Every answer and its explanation appears here once you have finished the path. Each one then links to the matching glossary entry, where the concept is set out in full with its worked example.
1. Market wordings state the value is set for the purposes of the contract only, with no representation as to sale price. What follows?
That it is a convention and not a finding: the parties choose a number they agree to treat as true, and a convention is not contested for departing from reality
The wordings are more honest than practice: they do not claim to have found the true value, they say they choose a number in order to be able to commit. That is where the whole force of agreed value comes from, and it is also why the argument that the work is not worth that amount is not an argument. The answer seeing a warranty given by the insured inverts the clause, which precisely excludes any representation; the one seeing a reservation to contest reads a sentence protecting the insured as if it protected the insurer.
Glossary entry · valeur-agreee2. Why has this line reversed the usual order, valuing before rather than after?
Because deferring valuation to the date of loss defers a debate nothing will settle, on an object that no longer exists
It is not commercial convenience: a work is worth what the last comparable sale made and what the artist's market has become, and those cannot be established on a destroyed object. Agreed value moves the debate to a time when the object is still there, when it can be looked at, compared and documented. The answer invoking an inapplicable indemnity principle gets the direction wrong: it applies, and the line knowingly departs from it, which is the subject of what follows in the module.
Glossary entry · valeur-agreee3. The artist's market fell thirty percent between placement and the fire. What does the insurer pay, and how does the module characterize that result?
The agreed amount, the insured receiving more than it would have got by selling: the line knowingly departs from a rule governing the whole rest of the insurance contract
The word that matters is "knowingly": it is not a drafting accident or a tolerance, it is an accepted departure, and it is accepted because the alternative, an adversarial appraisal of a destroyed work, produces litigation rather than justice. Some wordings go further and follow a rise beyond the stated amount. The two answers bringing the market back, wholly or pro rata, restore a rule the convention precisely sets aside.
Glossary entry · principe-indemnitaire4. A collector is insured forty percent above market. Against what is it well protected, and against what badly?
Perfectly protected against fire and far less against a scratch, which is the exact reverse of its intuition
Agreed value governs total loss and nothing else: on partial damage you return to the cost of restoration plus depreciation, which is a percentage and therefore needs a base. Depending on whether the contract computes it on the agreed value or on the market value of the day, the indemnity changes entirely once the two have diverged. Believing over-valuation always helps is the intuition this module dismantles, and invoking over-insurance imports a notion agreed value sets aside by design.
Glossary entry · depreciation5. What does agreed value never buy?
The debate over whether a loss occurred, how the damage is classified and who owns the object: it removes the debate over the amount, and a figure only answers the question put to it
It is the sentence that opens the rest of the certification: a work claimed by the heirs of a dispossessed family stays claimed whatever amount is stated, and a work whose attribution collapses keeps its agreed value without having suffered any damage. Everything that follows turns on what agreed value leaves open. The other answers name real subjects of the line, none of which the convention leaves open: partial damage is covered, simply on another basis, and a loan is an extension and not a gap.
Glossary entry · fine-art-insurance