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An appraised value for insurance may be significantly higher than an appraised value for planned future sale, which can be baffling and difficult to comprehend without a familiarity with the different levels of the market. It can sometimes be present in insurance policies, although in my experience it is much less frequently encountered.
Reasons of valuations for tangible property can include estate and probate purposes, equitable distribution, insurance coverage, charitable donations, dissolution of marriage, and bankruptcy. Appraisers may also assist with consulting and estate liquidation.
Whether you're curious about the value of your collection, planning for insurance coverage, or considering selling pieces, understanding how to appraise jewelry is essential. It's crucial for insurance scheduling, ensuring adequate coverage in case of loss or damage.
Do you need to have a collection appraised for insurance? Do you want to liquidate? Likewise, it cannot be used for insurance purposes. SAFEGUARDING YOUR COLLECTION A full appraisal report can be shared with specified entities, such as an insurance company, a lawyer or legal firm, accountant or anyone specified in the contract.
For example, the value used for insuring a diamond ring differs significantly from the value used to sell it or distribute it in an estate. Here, I’ll explain the four main types of value in jewelry appraisal— Retail Replacement Value , Fair Market Value , Marketable Cash Value , and Liquidation Value —and when each is used.
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