[pianotech] insurance evaluation on a Steinway B

[William Truitt]

I tell my customer to get this appraisal from me or another technician in
writing, whether depreciation or replacement value.  I send two copies to
the customer, one for their records and one for them to send to their
insurance company.  That way, there is no dispute as to the assigned value
if the house burns down or other misfortune befalls them.  Of course, I
typically charge for my time here.

 

Will Truitt

 

From: pianotech-bounces at ptg.org [mailto:pianotech-bounces at ptg.org] On Behalf
Of Gerald Groot
Sent: Saturday, January 16, 2010 10:32 PM
To: pianotech at ptg.org
Subject: Re: [pianotech] insurance evaluation on a Steinway B

 

I usually advise my clients to make sure they purchase insurance as
replacement coverage.  I believe it used to be called "replacement
insurance." Some insurance companies automatically give you depreciation
insurance unless you specify otherwise.  Tell her to update it periodically.
If it were to be lost in a fire for some reason, she would obviously have to
replace it.  I tend to lean toward the higher side end to be safe.  

 

Jer Groot RPT

 

 

 

From: pianotech-bounces at ptg.org [mailto:pianotech-bounces at ptg.org] On Behalf
Of J Patrick Draine
Sent: Saturday, January 16, 2010 4:08 PM
To: Pianotech List
Subject: [pianotech] insurance evaluation on a Steinway B

 

Hi, I'm putting together an appraisal for customer who is heading out to
retire in CA after a career of teaching piano in universities. She's
bringing along her 1962 ebony Steinway B, and I'm eager for any input on
placing a proper value on her instrument.

I have done some background research -- S&S has an MSRP of $81,200 (Larry
Fine has $79,180 as the "street price"). So this should be the replacement
price, if she elects to buy that level of coverage.

The piano was well maintained (she also had an L, and pianos in the
university's teaching studio), but 48 years does take its toll too (brassy
tone, but still quite enjoyable as is). 

What do you see in prices for Bs these days? I have done some price
comparisons from a large sampling from the pianomart.com site, but these are
"asking prices", not actual sales prices. For the moment I won't post those
numbers.

For those of you selling "quality used", as well as your restored (to
totally re-engineered), Steinway Bs, your input and advice would be greatly
appreciated!

Patrick Draine

Billerica, MA

 


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