Insurance & Declared Value Policy

1. Definitions

Terms defined in the COMCA Master Terms & Conditions have the same meaning in this Policy.

“Declared Value” means the value you assign to each item in your manifest at intake, used solely for liability caps and optional insurance calculations.

“Optional Insurance” means paid insurance coverage offered by COMCA for eligible items, where expressly requested and confirmed in writing.

“Uninsured Items” means items for which no optional insurance has been purchased.

2. Purpose of Declared Value

2.1 Declared Value is used for:

• determining COMCA’s maximum liability for loss or damage;
• calculating optional insurance premiums;
• internal risk management and storage categorisation.

2.2 Declared Value is not:

• an appraisal;
• a market valuation;
• a guarantee of sale price;
• a grading estimate.

2.3 You are solely responsible for assigning accurate Declared Values.

3. Optional Insurance

3.1 Optional Insurance is available for eligible items where:

• you request insurance during manifest submission;
• COMCA accepts the request;
• the premium is paid in full;
• COMCA confirms coverage in writing.

3.2 Insurance is not automatic and does not apply unless all conditions above are met.

3.3 Insurance covers:

• loss or damage occurring while items are in COMCA’s custody;
• loss or damage occurring during outbound shipping, where insured shipping is selected.

3.4 Insurance does not cover:

• grading outcomes;
• market fluctuations;
• inherent material degradation;
• manufacturing defects;
• counterfeit items;
• misdeclared items;
• items improperly packaged by the client.

4. Insurance Limits

4.1 For insured items, COMCA’s liability is limited to the insured value confirmed in writing.

4.2 For uninsured items, COMCA’s liability is limited to the lesser of:

• the Declared Value; or
• AUD $100 per item.

4.3 No compensation is payable for:

• sentimental value;
• speculative value;
• future market appreciation.

5. Eligibility for Insurance

5.1 COMCA may refuse insurance for items that are:

• counterfeit or suspected counterfeit;
• excessively fragile;
• improperly packaged;
• high-risk or prohibited;
• lacking sufficient documentation.

5.2 COMCA may request additional evidence before approving insurance.

6. Claims Process

6.1 Claims must be submitted within seven (7) days of notification of loss or damage.

6.2 Claims must include, where reasonably available:

• manifest;
• photos;
• uninterrupted packing/unpacking video;
• shipping receipt or carrier confirmation;
• any additional evidence requested by COMCA.

6.3 COMCA may rely on:

• intake photos;
• weight logs;
• CCTV footage;
• internal handling records;
• fulfilment logs.

6.4 Claims may be denied where:

• evidence is insufficient;
• Declared Value is materially inaccurate;
• the item was counterfeit or prohibited;
• the loss occurred outside COMCA’s custody and uninsured shipping was selected.

7. Shipping Insurance

7.1 Outbound shipping insurance is available at checkout for items being shipped to you.

7.2 If uninsured shipping is selected:

• you accept all transit risk;
• COMCA is not liable for carrier loss or damage.

7.3 Carrier insurance (if selected) is subject to the carrier’s terms.

8. Misdeclared or Undervalued Items

8.1 If Declared Value is materially inaccurate, COMCA may:

• adjust the Declared Value;
• refuse insurance;
• limit liability to AUD $100;
• suspend or terminate the account.

8.2 Intentional undervaluation may result in:

• denial of claims;
• account suspension;
• liquidation of items to recover losses.

9. Counterfeit, Prohibited & High-Risk Items

9.1 Insurance does not apply to counterfeit or prohibited items.

9.2 If an item is later determined to be counterfeit:

• insurance is void;
• no compensation is payable;
• the item may be destroyed or returned (where lawful).

10. No Double Recovery

10.1 You may not recover more than the insured value or liability cap.

10.2 If you receive compensation from a carrier or third party, COMCA’s liability is reduced accordingly.

11. Changes to This Policy

11.1 COMCA may update this Policy by posting a new version on the website.