Damage or Loss Appraisal

These appraisals can be complicated given an appraiser must first  establish the value prior to damage, extent of damage, cost to repair or  restore the object if restorable, and then loss in value. Sometimes  objects cannot be restored to a satisfactory integrity and aesthetic, so  it is a total loss. It helps exponentially to have current appraisals and photographs, so condition and value prior to damage can be established.

“Most damage occurs during transport, so it’s imperative to have a current appraisal.”

True Story: A collector has a painting scheduled on the  insurance policy for nearly 20 years at current retail replacement  value. The painting falls off the wall and sustains a large gash, and is  a loss. The insurance company offers the collector the original  purchase price from 20 years prior for $3500.00, rather than the  scheduled current replacement value. The collector sues the insurance  company using a third party appraiser and is awarded the full current  replacement value of $25,000.00.