Exclusions. 3. Loss of or damage to goods entrusted to the Insured by private clients and/or customers solely for safe custody.

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1 This Insurance will indemnify the Assured for losses arising from ALL RISKS OF PHYSICAL LOSS OR DAMAGE FROM ANY CAUSE WHATSOEVER as per schedule subject to the terms, conditions exclusions & limitations detailed herein. This Insurance does not cover:- Exclusions 1. Loss or damage directly of indirectly caused by, resulting from or contributed to by the dishonesty or collusion of any owner (beneficial or otherwise), director, officer or employee, agent or shareholder (beneficial or otherwise) of the Assured acting alone or in collusion with others. 2. Loss or damage to property insured whilst the same is being worn (except watches worn solely for the purpose of testing) or used by the Insured, any principal, Director or partner of the Insured, members of their families, relatives, staff or friends or whilst in their custody for this purpose. 3. Loss of or damage to goods entrusted to the Insured by private clients and/or customers solely for safe custody. 4. Loss of or damage to property occurring through the operation of a peril against which, at the date of the happening of such loss or damage, the Insured has effected separate insurance irrespective of whether or not such other insurance is liable to or does not meet such loss. 5. Loss, destruction or damage directly occasioned by pressure waves caused by aircraft and other serial devices travelling at sonic or supersonic speeds. 6. 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, martial law 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.

2 7. Terrorism Exclusion Endorsement (NMA2920) Notwithstanding any provision to the contrary within this insurance or any endorsement thereto it is agreed that this insurance excludes loss, damage, cost 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. For the purpose of this endorsement 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. This endorsement also excludes 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. If the Underwriters allege that by reason of this exclusion, any loss, damage, cost or expense is not covered by this Insurance the burden of proving the contrary shall be upon the Assured. In the event any portion of this endorsement is found to be invalid or unenforceable, the remainder shall remain in full force and effect.

3 8 INSTITUTE RADIOACTIVE CONTAMINATION, CHEMICAL, BIOLOGICAL, BIO-CHEMICAL AND ELECTROMAGNETIC WEAPONS EXCLUSION CLAUSE 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. 10/11/03 CL370 9 INFORMATION TECHNOLOGY HAZARDS ENDORSEMENT Losses arising directly or indirectly out of: Loss of, alteration of, or damage to or a reduction in the functionality, availability or operation of a computer system, hardware, program, software, data, information repository, microchip, integrated circuit or similar device in computer equipment or non-computer equipment, whether the property of the Insured or not, are excluded unless: (a) (b) (c) arising out of one or more of the following perils: fire, lightning, explosion, aircraft or vehicle impact, falling objects, windstorm, hail, tornado, cyclone, hurricane, earthquake, volcano, tsunami, flood, freeze or weight of snow; and that peril is covered by the insurance certificate; and that peril causes direct physical loss or damage to the insured goods.

4 10 Losses arising from Mysterious disappearance. General Conditions 1. 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 Insurers such information and evidence as the property lost or damaged and the circumstances of the loss or damage as the Insurers may reasonably require and as may be in the Insured s power. 2. If the insured shall make any claim knowing the same to be false or fraudulent, as regards amount or otherwise, this insurance shall become void and all claims hereunder shall be forfeited. Exhibition Clause Notwithstanding anything contained elsewhere herein to the contrary it is understood and agreed that this Insurance is subject to the following conditions:- 1. During exhibition hours, the merchandise shall be maintained and displayed in locked showcases, which are attended by at least two officers or employees or authorised representatives of the Assured. All showcases containing the merchandise are to be kept locked and keys removed, other than during the process of items being added, removed or shown to a customer by a responsible authorised person. Each time the showcase is opened it shall be immediately closed, relocked and the keys removed. 2. During non-exhibition hours merchandise is only covered when kept in a locked safe and/or vault and/or guarded security room within the confines of the show at all times OR whilst being transported by an officer or employee of the Assured within the confines of the show but only for the purpose of taking the merchandise directly from the safe, vault or guarded security room to the showcases and vice versa. 3. During unpacking and setting up of the merchandise before exhibition opening hours and removing and re-packing of the merchandise after exhibition closing hours, it is a condition precedent to liability hereunder that the merchandise remains under the close personal control of at least two officers or employees or authorised representatives of the Assured at all times. Entrustment Exclusion Notwithstanding anything contained herein to the contrary this insurance does not cover loss or damage arising from goods entrusted to any customer, repairer, cutter, manufacturer, Laboratory, broker or broker s customer or agent.

5 Basis of Valuation clause It is understood and agreed that in the event of loss or damage recoverable hereunder, the basis of valuation in respect of settlement will be cost price unless specifically agreed by underwriters prior to attachment. Stocks Records Clause It is a condition under this Insurance that in the event of a claim being made under this Certificate, the Insured shall provide the Underwriter or its representatives with all available information including documentary evidence, whether these be official or confidential, of all purchases, sales and other transactions of property insured. This information will be utilised by the underwriter or their representatives to assist in quantifying the amount of loss claimed. In the event that the information provided does not satisfactorily substantiate the quantum claimed, the Underwriter shall be liable only for the amount of claim accounted for. Any settlement beyond this figure shall be solely at the discretion of the Underwriter, unless otherwise enclosed herein. Overseas Jurisdiction Clause It is hereby agreed that :- 1. this insurance shall be governed by the law of whose Courts shall have jurisdiction in any dispute arising hereunder; and 2. any summons, notice or process to be served upon the Underwriters for the purpose of instituting any legal proceedings against them in connection with this Insurance may be served upon the Underwriters, care of Besso Limited, 8-11 Crescent, London EC3N 2LY. Safe Combination Warranty It is a warranty of this policy that the insured has changed the combination to all safes containing insurable items to be held overnight during non-exhibition hours from the original manufacturers combination to a unique combination known only by principals and other trusted staff. Claims Notification and Settlement Clause It is an obligation of the Assured to give immediate notice of any occurrence which may give rise to loss or damage recoverable under this Insurance to : - Local Police Authorities / Fire station and - Besso Limited 8-11 Crescent, London EC3N 2LY. Tel: Fax:

6 and underwriters undertake to settle any agreed claims within 30 days of receipt of the signed written acceptance form from the Assured. Personal Conveyance Clause (Amended) If Applicable Shipments and other carryings that are Personally Conveyed must be in the close personal custody, control of the person carrying the property insured at all times, other than as required by Customs, Airport Security or other competent Authorities.