue,

15th Floor,

New York,

NY 10017.

United States of America.

MISREPRESENTATION AND FRAUD

This Contract shall be void if the Insured has concealed or misrepresented any material fact

or circumstance concerning this Insurance or the subject thereof or in case of any fraud,

attempted fraud or false swearing by the Insured touching any matter relating to this

Insurance or the subject thereof, whether before or after loss.

PACKING AND SECURING OF PROPERTY IN STORAGE OR TRANSIT

It is a condition of this contract that when the Insured is responsible for the packing of

Insured Interest, they will take all reasonable steps to ensure that such Insured Interest is

packed in such a manner as to withstand the normal hazards associated with storage or

transit.

It is further understood and agreed where Insured Interest is packed by any other third party

and/or customer of the Insured, the Insured will make best efforts to ensure that such

Insured Interest is packed in such a manner as to withstand the normal hazards associated

with storage or transit.

PAIRS AND SETS CLAUSE

It is understood and agreed that in the event of the total loss of one Item of the Pair or set,

and if the Underwriters are unable to provide an identical replacement of the lost Item,

Underwriters agree to pay the Insured value of the pair or set, the Insured to surrender the

remaining item(s) of the set to the Underwriters.

PARTIAL LOSS AGREEMENT

In case of partial loss due to perils insured against, the adjusted amount of loss shall be the

cost and expense of restoration. Loss of value, if any after restoration, to be agreed upon

between the Insured and Insurers.

In no event shall Insurers be liable for more than the insured value of the Interest.

PAYMENT OF LOSS CLAUSE

In case of loss, such loss to be paid to the Insured within thirty (30) days after satisfactory

proof of loss and proof of interest in the property insured has been filed with Insurers.

PAYMENT ON ACCOUNT CLAUSE

The Insurers hereunder agree that where claim papers submitted demonstrate that only the

quantum of the claim is in question, they will make a "payment on account" equal to 100%

of the lower of the amounts claimed and agreed to be Insurers.

PRIVACY NOTICE CLAUSE

Neither the US brokers that handled this insurance nor the insurers that have underwritten

will disclose non -public personal information concerning the buyer to non-affiliates of the

brokers or insurers except as permitted by law.

RIGHT OF RECOVERY

If an Insured suffers a Loss in excess of the amount that the Insurers are liable for, then all

proceeds, salvage and/or other recoveries are for the account of the Insured until such Loss

shall be refunded to the amount for which Insurers are liable, and further proceeds, salvage

and/or recoveries shall then be for the account of the Insurers.

SUBROGATION OR LOAN

Notwithstanding anything to the contrary herein, if in the event of loss or damage, the

Insured shall acquire any right of action against any individual, firm or corporation for loss

of, or damage to property covered hereunder, the Insured will, if requested by Insurers,

assign and transfer such claim or right of action to the Insurers or, at Insurer's option,

execute and deliver to Insurers the customary form or loan receipt upon receiving an

advance of funds in respect of the loss or damage; and will subrogate the Insurers to, or will

hold in trust for the Insurers, all such rights of action to the extent of the amount paid or

advanced, and will permit suit to be brought in the lnsured's name under the direction of an

at the expense of the Insurers.

INSTITUTE SERVICE OF SUIT CLAUSE (U.S.A.)

EXCLUSIONS

This Contract does not cover:-

(A) Wear and Tear, Gradual Deterioration, or any Loss or Damage to Property hereby

insured caused by Moth, Vermin or Inherent Vice.

(B) Loss of market or delay, no matter how occurring, unless by negligence of the Insured.

(C) Misappropriation, secretion, conversion or infidelity of Directors or Officers of the

Insured.

(D) Damage sustained due to and directly resulting from any repairing, restoration or

retouching process.

However, this exclusion shall not apply where Insurers and/or their agent have directed

repairing, restoration or a retouching process following a loss covered elsewhere in the

Contract.

For clarification purposes, loss or damage cause by framing, re-framing or de-framing for

any purpose other than the above is not considered as repair, restoration or retouching

under this Contract.

(E) 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.

However, transits by Sea or Air are covered as per Institute War Clauses and subject to the

Five powers War Clause below:

Institute War Clauses (Cargo) CL385

Institute War Clauses (Sendings by Post) CL390

Institute War Clauses (Air Cargo) CL388

FIVE POWERS WAR CLAUSE

Where any war risks coverage is provided by underwriters, this (re)insurance excludes loss

damage liability or expense arising from the outbreak of war (whether there be a declaration

of war or not) between any of the following: United Kingdom, United States of America,

France, the Russian Federation, the People's Republic of China.

