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Further, appraisalreports must follow the latest version even if the appraiser has NOT taken the latest course. The type of value before and after the loss will be dictated by the client and is based on how the insurancepolicy is written or the particular situation at hand.
Recently I wrote an article for Worthwhile Magazine™ titled “A Consumer’s Guide to InsuranceAppraisalReports: Do You Need One and How to Get One?” In my own appraisal firm, I answer many questions from potential clients who are unsure if they need an insuranceappraisalreport or what the process is to get one.
Appraisers evaluate the condition of the artwork, any damage or restoration work can impact its value. A detailed description of the artwork’s condition is provided in the appraisalreport. The appraisalreport explains the appraisal methodology used for the report.
I’ve written this basic guide as an introduction to the different levels of value so that users of appraisal services will be able to better determine what sort of appraisalreports would best suit their needs. It can sometimes be present in insurancepolicies, although in my experience it is much less frequently encountered.
When getting an appraisal, be sure to: Research reputable appraisers in your area. Ask questions during the appraisal. Request written appraisalreports—always. Review and update appraisals regularly. Here are four reasons why you should get updated appraisals: 1. Organize your jewelry collection.
SAFEGUARDING YOUR COLLECTION A full appraisalreport can be shared with specified entities, such as an insurance company, a lawyer or legal firm, accountant or anyone specified in the contract. It is the type of appraisalreport we most commonly provide for our clients. It is for your information only.
The evaluation is conducted by a certified and qualified appraiser. Jewelry appraisals are required for most insurancepolicies. Additionally, consider the appraiser’s experience, expertise, and reputation. Providing documentation of the comparative market analysis as part of the final appraisalreport.
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