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INSURANCE LOSS IN VALUE / DIMINISHED VALUE
Frequently, adjusters hear an insured comment "It’s just not the same!", or the insured wants to be compensated for the "altered state" of their property.
Exactly what is loss in value, and how do you calculate it? The confusion surrounding the loss in value concept is plentiful. The best and most important way to understand how loss in value works in a fine art or antique property appraisals is to know what the concept is, and what it is not. To put it simply, loss in value is the reduction of worth resulting from damage and any subsequent restoration. Loss in value is NOT the difference in worth between a damaged, un-restored object and a similar property in perfect condition.
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. 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. It is important to note that damage and restoration are not viewed in the same way for every property type, therefore calculating the loss in value of an object requires an expert to make these critical distinctions. The firm of Patrick B. King and Associates, Ltd. offers over 30 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, and value as necessary.
Insurance Claims Appraiser and Adjusters Loss In Value.
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Insurance appraisal clause regarding Lender REO Mortgage Asset Recovery Residential Structures
Insurance Claims Appraiser and Adjusters Loss In Value Residential Structures
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Insurance Claims Appraiser and Adjusters Loss In Value Clothing
Insurance Claims Appraiser and Adjusters Loss In Value Commercial Structure
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Insurance Claims Appraiser and Adjusters Loss In Value Fine Art Painting
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Insurance Claims Appraiser and Adjusters Loss In Value Fine Art Sculptures
Insurance Claims Appraiser and Adjusters Loss In Value Fine Art Prints
Insurance Claims Appraiser and Adjusters Loss In Value Fine Art Drawings
Insurance Claims Appraiser and Adjusters Loss In Value Fine Art Photography
Insurance Claims Appraiser and Adjusters Loss In Value Fine Art Rare Books
Insurance Claims Appraiser and Adjusters Loss In Value Fine Art Tiffany Lamps
Insurance Claims Appraiser and Adjusters Loss In Value Fine Art Ceramics
Insurance Claims Appraiser and Adjusters Loss In Value Fine Art Textiles.
Insurance Claims Appraiser and Adjusters Loss In Value Fine Persian Rugs.
Insurance Appraisal clause regarding Lender REO Mortgage Asset Recovery Commercial Building
Insurance appraisal clause regarding Lender REO Mortgage Asset Recovery Residential Structures
Patrick B. King & Associates
(847) 679-4747
e-mail us at: pbking2@sbcglobal.net
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