Insure or forget?

harrywagner · 4th December 2015, 01:40 AM

Quote:

Originally Posted by estcrh

Harry, a closer look at the metal might be helpful. As for a thick skin, I would be embarassed to show here a few of the "mistakes" I have made over the years, mostly due to taking chances with bad images online and or bad descriptions, it is much easier to decide when seeing an item up close in person.

Many thanks Estcrh. Hopefully these will help.

estcrh · 4th December 2015, 06:40 AM

Quote:

Originally Posted by harrywagner

Many thanks Estcrh. Hopefully these will help.

Harry, your pictures are good, I like the style of both of these, much nicer than many I have seen lately. The steel used looks like a modern pattern, I would have to say that both items are modern, based on what I have seen as far as steel coming from India lately. Hopefully you will get some more comments.

harrywagner · 4th December 2015, 12:10 PM

Quote:

Originally Posted by estcrh

Harry, your pictures are good, I like the style of both of these, much nicer than many I have seen lately. The steel used looks like a modern pattern, I would have to say that both items are modern, based on what I have seen as far as steel coming from India lately. Hopefully you will get some more comments.

Many thanks! No doubt you are right about their being modern. If they were as old as they look it would have been the find of the century, and not even the Wagner luck is that good. I like them too much to display on my "wall of shame", so I will take Battara's advise and add them to the "to be insured" pile, but for an amount that I can trust is close to their actual value. Thanks again for your help. Much appreciated.

Harry

mross · 5th December 2015, 05:51 PM

I would insure, better safe than sorry. As long as you have documented evidence from an appraiser that is the value if anything happens. Appraised value does not mean sale price, jewelry is routinely appraised higher than sale price. However the appraised value is a starting point when negotiating a settlement, I would rather start higher than lower.

DaveA · 6th December 2015, 10:45 PM

Harry's question gives rise to a few of my own, but they are far more basic:

For insurance purposes, what is considered an authoritative appraisal?

What are the required qualifications of the appraiser?

Finally, how does one find such an appraiser (USA)?

Thanks.

Dave A.

kahnjar1 · 7th December 2015, 03:17 AM

[QUOTE=DaveA]Harry's question gives rise to a few of my own, but they are far more basic:

For insurance purposes, what is considered an authoritative appraisal?

What are the required qualifications of the appraiser?

Finally, how does one find such an appraiser (USA)?

Thanks.

Dave A.[/QUOTE
Hi Dave,]
I guess the answer to the above might lie with your Insurance Company. Terms of insurance differ between companies. If for instance your Policy would categorize your collection as "Household Goods" and ask only that items over a certain value be individually nominated, then your initial costs, and premiums will be a lot less than having to have ALL of your items valued, and nominated on your Policy. In this case you would only have to PROVE you possessed each item if a claim was necessary. A list of items and a photo of each should be all that is needed, but you would need to consult your Insurance Company or Broker, to establish what is required. They should also be able to point you in the right direction for an accepted Appraiser if one was necessary.
If however you have to have each piece valued, and pay a premium on your policy to insure them, then it may be better to leave them uninsured unless of course there is a particular item of high value. Depends a lot on what it you want to pay I guess.
Stu

ALEX · 7th December 2015, 11:03 AM

Just a few comments to what Stu mentioned. Be aware that "Household Goods" category will likely use depreciation clause. so if it comes to a claim, you get a fraction back. Most insurance companies use this for art categories as well. Make sure the coverage amount is stated in the policy as amount to be paid in the event of loss, with no depreciation, and items are covered at a full stated value. Most companies will ask for receipts, but some will not and do not require appraisals at all and will insure at fixed level for each item. as always, make sure to read fine print)

6th December 2015, 10:45 PM	#5
DaveA Member Join Date: Apr 2007 Location: Wisconsin, USA Posts: 416	Appraisal for insurance purposes Harry's question gives rise to a few of my own, but they are far more basic: For insurance purposes, what is considered an authoritative appraisal? What are the required qualifications of the appraiser? Finally, how does one find such an appraiser (USA)? Thanks. Dave A.

5th December 2015, 05:51 PM	#4
mross Member Join Date: Jan 2005 Posts: 478	I would insure, better safe than sorry. As long as you have documented evidence from an appraiser that is the value if anything happens. Appraised value does not mean sale price, jewelry is routinely appraised higher than sale price. However the appraised value is a starting point when negotiating a settlement, I would rather start higher than lower.

7th December 2015, 03:17 AM	#6
kahnjar1 Member Join Date: Aug 2007 Location: CHRISTCHURCH NEW ZEALAND Posts: 2,789	[QUOTE=DaveA]Harry's question gives rise to a few of my own, but they are far more basic: For insurance purposes, what is considered an authoritative appraisal? What are the required qualifications of the appraiser? Finally, how does one find such an appraiser (USA)? Thanks. Dave A.[/QUOTE Hi Dave,] I guess the answer to the above might lie with your Insurance Company. Terms of insurance differ between companies. If for instance your Policy would categorize your collection as "Household Goods" and ask only that items over a certain value be individually nominated, then your initial costs, and premiums will be a lot less than having to have ALL of your items valued, and nominated on your Policy. In this case you would only have to PROVE you possessed each item if a claim was necessary. A list of items and a photo of each should be all that is needed, but you would need to consult your Insurance Company or Broker, to establish what is required. They should also be able to point you in the right direction for an accepted Appraiser if one was necessary. If however you have to have each piece valued, and pay a premium on your policy to insure them, then it may be better to leave them uninsured unless of course there is a particular item of high value. Depends a lot on what it you want to pay I guess. Stu

7th December 2015, 11:03 AM	#7
ALEX Member Join Date: Jan 2006 Posts: 936	Just a few comments to what Stu mentioned. Be aware that "Household Goods" category will likely use depreciation clause. so if it comes to a claim, you get a fraction back. Most insurance companies use this for art categories as well. Make sure the coverage amount is stated in the policy as amount to be paid in the event of loss, with no depreciation, and items are covered at a full stated value. Most companies will ask for receipts, but some will not and do not require appraisals at all and will insure at fixed level for each item. as always, make sure to read fine print)