Insurance claims categorises as having “High Net Worth” especially those that involve fine art or antiques, require the kind of detailed knowledge only a specialist expert can provide.
Often, insurance companies have their own expert s to process claims of this type. But the relative knowledge and experience of the person designated to handle such a claim can vary enormously eg many years experience to a mere few months experience at an auctioneers.
A lot of policyholders have little idea about the true current “retail worth” of their more “treasured” possessions. This “retail worth” is an important distinction to make because it is the invariably higher value that would be paid for an item in an antique shop or at a quality antiques fair and NOT what the item would fetch at an auction!
This particular issue is not always understood by some insurance companies. Indeed some insurance companies believe it to be exactly the same basis for valuation! However, one of our directors possesses special expertise in this area and can trace has family heritage right back to the establishment of the Pilkington’s Pottery company in Manchester.
You see, following many years of collecting and professional tutelage, he is the envy of other loss adjuster because he can argue with an insurance company and even the valuation professionals they engage to act on their behalf!
Turning a £50 Valuation Into £1400
In one of our recent claims, an insurance company believed that a particular piece of was worth a mere £50. However, following our involvement and subsequent discussions, the insurer agreed to retain the services of a professional valuers known to Hope and Williams.
The subsequent outcome of these discussions was an agreed revised valuation of £1400!
The disturbing thing to note in all this, is that this kind of thing happens on a regular basis!
Turning a 5% Loss Into A 50% Loss
A further example is provided by insurance providers that appoint specialist repair companies to repair damage to valuable porcelain object or figurines.
Quite often a suggestion is made by an insurer that a repaired item’s worth would only be reduced by around 5%.
In most cases however, this is absolute nonsense because the actual value of these objects can be reduced by up to 50%!
Hope and Williams accept that it cannot determine the value of every single item it is called upon to scrutinise.
That is why we, we have a wide network of dealers, valuation experts and other specialists we have cultivated trusting relationships with over the years. These experts can provide an accurate valuation for all different types of objects and provide restoration advice and the objects subsequent residual value thereafter.