Insurance, valuation, and provenance
**Schedule high-value items on your policy.** Standard home and contents policies have per-item limits (often $1,000–$5,000) that apply to unscheduled contents. An oil painting worth $30,000 covered under a standard policy receives $1,000–$5,000 at claim time unless it is separately scheduled at its agreed or replacement value. Scheduling requires a current professional appraisal — typically from an auction house specialist, a gallery with expertise in the relevant period, or an accredited valuer.
**Valuations for insurance purposes** should be updated every three to five years because art market values change significantly. An appraisal conducted in 2015 may substantially undervalue a work in 2026. The insurer pays based on the scheduled value, not the current market value, unless the policy has automatic indexation.
**Provenance documentation** is both a conservation record and an insurance document. For each significant item, maintain: purchase receipt or auction catalogue, professional appraisal with date and valuer credentials, condition reports at time of purchase and subsequent major restoration, and a photographic record from multiple angles. This documentation supports claims for restoration costs and loss of value, and satisfies insurer requirements for high-value claims.
**Loss of value vs. restoration cost**: After conservation treatment, many restored objects have a residual diminution in value compared to their pre-loss condition — even where the conservation work was excellent. This diminution in value (sometimes called "aesthetic damage") is separately claimable from the restoration cost. It requires a post-restoration appraisal compared against the pre-loss appraisal to quantify.
**AICCM conservators for insurance work**: The Australian Institute for the Conservation of Cultural Material (AICCM) credentialled members are accepted by insurers as qualified to provide conservation scopes of work and post-restoration condition reports. Non-credentialled restorers (commercial furniture refinishers, general antique dealers) typically cannot provide the documentation insurers require for significant claims.