need help on an appraisal

[Farrell]

Some folks have what is called "Replacement Coverage". I have that on my home and contents. If my home burns down, my insurance company will replace my 15 year old 25" color tv with a new 25" color tv. My greatly worn recliner will be replace with a new similar design recliner (only not worn out). Our worn carpet will be replaced with new similar design carpet, and on and on. It does not matter the condition of the items. They will be replaced with new similar quality items. I have asked about pianos. If my home burned down, my 1993 Boston GP-178 (worth maybe $10K to $12K) would be replaced with a NEW Boston GP-178 (cost around $19K). I have a local client that has the same insurance company as I, and a tree fell through his roof and crushed the end of his old upright several months ago. When his home repairs are finished, he will be moving his new Mason & Hamlin upright into the living room. That is what "Replacement Coverage" is all about. I do not believe any such coverage is available on automobiles.

Terry Farrell
  
----- Original Message ----- 
From: "Alan R. Barnard" <mathstar@salemnet.com>
To: "Pianotech" <pianotech@ptg.org>
Sent: Wednesday, October 09, 2002 12:06 PM
Subject: Re: need help on an appraisal


> In general (this from a former insurance adjuster), the insurer would only
> pay to replace the piano at market value.
> 
> Consider the automobile. You wreck a 1990 Chevy. They offer you the Blue
> Book (actually NADA black & yellow) value, let's say $1,800.
> 
> "But," says you, "I just had a rebuilt engine installed, the brakes were
> completely redone last month, I replaced the radio with a high-boom ear
> blaster, the body has been completely redone and repainted last week, the
> tires are brand new AND I have emptied the ashtray."
> 
> "Oh," says the insurer, "That's different. We'll pay you $1,800."
> 
> Of course, there is no blue book for pianos--more's the pity--but the
> principle is the same. If the customer paid $xxx dollars for the piano say
> 10 years ago, and could prove it, they would probably offer her $xxx dollars
> today IF that was what they estimate it would take to buy another 1915 M (or
> O or S). Otherwise, it's all up for negotiation and they will look at piano
> claim pay-outs they and other insurers have made in the last five years or
> so.
> 
> I don't have any direct experience with piano casualties, but I'm pretty
> sure that's how it would be looked at. Others with piano claims experience,
> please chime in.
> 
> Alan Barnard
> Salem, MO
> 
> 
> ----- Original Message -----
> From: <PNOTNR@aol.com>
> To: <pianotech@ptg.org>
> Sent: Tuesday, October 08, 2002 11:37 PM
> Subject: need help on an appraisal
> 
> 
> > List,
> >
> > I have a customer who wants me to appraise his Steinway M.  It was
> originally
> > built in 1915, but had a fair amount of work done sometime in the 60's.
> > (certainly not a complete remanufacture, but the piano looks like it was
> > built in the 60's)
> >
> > Does one consider this as an 87 year old piano, or a 40 something?  (this
> is
> > for his insurance)
> >
> > Thanks for any thoughts
> >
> > Gordon Large, RPT
> > Mt. Vernon, ME  04352
> > _______________________________________________
> > pianotech list info: https://www.moypiano.com/resources/#archives
> 
> _______________________________________________
> pianotech list info: https://www.moypiano.com/resources/#archives
>