(F) Radioactive Contamination, Chemical, Biological, Bio Chemical and Electromagnetic

Weapons Exclusion Clause CL370 - 10/11 /03

This clause shall be paramount and shall override anything contained in this insurance

inconsistent therewith

1. In no case shall this insurance cover loss damage liability or expense directly or

indirectly caused by or contributed to by or arising from

1 .1 ionising radiations from or contamination by radioactivity from any nuclear fuel or

from any nuclear waste or from the combustion of nuclear fuel

1.2 the radioactive, toxic, explosive or other hazardous or contaminating properties of any

nuclear installation, reactor or other nuclear assembly or nuclear component thereof

1.3 any weapon or device employing atomic or nuclear fission and/or fusion or other like

reaction or radioactive force or matter

1.4 the radioactive, toxic, explosive or other hazardous or contaminating properties of any

radioactive matter. The exclusion in this sub-clause does not extend to radioactive isotopes,

other than nuclear fuel, when such isotopes are being prepared, carried, stored, or used for

commercial, agricultural, medical, scientific or other similar peaceful purposes

1.5 any chemical, biological, bio-chemical, or electromagnetic weapon.

CL370

10/11/03

(G) CYBER AND DATA EXCLUSION (WITH LIMITED WRITE-BACK FOR TARGETED THEFT)

(for use where Theft cover is given to Jewellery, Art and Specie Property Risks)

The following shall apply to the whole of this insurance contract.

A. We will not pay for any Cyber loss, damage, liability, cost or expense directly or

indirectly caused by:

1. the use of or inability to use any computer, computer system, computer software

programme, or process or any other electronic system;

2. any computer virus or malicious code;

3. any computer related hoax relating to 1 and/or 2 above.

B. However, it is understood and agreed that clause A shall not apply to an otherwise

covered physical loss of the subject matter insured directly caused by theft, robbery,

burglary, hold-up or other criminal taking if:

computer virus or process or any other electronic system is used in the commission of the

act(s) of theft, burglary, robbery, hold-up or other criminal taking; and

5. the act in 4 above is solely targeted at or against the Insured, the Insured’s property

or one of the Named Location(s) herein.

The burden of proving a covered loss under this limited write-back shall be on the Insured.

C. We will not pay for any loss of or damage to any electronic data (for example files or

images) wherever it is stored.

(H) Sanctions Limitation Clause - LMA3100A

No (re)insurer shall be deemed to provide cover and no (re)insurer shall be liable to pay any

claim or provide any benefit hereunder to the extent that the provision of such cover,

payment of such claim or provision of such benefit would expose that (re)insurer to any

sanction, prohibition or restriction under United Nations’ resolutions or the trade or

economic sanctions, laws or regulations of the European Union, United Kingdom or United

States of America.

(I) Terrorism Exclusion Clause (Specie)

Notwithstanding any other provision to the contrary within this insurance or any

endorsement thereto it is agreed that this insurance excludes loss, damage, costs or

expense of whatsoever nature directly or indirectly caused by, resulting from or in

connection with any act of terrorism regardless of any other cause or event contributing

concurrently or in any other sequence to the loss.

This exclusion does not apply

(i) where the proximate cause of the loss is theft of the subject-matter insured, or

(ii) when the subject-matter insured is in transit as hereinafter defined.

It is further understood that loss, damage, cost or expense of whatsoever nature directly or

indirectly caused by, resulting from or in connection with any action taken in controlling,

preventing, suppressing or in any way relating to any act of terrorism is excluded.

For the purposes of this clause it is understood that an act of terrorism means an act,

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.

For the purposes of this clause transit is defined as carriage of the subject-matter insured

by sea, air or land. Transit does not include any periods when the subject-matter insured is

in a warehouse, vault or any place of storage or rest, whether or not in the ordinary course

of transit.

In the event that any portion of this endorsement is found to be invalid or unenforceable,

the remainder shall remain in full force and effect.

This clause is subject to English law and practice.

(J) Communicable Disease Endorsement

1. Notwithstanding any provision to the contrary within this insurance, this insurance does

not insure any loss, damage, liability, claim, cost or expense of whatsoever nature caused

by, contributed to by, resulting from, arising out of, or in connection with a Communicable

Disease or the fear or threat (whether actual or perceived) of a Communicable Disease.

2. For the purposes of this endorsement, loss, damage, liability, claim, cost, expense or

other sum, includes, but is not limited to, any cost to clean-up, detoxify, remove, monitor or

test:

2.1. for a Communicable Disease, or

2.2. any property insured hereunder that is affected by such Communicable Disease.

3. As used herein, a Communicable Disease means any disease which can be transmitted

by means of any substance or agent from any organism to another organism where:

3.1. the substance or agent includes, but is not limited to, a virus, bacterium, parasite or

other organism or any variation thereof, whether deemed living or not, and

3.2. the method of transmission, whether direct or indirect, includes, but is not limited to,

airborne transmission, bodily fluid transmission, transmission from or to any surface or

object, solid, liquid or gas or between organisms.

4. This endorsement applies to all coverage extensions, additional coverages, exceptions

to any exclusion and other coverage grant(s).

All other terms, conditions and exclusions of the policy remain the same.