Appraisal for Insurance

[Pianogreig@AOL.COM]

When preparing an appraisal for insurance purposes, is the appraised value to 
be the market resale value for the instrument in it's present condition or 
for replacement with
the same brand or one of equal value?   And does "sentiment" figure in at all?

The case in point: my client has her mother's piano which she is now passing 
on to her daughter - a very good 6 foot Weber from 1920 in excellent 
condition (restrung, with refurbished action/hammers, etc.).  A new Weber 
would not equal the quality of this piano, but to replace it with one of 
equal quality would cost far more than it would bring on the used market.  

Any experienced appraisers out there?  Thanks.

Bruce Greig, RPT, NYC