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Q: In a damageclaim, what's the most common marketplace for determining the fair market value of diamond jewelry? In a damageclaim, it is important to ask your client if there is a specific definition of fair market value you should use. The insured ends up with a comparable, used property and not a new property.
Whether you’re wanting to protect the value of an artwork or in the process of estate planning, an insurance appraisal can help you in both situations. Too often people look into insurance after some sort of damage has occurred, but the best time to have an appraisal is before an incident.
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.
Pack your passport and other difficult-to-replace important documents (birth certificates, Social Security certificates, vehicle titles, etc.) For larger items in the home that are too big to take, now is a good time to review your insurance coverage and make sure you are comfortable with your current level of protection.
Even if you are familiar with the items and believe you have a good understanding of their worth, a professional appraisal ensures an accurate and documented valuation. An appraisal provides a comprehensive inventory of the assets, documenting their value at the time of his or her passing.
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