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Examples of retail replacement value are the price an art gallery asks for a painting in their inventory, the asking price of a table by a furniture designer, or the manufacturer listed price of a sterling silver serving item. It can sometimes be present in insurancepolicies, although in my experience it is much less frequently encountered.
You should check with your insurance provider to see what is and is not covered by your homeowners or rental insurancepolicy. An appraisal helps establish the artwork's current market value and ensures that you have the necessary documentation in case of loss, theft, or damage.
Understand Your Homeowner’s InsurancePolicy The biggest problem I see after a devastating loss is underinsurance, meaning that homeowners suffer a loss yet fail to recover tens of thousands of dollars just at the time when they have lost everything they hold dear. Keep a copy of the insurancepolicy handy too.
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. Since the client is a publishing firm, their insurancepolicy is likely different from general homeowners. Remember to talk to your client and ask questions!
Do you want to include your item on your homeowner’s insurancepolicy, or do you want to donate it and/or write it off your taxes? Then you’ll need an insurance or replacement valuation. Do you want to sell it? You’ll need a fair market valuation and a suggested asking price.
Establishing the Value Collectors who are just getting started often rely on their homeowner’s insurancepolicy to cover the value of their valuable items. After all, storing insured items in a secure vault in a stable environment provides far lower risks than storing them in one’s beach house on a hurricane-prone coastline.
Appraisals are important not only to make certain you are appropriately insured, but it can also help you make smart decisions about charitable donations, gifts to family members or making the decision to sell the work. After that I immediately switched my insurance company. K: I just saw the Meret Oppenheim retrospective at MoMA.
I naively “assumed” that the word “All Risk” meant just that, and all my personal property was covered up to the amount stated on my policy’s declarations page. I now realize that HO insurance is designed to insure your home, not protect your art collection. I was wrong. Louis, Missouri.
4 Saturday, November 16, 2024 Morning Session Summarized by Alice Craigie , Modern Painting Fellow National Gallery of Art, Washington D.C. Caseys presentation broke down insurance essentials alongside various types of insurance T Block offers. Naval Lodge No.
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