Purpose of your appraisal

Titia Reuser

For insurance, succession or distribution

For appraisals for insurance, succession or distribution there are different valuations which have been established by the Federation TMV. Below you will find a summary of these terms and conditions so that you can assess them properly and make your choice. It is the purpose of an appraisal which determines the valuation.

Appraisal for insurance

Determining the replacement value

Only if you are able to present an appraisal document that was drawn up prior to the date of theft or loss can you count on your insurance company to pay out the amount that has been specified in the document. An amount which allows you to purchase a jewel of the same type, quality, condition and age as your lost jewel from a well-established (antique dealer-) jeweler. My appraisal document will always be drawn up according to article 7:960 of the Dutch Civil Code which implies the protection of the insured.

It goes without saying that without such a document you will not have a strong case towards the loss adjuster of your insurance. To prove the ownership as well as the value of a much-loved and precious jewel is often unfeasible for the owner. Even though you might possess sharp photographs, neither do they prove actual ownership of the jewel, nor the condition the jewel is in at the time of theft or loss.

An appraisal document is usually valid for a period of five years, depending on your insurance policy. After this period every jewel needs to be reappraised. Naturally this takes less time than the initial appraisal. The description already exists. What needs to be proven this time is whether or not the jewel is still in your possession and whether its condition and quality are still the same. The latest assessment I will lay down in an appraisal update document.

Appraisal for succession

Determining the current economic value

Whereas an appraisal for insurance is about assessing your jewel for the purpose of purchasing an equivalent jewel, an appraisal for succession is about assessing its economic value. This is the amount you can expect to receive through direct sale of your jewel, thus without any research into the best sales options. This appraisal value will be somewhat lower than that of an appraisal for insurance.

Appraisal for distribution

Determining the value with regard to a just distribution

Perhaps you only want to know the value of your jewels so as to be able to distribute them fairly among family or relations. In this case you do not need a costly appraisal but professional advice with regard to a just distribution.

Titia Reuser