It’s that time of year when new jewelry will be gifted and new artwork, antiques and other collectibles purchased. Every year, collections grow, yet new purchases are often never added to the insurance policy.
So, here is a suggestion: Take out that new I-Phone and snap a picture of those purchases you wish to insure. Set up an electronic file with the picture, description of the item, any unique qualities to the stone, along with current valuations. New items will often come with such a description—or you can seek the guidance of a professional to assist you (see below). Keep your file updated and set an annual “task” to review this list and to send any changes to your insurance advisor.
And—speaking of appraisals—how does one go about finding an appropriate expert to establish a proper value for fine jewelry, artwork, and other important collections? Chubb Insurance recently published helpful hints for hiring an appraiser, and this information is linked here for your review: https://www.chubb.com/personal/tipsAndTools_Valuables.jsp
A quick overview:
- Obtain a recommendation from a trustworthy source, such as a reputable dealer or collector and look for professionals who are members of regarded professional organizations, such as the Appraisers Association of America, American Society of Appraisers, or the International Society of Appraisers
- Evaluate the level of experience of each appraiser. Is this professional new, or well established in their field?
- Ask for a professional resume and ask for references
- Always confirm the fee structure upfront. Fees should be based on an hourly, daily, or set rate, and never based on the value of the appraised item
A little work completed before the claim can save you from tremendous headaches (and heartache) after the claim.
Steve Schneider can be contacted at Steve.Schneider@CentralBancorp.com