Loss or Damage Claim Appraisal Services
Why Do I Need a Loss or Damage Claim Appraisal?
The loss or damage of a high value item or collection of items can be an upsetting event, and the complication of processing and settling a claim can add to the stress. Depending on the estimated replacement cost of the item and the claim procedure requirements, you may need a loss or damage claim appraisal to submit with your other paperwork.
Why? Because your loss or damage claim appraisal will document the damage specifically due to the incident that caused it and the impact that has on its estimated replacement cost. Clearly, having a recent professional insurance appraisal report in hand prior to the loss or damage is extremely helpful in distinguishing between the item’s condition before the incident to the loss or damage attributable to it. The extent and type of the damage will determine if professional repair or a full replacement of the item is warranted.
Can’t I Just Submit a Receipt or Certificate of Authenticity?
A seller’s receipt, invoice, “appraised value” statement or Certificate of Authenticity will not suffice. There are many reasons why these documents are not appropriate for use as a loss or damage appraisal:
- They are generally not professionally prepared, unbiased appraisal reports.
- They are often several years old and no longer reflect current market conditions.
- They rarely report any pre-existing conditions, wear and tear, or damage.
- They may have no bearing on the replacement cost of the item even at the time of purchase. They are more representative of your seller’s asking price or your purchase cost.
- In addition to providing an estimated replacement cost of the item assuming it has to be completely replaced by purchasing a suitable substitute, the loss or damage appraisal report may need to provide replacement costs for other methods of replacement such as constructing a new substitute or repairing the original item if that’s appropriate.
Who Requests a Loss or Damage Claim Appraisal?
WorthWise Art and Antiques Appraisers can be called in to prepare a loss or damage claim appraisal by a variety of people as part of settling a claim. Sometimes, you as the owner may be the person requesting the appraisal. Other times, the appraisal may be requested by an insurance adjuster, moving company representative, attorney, or anyone else responsible for the care of the item. Typically, these professionals are unfamiliar with the values or replacement costs of the item in question and may also reside some distance away from the location of the loss or damage incident. They must instead count on a local, knowledgeable appraiser who can personally inspect the damaged property and provide them with a detailed report of their findings.
WorthWise Art and Antiques Appraisers never acts as an advocate for a client regardless of who initiates the request for a loss or damage claim appraisal. Instead we provide thorough, accurate, and unbiased documentation of the property’s identification, damage and replacement cost that can be used by any party in the claim settlement process.
Always document the existence of your significant items of personal property whether you have a prior appraisal for them or not. Save all receipts and correspondences and photograph your items both by themselves and in their locations in your home!
Report any damage or loss of your personal property to your insurer as soon as possible. Include any applicable police reports and photographs of the damage including damage to any packaging. Don’t throw away any damaged items or packaging!