|Appraisals for Insurance Claims on Damaged Works of Art
It is recommended that appraisals of damaged works of art contain 3 separate values. The first will evaluate the art in an undamaged condition. The second will evaluate the art in an “as is” condition. The third value will show the items worth after restoration. This type of document will provide the client and the insurance company additional information with which to reach an agreement on any claims.
One of the major advantages of NIA’s appraisal process is that once the collection has been evaluated, a full insurance appraisal will never be necessary in the future. NIA will reevaluate and update the appraisal as often as requested. Clients only pay a small fee, regardless of how often they may need this service.Updates must be utilized within 30 months of the last NIA appraisal.
NIA’s Senior Appraiser has extensive experience in providing expert witness testimony in the valuation of fine art. Fees for research, consulting, arbitration and litigation are based on hourly rates with retainer before services commence.
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