Replacement Value Comparable as of the date of examination
Condition as of the date of examination, based on physical examination (in person, NOT by photograph)
Date of physical examination carried out by the appraiser must be specified
Appraiser must be identified and must sign the appraisal
Without a condition citation, why would an insurance company be compelled to pay out on a change of the artwork’s condition? The baseline (its condition named by the appraiser) establishes condition prior to date of loss.
If the appraiser worked from a photograph of the artwork, why would the insurance be assured the homeowner every owned the artwork?
Replacement Value Comparable represents a value corresponding to the price a comparable artwork would cost as of the date of examination/ valuation.
Without the above elements, receiving compensation, should there be a change in the condition of the artwork subsequent to the appraiser’s examination, enables an insurance company to deny the claim. Do we truly want to purchase insurance coverage only to have a claim denied? I don’t think so. Conscientious appraisers don’t take assignments under conditions that will not benefit their client.
Run don’t walk from the appraiser willing to work from a photograph of the item.
Corinne Cain of SavvyCollector.com