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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. More often than not, most of them realized the importance of jewelry appraisals later on. What do Jewelry Appraisers Do?
In this post we explore art appraisals' critical role in the context of insurance. Understanding Art Appraisals An art appraisal is a professional evaluation of the monetary value, authenticity, and condition of an artwork. Hiring an accredited and knowledgeable appraiser is the most important step in any appraisal.
There are a few reasons why getting your jewelry appraised is important. 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.
Recently I wrote an article for Worthwhile Magazine™ titled “A Consumer’s Guide to InsuranceAppraisal 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 insuranceappraisal report or what the process is to get one.
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. Formal USPAP-compliant appraisals are essential in these cases.
As partners of the Appraisal Foundation, we adhere to Personal Property Appraiser Qualification Criteria. Qualifying appraisal experience consists of tasks associated with the accomplishment of personal property assignments which result in a USPAP compliant report. As appraisers, we are market researchers.
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. Do you need an appraisal? In fact, appraisals are optional for any items valued at less than $5,000.
Antique appraisals are a crucial step in understanding the true value of the item in the marketplace. A skilled appraiser carefully studies the history, authenticity, and condition of each item to determine their worth. Unfortunately, finding skilled antique appraisers near you can be a challenge. Examination.
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.
Jewelry appraisals protect your valuable pieces in the event of damage, loss, or theft. Without a proper evaluation of your jewelry’s worth, you can’t get insurance coverage for it. Knowing you need estimated values and understanding the appraiser’s report once it’s available are two different things. That’s simply not true.
In this blog post, we explore the crucial role of insuranceappraisals in safeguarding your art collection, providing insights into why this process is indispensable for every art enthusiast and collector. Regular insuranceappraisals guarantee that your coverage accurately reflects the current market value of your artworks.
You know you need an appraisal, but what kind of appraisal? The quick answer is that the kind of appraisal you need depends on your intention. Do you need to have a collectionappraised for insurance? It is the type of appraisal report we most commonly provide for our clients. What are the options?
A client recently called us to update an insuranceappraisal 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.
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. This is especially true when one considers how remarkably specialized these policies can be.
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?”
Insurers often do not accept an appraisal from the source of the jewelry sale when scheduling insurance. For the very reason – what jewelry retailer would issue an appraisal at purchase that would present a value less than the purchase price? Wine Collections Due to its organic nature, wine can deteriorate and turn sour.
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.
Some estate liquidators only handle the preparation work and conducting the sale, while others take care of additional details such as pricing, appraisals, and hauling away unsold items. It is also important to watch for valuable items like stock certificates, deeds, titles, trusts, and life insurancepolicy documents.
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.
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? They don’t have the correct credentials.
Although trade shows provide a vast collection of diamonds at competitive prices, there are also potential drawbacks. Accidents and theft can happen at any time, and it’s better to be prepared than to regret not having insurance. Have a professional appraiser evaluate your diamond and provide you with a written appraisal.
Consult with an antique jewelry appraiser about the potential impact before making any significant repairs or alterations. Does insurance cover jewelry repair? Insurance coverage for jewelry repairs depends on the specific terms and conditions of your insurancepolicy.
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. I was wrong.
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