Appraisal for Insurance

[Nancy McMillan]

Bruce inquired:

> 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
>
Hi Bruce,

Some excellent responses already on this.  I would also add, call your agent
and get his/her take on what your trying to do.  They can be most insightful
in situtation like this.

Doug Mahard, Associate