Insurance Replacement Value Documents
Replacement values are used for insurance purposes. Three types of replacement values are Replacement Value-New, Replacement Value-Reproduction and Replacement Value-Like Kind and Quality.
Replacement Value – New
New is defined as the price it would take to replace an item with a new one. This is used for items that are still being manufactured and publicly offered for sale.
Replacement Value – Reproduction
Reproduction is defined as the price it would take to make a reproduction of a piece of jewelry. This is used for items that are no longer being produced.
Replacement Value – Comparable
Comparable is defined as the price it would take to replace an item with another of similar quality. For example, a circa 1910 Art Deco ring would be replaced by a circa 1910 Art Deco ring.
Many times, it’s up to you to decide how you would like to be compensated for the loss of your fine jewelry. Make sure your jewelry is valued by the right approach so that it will be replaced in full if lost, damaged or stolen. The Vermont Gem Lab offers valuation for insurance, but does not offer insurance, or employ insurance professionals. Please consult your insurance agent for questions pertaining to the coverage of your belongings.