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So you’ve just inherited your grandmother’s vintage diamond ring, only to find out it’s not covered by your insurancepolicy because its value wasn’t properly appraised. In this guide, we’ll discuss what jewelry appraisers do, types of jewelry valuation clauses, and how jewelry appraisers help ensure you get fair insurance claims.
In this post we explore art appraisals' critical role in the context of insurance. Determining Insurance Coverage Art appraisals play a crucial role in establishing the appropriate insurance coverage for your valuable artworks by determining their accurate and up-to-date market value.
While this quote often captures the inexplicable nature of human desire, it also resonates with the motivations behind collecting. Whether its choosing a potential mate or pursuing a coveted object, the pull of desire remains the same when it comes to collecting. This makes it critical to secure proper coverage.
Recently I wrote an article for Worthwhile Magazine™ titled “A Consumer’s Guide to Insurance Appraisal Reports: 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 insurance appraisal report or what the process is to get one.
Desantis Should You Consider Insurance? Surprisingly, many collectors of “passion assets” don’t think to protect these valuables with insurance. Often the misconception is that only blue-chip collections worth millions of dollars require this kind of specialized protection. What happens when a piece is damaged while being moved?
Some of the most common questions advisors hear from clients about their fine art and collectibles are, “Does my homeowner’s insurance provide coverage for my artwork? A typical homeowner’s insurancepolicy affords you a little bit of coverage. Do I need a special rider?”
By Ray Nugent Fine Art Insurers require more frequent valuation updates for Fine Art items than other less dynamic markets. Insurers are keenly aware of this phenomenon and therefore, require regular valuations updates, typically, every 2-3 years. Wine Collections Due to its organic nature, wine can deteriorate and turn sour.
Aside from proving ownership, the main reason is often for insurance purposes to secure investment. You want to make sure you’re updated on the current value of your collections. It’s important to inform your insurer whenever you obtain new appraisals. Collect relevant documentation about your valuables.
In this blog post, we explore the crucial role of insurance appraisals in safeguarding your art collection, providing insights into why this process is indispensable for every art enthusiast and collector. Regular insurance appraisals guarantee that your coverage accurately reflects the current market value of your artworks.
A client recently called us to update an insurance appraisal for original Andy Warhol prints. A previous appraisal from two years ago was available, however, the insurance company insisted on a new appraisal. You might wonder why insurance companies, such as Pure Insurance ( [link] ) or Huntington T.
I mean the collecting bug. Just about anything you can think of, people collect. These collections are often the most treasured items owned. A collector will often have invested a great deal of time as well as money in obtaining the pieces that comprise the collection. Really, it could be just about anything.
Written by Kirsten Rabe Smolensky, JD, ISA CAPP As an appraiser, I have worked on a lot of insurance claims , including losses due to fire, theft, transit damage, and flood. The number one mistake most insureds make is not being prepared in advance. The insurance company requests an inventory of EVERYTHING inside.
A collection of unbranded jewelry that has no celebrity provenance may sell at a local or regional auction house. For insurance replacement purposes, appraisers should consider where the client typically shops, which, in most cases, falls under the retail market. For instance, Elizabeth Taylor’s jewelry (i.e.,
Art Peritus recently sat down with Katja Zigerlig, Vice President, Art, Wine and Collectibles Advisory at Berkley One, a Berkley Company (WRB) to discuss the nuances of collecting and insuring Fine Art. B: Do you discuss this kind of art collection care with your clients? These types of valuations are not accepted.
Tweet By Thomas Dawson, ASA Spotlighting five key areas appraisers need to know to be covered in ASA ’ s upcoming PP163 Property Insurance Fundamentals webinar. In the property insurance industry, appraisers play a vital role, particularly when it comes to claims.
Determination and a Dream With a $3,000 loan from an insurancepolicy and a belief in the power of simply sharing a meal, Doris Christopher , a mother of two young daughters, founded Pampered Chef in her suburban Chicago home in 1980. This pan sold for $39.95 in February 2024. The Pampered Chef logo is embossed on the bottom.
Although trade shows provide a vast collection of diamonds at competitive prices, there are also potential drawbacks. Protect Your Investment After purchasing a diamond, it’s important to consider insuring it. Accidents and theft can happen at any time, and it’s better to be prepared than to regret not having insurance.
You've got some antiques you inherited from your aunt, a small but growing collection of vintage Star Wars toys, and that mysterious oil portrait of two little kids that you picked up at a second-hand store a few years back. You may find that additional insurance is necessary to adequately cover you in the case of loss.
Do you need to have a collection appraised for insurance? CURIOSITY If you are simply curious about the value of an artwork or collection, a restricted appraisal will help you. Likewise, it cannot be used for insurance purposes. For insurance purposes, the appraisal report is written for replacement value.
Whether you need a quick valuation for possible re-sale of your items, or you are looking for a more in-depth assessment for insurance or estate planning purposes, discovering a professional nearby is crucial. Reasons to Seek and Antique Appraisal There are various reasons that someone might need or want an appraisal: Insurance coverage.
Does insurance cover jewelry repair? Insurance and security. Do they have adequate insurance to cover any damage or loss that may occur? Does insurance cover jewelry repair? Insurance coverage for jewelry repairs depends on the specific terms and conditions of your insurancepolicy.
It is also important to watch for valuable items like stock certificates, deeds, titles, trusts, and life insurancepolicy documents. If you decide to sell your collection, we are happy to make you an offer. The “one touch” rule can be helpful, where you decide what to do with an item as soon as you touch it.
Without a proper evaluation of your jewelry’s worth, you can’t get insurance coverage for it. Jewelry appraisals are required for most insurancepolicies. Jewelry stores often have in-house appraisers or work with external appraisers to determine the value of jewelry for insurance purposes.
Three Insurance Experts Explain the Intricacies of Insuring Your Art Collection I am often asked by clients if they should cover their art under their homeowner’s insurance (HO) or if they should investigate insuring their art with a separate fine art collectors’ policy.
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