Insurance Valuations
The importance of an updated Sports Memorabilia Insurance valuation
In view of the fact that over the few past years, there has been particular increase in theft from golf and sports related clubs, where silverware has been increasingly targeted. Our experience has shown us that on average around 80% of clients are either inappropriately or under insured. This is becoming a matter of some concern with the consequent risk that any claims for loss or damage might be only partially met.
The following questions should be addressed:
- Is your present valuation up to date, accurate and comprehensive?
- Are your trophies, antiques, artwork and memorabilia, etc. fully logged and recorded for audit and post claim investigatory purposes?
- Do you only have blanket cover, or are all significant items of memorabilia individually detailed and photographed?
We are able to make a free initial assessment of your needs based on the answers to the above questions. It allows us to tailor the valuation to suit both your and your insurer’s requirements.
Larger collections of valuable items such as antiques and works of art are often not covered by household contents policies, and it is highly likely that a specialist insurer may have to be found. These insurers will require inventories with considered valuations by professional valuers, usually with many years in the antique/art trade. This is where our service becomes key to providing the necessary valuation detail.
Working with leading insurance companies, including specialist sports insurer Bluefin, C.M.Palmer Sporting Antiques Advisors has come to be regarded as one of the most highly regarded specialist valuation businesses in the UK.
An up-to-date valuation may not necessarily result in higher premiums. Sporting antiques and memorabilia are classed as ‘low risk’ and so have a lower percentage premium. Separating them from ‘General Contents’ may even attract lower premiums. A full insurance valuation may also lead to a discount on an existing premium and fulfil all requirements a broker needs to do to comply with the Insurance Act 2016.
Probate Valuations
It is normal procedure for solicitors and executors acting on behalf of a deceased estate to appoint an independent valuation of the household chattels and other personal effects to help assess inheritance liability.
Valuers act in accordance with section 160 of the Inheritance Tax Act 1984 and deal directly with solicitors and executors. Speed, diplomacy, and accuracy are the most important factors with most probate valuations.
Once received, instructions are therefore carried out with priority. The aim is to minimise as far as possible, concern, stress, and the work of the executor.
In most cases, documentation will be delivered within days of the valuation at a very reasonable cost to the estate. Our fees are highly competitive and the price will be agreed upon before any work is started.
A valuation certificate may be finalised within a week and it is not normally necessary to photograph the majority of general items. In this case, the valuation reflects disposal through the quickest possible means, through sale or auction. Higher value items may need to be listed and photographed.
It is often the case that solicitors/executors require the house to be sold and the disposal of the household contents. We are well placed to advise on the most appropriate market place for best return.
Family Division Valuations
The division of chattels on breakdown of marriage or civil partnership often brings particular problems. Valuation issues can arise in relation to separately acquired property, for example, property acquired by an individual partner before the marriage or through inheritance. Due to market activity, the value of some jointly owned items may have risen out of all proportion to others.
Accurate and properly documented valuations are clearly of the utmost importance in these circumstances. Increasingly, a prenuptial agreement can help with the division of a joint estate, where too it will be important to include accurate valuations. Over the lifetime of the agreement, the valuations could benefit from a periodic review. The apportionment of family possessions leading up to the finalisation of divorce, is more often than not a delicate undertaking which can often lead to costly arbitration and legal consideration, with resulting financial implications to all parties.
Fees can be agreed before any work is carried out.
On-Line Valuations
In certain circumstances, we can provide on-line appraisals and valuations. In the first instance, please give as much relevant information as possible and we will get back to you to advise whether or not this is possible and if so how to arrange secure payment. If you need sale advice this will be included in the appraisal. This service can apply equally to private collections of individuals and those built by public and private clubs and institutions, such as golf clubs.
Overview of Valuation for Disposal Purposes
This valuation involves a visit to the property and an inspection of all chattels with a view to individual valuation and the best disposal route. The visit might last several hours and involve photography as the case may be. The cost for this service will be discussed prior to visitation. Any subsequent referrals to auction would ensure an impartial and transparent process.
The Final Product
Generally, all valuations are completed in accordance with an agreed time schedule as instructed by our client. An official valuation document in hard copy, is provided with photographs, with items individually valued whenever necessary. Additionally, all documentation, including photographs, will be digitised and made available.
Fees
Valuation fees vary according to the nature and amount of work to be undertaken, but will always aim to be competitive. Fees charged will be according to the time taken, rather than a percentage of the valued items as is sometimes the case. Please contact us to enquire further.
Other Services
We recognise that many of our clients do not have the time that they would wish to devote, to their collections of sporting antiques and memorabilia.
Colin has developed a comprehensive support and advisory service to help clients manage all such collections and to ensure that they can enjoy not only the items themselves, but also have the confidence that they are taking care of them to the best of their abilities, both economically and efficiently. We can provide overall curatorial support in the following areas:
- Comprehensively review all your items of memorabilia to identify how best to treat each one.
- Recognise which items should be included within the valuation schedule.
- Identify items requiring conservation.
- Identify appropriate conservators and restorers.
- Plan and run programmes of restoration and conservation.
- Draw up a disaster plan.
- Review security, insurance, and related issues.
- Advice on display and decoration
