Yes, if you are insured per pound, then you have the most basic level of insurance.
I have moved several times through my company, including overseas. This included a fairly comprehensive insurance, which then requires valuation of your objects beforehand, including appraisals of art, etc. (In the international move, this was also required for customs clearance) This is so they can get a sign off from their insurance underwriter. And any extra things they have to do, e.g. crating art, adds to the cost.
If you didn't make them aware of your item's value beforehand (and through a formal process, as I describe above) then you are SOL. But that comes with the price point you paid.