A sale isn’t the only time valuable artwork is exposed to loss or damage. In Australia, art and collectibles insurance may include fine art and specie cover, with agreed values setting a pre-agreed insured amount for listed items. For dealers, protection may also need to account for commercial stock while it is stored, handled or in transit, subject to the policy terms.It’s understandable to expect home and contents insurance to protect valuable art, but sub-limits and exclusions can leave gaps, especially when an item is moved between locations. An agreed value can make the basis of cover clearer if a loss occurs.This guide explains how fine art and specie cover works, why valuations and agreed values matter, and what to consider when insuring a collection or a dealer’s stock. It also outlines how business insurance can fit in when your work involves valuable commercial property. Key Takeaways An agreed value can clarify the insured amount for a listed artwork or collectible, making accurate valuations an important part of arranging cover. Review how cover responds to theft, accidental damage and periods when an item is on loan or in transit. For dealers, consider how stock is protected during storage, handling and transport, including the risks of poor packing. Business Insurance may help address a dealer’s wider commercial risks, while the right cover depends on the business and its stock. Table of Contents What is agreed value insurance and why does it matter for valuables? Insurance for art dealers and commercial stock Which Australian insurers offer specialist art and collectibles insurance? MyGen Insurance Brokers What is agreed value insurance and why does it matter for valuables? Agreed-value cover sets an insured amount for a specific artwork or collectible, based on its valuation and the policy terms. Fine art cover may address risks such as theft, accidental damage and transit, while exclusions and limits define the protection.Agreed-value cover for valuables For art, antiques, sculptures and ornaments, an agreed value records the amount accepted for a listed item when cover begins. Independent valuations are recommended and often required for individual valuables worth more than approximately A$5,000; insured valuations should be updated every three to five years. Galleries, museums and auction houses may also need cover for artworks they own or hold for collectors, including during exhibitions, loans and transit. Jewellers’ Block and commercial specie cover are specialist considerations for businesses handling valuable jewellery or other high-value property; the relevant risks depend on the policy wording.Comparing replacement value and depreciation Australian policies can use different settlement bases, so compare how each defines the insured value. Agreed value sets an amount for the item; replacement value refers to the cost of replacing it under the policy terms, while depreciation may reduce a settlement to reflect age … [Read more...] about Art and Collectibles Insurance in Australia for Agreed Values