Insurance Valuation Types

New Replacement Value

This value reflects the current new replacement price of a similar article of equivalent quality. It does not however, allow for recreating a handmade facsimile of the original.

Antique Replacement Value

This value should enable the owner to obtain a similar antique replacement article of equivalent quality and in like condition. The value stated makes no pro rata allowance whatsoever for the individual replacement component parts in the event of major accidental damage.

Facsimile Value

This value reflects the likely current replacement price of recreating a handmade facsimile of the original utilising the same quality materials and employing first class craftsmen.

Second-hand Replacement Value

This value reflects the current second-hand replacement price of a similar article of equivalent quality and in like condition. The value stated makes no pro rata allowance whatsoever for the current cost of individual replacement component parts in the event of a partial loss. Neither does it take into account the cost of restoring or recreating the article in question in the event of major accidental damage.

Compensation Value

This value is normally applied to rare and unusual articles including signed antique pieces all of which would be exceedingly difficult or even impossible to replace and the value stated should adequately enable the owner to obtain a different but not better article to compensate for the loss.