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Value matters and an art appraisal completed by a qualified art appraiser can save you substantial money by not selling too low, insuring too low, or paying too much in estatetax or equitable distribution. Art appraisals serve various purposes and are essential in determining artworks' value, authenticity, and condition.
When applicable, sales and/or import tax, commissions and/or premiums are included in this amount.” ( Appraising Art: The Definitive Guide to Appraising the Fine and Decorative Arts , 2013, Appraisers Association of America, page 438.) The next level is Fair Market Value.
Policies vary from insurance company to insurance company, but generally, there are limitations to homeowners' or renters' insurance that are important to keep in mind if you happen to own items of exceptional value. Estatetax liability. For example, in Pennsylvania, the tax is 4.5%
Insurance industry terminology such as risk, premium, loss, deductibles, coverage limits, and perils are some of the fundamental concepts appraisers must grasp. Different property insurancepolicies have unique features and limitations. The Claims Function People buy insurancepolicies for protection against financial loss.
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