Art Valuer Professional Indemnity Insurance

PI insurance for art valuers typically covers claims arising from professional negligence in valuation services. This may include errors in pricing artworks, authentication advice, market analysis, and condition assessment that cause financial loss to clients. Coverage generally extends to legal defence costs and compensation for negligent valuation work.

PI insurance is strongly recommended for practising art valuers in Australia. Insurance companies, courts, and clients rely on your valuations for coverage, settlements, and purchase decisions. Valuation errors can result in significant claims, particularly for high-value works. Many institutional clients and auction houses expect valuers to hold adequate PI coverage before engaging their services.

Key risks include valuation errors leading to inadequate insurance coverage when losses occur, overvaluation causing clients to pay excessive premiums, authentication advice that supports purchase of fraudulent works, and undervaluation affecting estate settlements or family law proceedings.

Yes, PI insurance generally covers claims arising from negligent authentication opinions provided as part of your valuation services. Authentication errors can lead to purchases of forged or misattributed works, or rejection of genuine pieces. Coverage typically includes legal defence if your professional opinion is challenged.

Coverage requirements depend on the value of works you assess and the nature of your client base. Valuers working with museum-quality pieces or major collections may need $5 million to $10 million or more in aggregate cover. Those focusing on contemporary art or smaller markets may need $1 million to $5 million. We assess your client base and typical valuation amounts to recommend appropriate limits.