No. 02 Insurance Appraisal
Insure your art for what it would actually cost to replace.
Insurance appraisals determine Retail Replacement Value (RRV) — the cost to replace a work in the most relevant market — not what you paid, and not speculative investment value. A current USPAP-compliant report is what stands up when an adjuster reviews a claim: neither over-insured (inflated premiums) nor under-insured (a shortfall after loss). I cover painting, works on paper, sculpture, and other media from the 18th century through today.
New Coverage · Policy Renewal After Market Movement · Recent Acquisition or Inheritance · Damage or Loss Claim
Plate II — The gilded frame, corner detail
The Process
How it works
01
Consultation
Tell me about the works and your coverage need. Organize any receipts, prior appraisals, and provenance notes; check your broker on policy limits. We scope the assignment and the hourly fee before I begin.
02
Inspection & research
I examine and photograph the works — or my staff does a site visit for measurement and documentation when that fits — then research the replacement market through auction results, private sales, and gallery data, including conversations with specialists when an artist’s market needs that depth.
03
Certified report
A USPAP-compliant report itemizing each work with replacement value, high-resolution images, artist biography, market analysis, and sources consulted — delivered as a shareable PDF to you and, if you wish, your broker.
What You Receive
Object descriptions, condition notes, high-resolution photographs, artist biography, market analysis with auction and gallery comparables, stated Retail Replacement Value approach, sources consulted, and my signed USPAP certification — delivered as a shareable PDF that stands up to insurer and adjuster scrutiny.
Object descriptions & condition notes
Per Work
Photographic documentation
Per Work
Market analysis & valuation approach
Stated
Signed certification
USPAP
Common Questions
Common questions
Q — 01
How often should insurance appraisals be updated?
Every three to five years is the usual rule — annually for volatile contemporary markets. Updating keeps you from over-insuring (paying too much in premiums) or under-insuring (a shortfall after a claim). Updating a report I already prepared is faster and less costly than starting over.
Q — 02
What is the difference between market value and replacement value?
Fair market value is what a willing buyer would pay a willing seller. Retail replacement value is the (usually higher) cost to replace the work in the appropriate retail market — the insurance standard. Using the wrong definition is the most common error in fine-art coverage.
Q — 03
What should I have ready before we start?
Collection lists or receipts if you have them, any prior appraisals, provenance or exhibition notes, and clarity from your broker on schedule limits. High-quality photos help for a preliminary review; certified insurance appraisals normally require in-person inspection. Collection assignments are scoped as one engagement — billed hourly, never a percentage of value. Contact me for current rates.