It’s vital to know exactly what your assets would cost to replace to ensure you have appropriate insurance in place. If you’re under-insured, you won’t be able to recoup the true value of the Art, Antiques & Jewellery in your home. Indeed, you may even be over-insured in the case of some antique furniture or certain categories of pictures that have depreciated over the last few years.
A valuation is an informed opinion based upon many years of experience and formal training in Art and Antiques and other specialist areas of product knowledge. Valuations need to be undertaken to the very highest standards demanded by a professional body, such as the Royal Institution of Chartered Surveyors (RICS), The National Association of Valuers and Auctioneers (NAVA) or The Society of Fine Art Auctioneers and Valuers (SOFAA).
An Insurance Valuation compiled on the basis of what a similar article will cost to replace in the unfortunate event of loss or damage. This is usually based on the full retail replacement cost, although in some cases a lower value may be agreed between the owner and insurer. Insuring below market value may well give savings in terms of premium, however in the event of loss or damage, the owner may not be in a position to replace the item ‘like for like’.
Valuation reports should contain a full and adequately detailed description to enable a comparable article of similar quality to be obtained in the event of a claim being submitted to your insurer, together with photographs. Provenance is an important part of valuing art, antiques and collectables so expect to be asked to provide receipts and previous valuations.
The onus is on the owner of property to prove the worth of his / her property in the event of submitting a claim to insurers following a loss. Insurers are not duty bound to accept old or poorly described reports or other inadequate evidence of value that is sometimes submitted to them by claimants. Only by supplying to insurers an up-to-date insurance valuation report prepared by a competent valuer, preferably by a Chartered Art and Antique Surveyor, can one be sure to be in a position to establish a valid and provable claim.
A up-to-date valuation report can help to:
- -Provide a full inventory of all items of value owned. Even items of relatively low value can be included in this checklist.
- -Establish proof of ownership in the event of recovered property being claimed.
- -Establish the merits of replacement goods in the event of a claim.
- -Provide a sound foundation on which to base a claim to insurers.
Only by providing a current valuation report in the event of a claim can owners be sure they will be able to substantiate their claim and have the peace of mind that provides.
As well as providing written valuations of art, antiques and jewellery for insurance purposes, Coram James will also assess the value of your general household contents.
It is often hard to put a figure on what level of insurance you need to cover your home contents and our valuation reports will ensure you are fully insured in the case of loss or damage. According to the Association of British Insurers up to one in five UK homes could be underinsured so it’s well worth commissioning a valuation to ensure you can cover the cost of replacing your possessions.
If you would like a free, no obligation quotation for a valuation of your collection of art, antiques, jewellery and general household contents please contact us on:
Coram James Limited