The Effects of

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7326 North Central Park Avenue

Skokie, IL 60076

847-679-4747

 

90% of people

who experience a loss

DO NOT submit a

complete insurance claim.

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What is Diminished Value

ARTICLES OF INTEREST

Loss in Value / Diminished Value

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What is Loss in Value?

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What is Loss in Value?                          

Exactly what is diminished value / loss in value, and how do you calculate it?                   

Severely damaged property that can be repaired or restored in some manner is quite common for most adjusters. Resolution of the claim issue is often reasoned out or adjusted: basically an objective viewpoint or plain common sense. More frequently, adjusters hear the claim comment "Itís not the same". Subjective viewpoints are often the most difficult to handle. It is important to identify exactly what is not the same.  Establish the criteria first.  Loss in value can be approached by analyzing how the damage and subsequent restoration effected the piece.

Ask these questions:

FUNCTION

Does the piece function as efficiently as before? Has it's useful life diminished?

Example:  Cabinet door no longer closes properly.

STRUCTURE

Have or will repairs or restoration strengthen or replaced a structural element?

Example: Broken (severed) table leg.

APPEARANCE

Has something happened to the piece, after repairs, restoration or  that permanently alters itís appearance.

Example: Pristine table surface now has a deep scratch.

INTENT OF ARTIST

Most often associated with fine art, did the treatment add pigment that wasnít there before or replace something that was missing. Did the shape change?

Example: In-painting to compensate for lost pigment on painting. Reducing a chipped area of crystal.

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Mary J. Moran of Patrick B. King & Assoc., Ltd. states "beginning with the premise that a piece was in pristine or near perfect condition before a loss is not always a practical approach." In the categories of antiques, fine and decorative arts it is important to establish the pre-loss condition, according to Ms. Moran. Very often with pieces of age, various repairs or restorations were made over the life of the piece. While these repairs are integral to the history of the pieces, sometimes the extent of prior treatment created a condition that other minor repairs do not exacerbate. For example, new minor abrasions or scratches on a desk surface characterized by numerous pre-existing ink stains and deep scratches can have little impact on the over all value of the desk.

A qualified professional appraiser experienced in analyzing condition, extent of damage and value will be your most informed source.  The amount or degree of loss can only be established by comparing the pre-incident condition to the existence or degree of diminished function, altered structure, appearance or intent of the artist.

Ms. Moran cautions that proper professional cleaning, very often does not diminish value, even though there might be a color change. Very often a textile was soiled or faded from prolonged exposure to UV light prior to an incident.

Surface soot confined to the varnish layer of a painting is a common occurrence that frequently causes conflict between owner and adjuster. The varnish layer of an oil painting acts as a protective coating for the pigments underneath, much like glazing over art on paper. Unlike the newer varnishes available today, older varnish formulas yellowed with age. The owner is often "used" to the yellowed appearance. When the soot and varnish are removed and the varnish replace, the owner does not recognize the original intent of the artist concealed for years beneath a layer of naturally yellowed varnish. This fact is most evident in the restoration of Michelangelo's frescoes in the Sistine Chapel. The firm of Patrick B. King and Associates, Ltd. offers over  25 years of experience in valuation specializing in loss analysis.

This firm offers "one stop shopping". King & Assoc. will identify pre-existing condition, scope of damage, treatment recommendations, value as necessary and although not conservators, works closely with qualified professionals to ensure that treatment is executed properly. Once treated, the finished work can be examined to identify loss in value, if any or toward degree. Any single service or combination of services is the specialty of the firm.

We have successfully completed insurance diminished value loss of value dealing with, art value, historical value, use value, research value, age value, new value, sentimental value, monetary value, associative value, commemorative value,  educational value, and rarity.

 

 

Insurance Claims Appraisal and Adjuster of Diminished Value or Loss in Value for:

Insurance claims appraisal adjuster diminished value loss value

Fine Art Painting

Insurance claims appraisal adjuster diminished value loss value

Furs

Insurance claims appraisal adjuster diminished value loss value

Clothing

Insurance claims appraisal adjuster diminished value loss value

Fine Art Ceramics

Insurance claims appraisal adjuster diminished value loss value

Fine Art Lithographs

Insurance claims appraisal adjuster diminished value loss value

Fine Art Serigraphs

Insurance claims appraisal adjuster diminished value loss value

Fine Art

Insurance claims appraisal adjuster diminished value loss value

Fine Art Sculptures

Insurance claims appraisal adjuster diminished value loss value

Fine Art Textiles

Insurance claims appraisal adjuster diminished value loss value

Fine Tiffany

Insurance claims appraisal adjuster diminished value loss value

Fine Art Silver

Insurance claims appraisal adjuster diminished value loss value

Fine Art Rare Books

Insurance claims appraisal adjuster diminished value loss value

Rare Comic Books

Insurance claims appraisal adjuster diminished value loss value

Fine Art Prints

Insurance claims appraisal adjuster diminished value loss value

Fine Art Drawings

Insurance claims appraisal adjuster diminished value loss value

Fine Art Photography

Insurance claims appraisal adjuster diminished value loss value

Fine Oriental Rugs

Insurance claims appraisal adjuster diminished value loss value

Clothing

Insurance claims appraisal adjuster diminished value loss value

Fine Art Painting

Insurance claims appraisal adjuster diminished value loss value

REO Mortgage Asset Recovery

Residential or Commercial Structure

Insurance claims appraisal adjuster diminished value loss value

Fine Antique Furniture

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Professional Insurance Appraisers & Estimating

Home

Insurance Appraisal Clause

What not to do

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Client List

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Contact Us

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Expert Testimony

 

 

 

e-mail us at:  pbking2@sbcglobal.net

Patrick B. King & Associates

7326 North Central Park Avenue

Skokie, IL 60076

847-679-4747

Copyright Patrick B. King & Associates 2011