Insuring High Value Items

What is a high value item?

High Value Items are those items having an individual or set value of US$1,000.00 or more. High value items include, but are not limited to:

• Objects of Art
• Carpets/Rugs
• Antiques
• China/Porcelain
• Crystal
• Sterling Silver
• Cameras
• Musical Instruments, including Pianos
• Computers
• Televisions, Audio/Video Equipment

These items must be individually declared on the value list; if high value items are not specifically declared, recovery will be limited to a maximum US$100.00 per item or set.

Items Grouped Together

For insurance purposes, items grouped together will be considered of equal value. For example, if you have silver in your shipment and you declared 100 pieces at US$5,000, then in the event of a claim each item will be insured for a maximum US$50.00 If you have an item within a group that is valued higher than the others, be sure to declare this item separately. 

Ideally, if you chose to group items, like silver, you should list them by category with values. For example:

12 teaspoons @ US$600.00 (Each is insured for US$50.00)

12 salad plates @ US$1,000 (Each insured for US$83.33)

1 serving platter @ US$250.00

This clearly shows the value each item is insured for. General listings with a lump sum amount will prove difficult to work with should there be a claim.

APPRAISALS

An appraisal is a very important document to substantiate value, current condition, and authenticate the genuineness of high value items, such as, but not limited to antiques, silverware, oriental rugs, paintings, statues and other objects of art.

An appraisal must contain the following minimum information:

1. Complete description and size (measurements) of each item
2. Name of item, if any exists
3. Condition of the item, including any specific damages, such as scratches
4. Current market value of the item, including the type of currency
5. Name of the artist that made or painted the item
6. Date of the appraisal and the inspection date
7. Name and signature of the person performing the appraisal
8. A copy of the appraiser’s qualifications should be attached to the appraisal

An appraisal may be considered current provided all information is accurate and it reflects the current condition of the item, and then, only if the appraisal is less than 6 months old.

An appraisal should be made by a certified professional individual who is a licensed appraiser and only by those who can furnish written documents that verify their qualifications for the type of property being appraised.

Photographs showing the item from various different angles are highly recommended.

Examples of when a current appraisal should be provided:

1. Any one item valued at or above U.S. $10,000.00
2. Any one object of art including a painting that is one of a kind (cannot be replaced) and is valued at or above U.S. $5000.00
3. Any one antique valued at or above U.S. $5,000.00
4. Any one carpet valued at or above U.S. $10,000.00
5. Any set of silverware valued at or above U.S. $10,000.00

If a current appraisal is available when issuing the certificate online, then please attach a copy online. If a current appraisal will not be obtained, then advise the property owner that in the event of loss or damage, the claim may not be favorably considered without the substantiation of value and condition.