http://rarevictorian.com/2009/06/i-never-saw-a-purple-cow-this-weeks-forum-roundup.html The definitive Victorian antique furniture destination Tue, 17 Jan 2012 00:41:11 +0000 hourly 1 http://wordpress.org/?v= http://rarevictorian.com/2009/06/i-never-saw-a-purple-cow-this-weeks-forum-roundup.html/comment-page-1#comment-2174 John Hutchinson Wed, 10 Jun 2009 16:21:39 +0000 http://rarevictorian.com/?p=2758#comment-2174 Dear John, and crew In regards to insurance for your art and antiques: I often do appraisals for insurance purposes. The most important thing your readers must know and realize is the difference between 'Market Value' and 'Replacement Value.' Market Value is just that, what is the piece worth at the time of the incident. Replacement Value adds in the extra expenses of finding the exact piece, time, commissions, brokerage fees, etc. and etal. The 'R.V.' naturally will be higher than the 'M.V.' A good appraiser will realize this, however, you don't want to go to high and pay for an elevated insurance. I also, always recommend that your art and antiques should be on a separate 'rider,' under the general umbrella of a homeowners policy; with its own aggregate sum total. For those very special and rare pieces with very high values, i.e. over $20 k, an individual rider would be recommended. Also, always take photos and keep records; and ideally once a year, update your inventory so it is current and can be matched with the policy. Any questions, please feel free to ask. John, RVR Dear John, and crew
In regards to insurance for your art and antiques: I often do appraisals for insurance purposes. The most important thing your readers must know and realize is the difference between ‘Market Value’ and ‘Replacement Value.’ Market Value is just that, what is the piece worth at the time of the incident. Replacement Value adds in the extra expenses of finding the exact piece, time, commissions, brokerage fees, etc. and etal. The ‘R.V.’ naturally will be higher than the ‘M.V.’ A good appraiser will realize this, however, you don’t want to go to high and pay for an elevated insurance.
I also, always recommend that your art and antiques should be on a separate ‘rider,’ under the general umbrella of a homeowners policy; with its own aggregate sum total. For those very special and rare pieces with very high values, i.e. over $20 k, an individual rider would be recommended.
Also, always take photos and keep records; and ideally once a year, update your inventory so it is current and can be matched with the policy. Any questions, please feel free to ask.
John, RVR

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