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tline3open  When should I appraise for insurance

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Author Topic:   When should I appraise for insurance
mountain8

Posts: 13
Registered: Jul 99

iconnumber posted 07-08-1999 01:55 PM     Click Here to See the Profile for mountain8     Edit/Delete Message   Reply w/Quote
Good Afternoon Gayle,

Scott Martin has referred me to you for some appraisal assistance. After reading some other posts, I guess I can't ask what it's worth so maybe this.

My complete post can be read under "Ask a Curator" listed folder is "Rogers and Bro".

The arrow in the photos points to the cake plate in question. It has one major scratch across the face of the bowl. It has the original luster, no tarnish or corrosian or any kind. In the upper left picture you can see one side is flattened a little.

I am concerned about insurance. As I can't ask it's value, how about this...

Would it's value justify the cost of appraisal?

How much does an appraisal cost?

Is this a rare piece now or fairly common?

Should I get it appraised or is insurance even an issue?

I am a total amature in silver. I bought this as a present for a friend who loves butterflies. Any info you can give me will help. Thank you.

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Gayle M. Skluzacek

Posts: 20
Registered: Jun 99

iconnumber posted 07-13-1999 07:02 AM     Click Here to See the Profile for Gayle M. Skluzacek     Edit/Delete Message   Reply w/Quote
The piece you purchased looks quite lovely, however not all that valuable (although value is a relative term). It is very thoughtful of you to give such a piece as a gift. Your friend, I am sure, will be pleased!

Most appraisers have a minimum charge of $150 to 500. Although ethically I cannot comment on the exact value of your piece, the cost of the appraisal may surpass (or possibly equal) the cost of the item.

Appraisers usually charge by the hour for their onsite time (inspection time), research/writing time, processing time, and expenses. Hourly fees may range from $50 and hour to $450 per hour (usually more in metropolitan areas). However, some appraisers charge per diem and others charge per article. In any event, the most respected appraisers are usually the most expensive (You get what you pay for!). Be aware that it is unethical for an appraiser to charge a percentage of the appraised value.

Most appraisers require a deposit before they begin the assignment. Some appraisers expect to be paid in full prior to the assignment or at the conclusion of the inspection.

Whether to insure the item or not relates to your basic homeowners policy. Some policies will cover the item in your home and in transit. Some policies will not. Some policies require that all silver be individually itemized. Other policies have minimal coverage on silver. Read the limitations on your policy or discuss this with your insurance agent. Be sure that your have retail replacement coverage, not actual cash value.

If you are concerned with insurance in transit, UPS automatically insures items for $100 (I believe - please inquire with UPS) and additional insurance can be purchased for a minimal amount.

If the piece is not insured and a damage or loss occurs in transit, the shipper would probably send an adjuster to establish the value. Keep in mind that adjusters work for insurance companies. You may, at this point, have to hire your own appraiser to value the item and fight it out.

Collecting silver is fun! You are off to a good start and are asking the right questions.

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