• natural ageing, gradual deterioration, inherent defect, rust or oxidation, moth or vermin, warping or shrinkage;
• repairing, reframing, restoring, retouching or any similar process;
• aridity, humidity, exposure to light or extremes of temperature, unless such loss or damage is caused by storm, frost or fire;
• theft or dishonesty committed by or in collusion with any principal, shareholder (beneficial or otherwise), partner, director or other officer or any employee of the insured, or any person to whom insured property is entrusted or loaned.

• natural ageing, gradual deterioration, inherent defect, rust or oxidation,moth or vermin, warping or shrinkage;
• repairing, reframing, restoring, retouching or any similar process;
• aridity, humidity, exposure to light or extremes of temperature, unless such loss or damage is caused by storm, frost or fire;