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tline3open  Silver, Business appraisal and insurance?

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Author Topic:   Silver, Business appraisal and insurance?
Silver Sails

Posts: 8
Registered: Jun 99

iconnumber posted 11-24-1999 10:04 AM     Click Here to See the Profile for Silver Sails     Edit/Delete Message   Reply w/Quote
Would a business appraisal help a dealer of silver to secure reasonable and proper (full) insurance coverage of their business/inventory?

If yes how does this work? From day to day, as I make new sales and purchases my inventory value can vary widely. If sales are good but buying stinks then my inventory may be a very low $ value. On the other hand, just a few new pieces can make the inventory value soar to a very high $ value. If I purchased smartly then the amount paid is much less than the potential income from the purchase. The "smart" purchase price doesn't reflect the hours of hard work necessary to find the item(s). Additionally, since the receipt (if you can get one) for the purchase doesn't reflect the real work (hunt & research) or the "real" value to my business; how is this factored and factored into an appraisal of my business/inventory?

I am a dealer doing the business of buying and selling silver. To be successful I must always be on the move, conducting the hunt, following up with customers, concluding the sale. This leaves me (or any dealer) with almost no time to be constantly contacting an independent appraiser and then the insurance company anytime I buy or sell something. By the time an appraisal is done (or revised) and the insurance company responds, my inventory has changed ten fold. I need to manage my business and not chase after a safety net. But I do need a safety net because my business/inventory this is my bank and this is where my retirement money grows.

Given the above, how is it possible for a silver dealer's business ever to be realistically valued and insured. Sure you can ask for a high value from the insurance company and pay the lofty premiums but how could you ever collect? And the bottom line (safety net) for the dealer is knowing that you will actually be able to collect.

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