What does 'Single Item Limit' mean for a collection of items?

When an item is part of a collection, for example a set of baseball cards, and you lose one item of the collection, the most you can claim for is the value of the single item and not the value of the single item as a part of the complete collection.

For example: A complete set of 20 baseball cards is worth $5000, however, if you took the individual value of each card, the total would add up to $2000 (each card would only be worth $100). This is because having the entire set of the baseball cards would be very rare, so there is a $3000 premium on the full set. If you lose 2 of the cards, the most you could claim for would be $200, so $2000 divided by 20 and then multiplied by 2, and NOT $5000 divided by 20 and then multiplied by 2.

Cover is subject to the policy terms, conditions, limits and exclusions in the Product Disclosure Statement (PDS).