About Appraisals & Insurance Evaluations
While Potter Violins does not offer instrument insurance, we strongly recommend that all our customers obtain an insurance policy for their instruments or bows. Depending on your situation and the value of your instrument, your regular homeowner’s or renter’s insurance policy may be adequate, provided you have informed your insurance provider about your instrument. Most insurance carriers offer “all-risk” coverage with minimal or no deductible for a slight increase in premium. There are also a number of instrument insurance providers, such as Clarion, Heritage, Huntington T. Block, and Anderson.
Some homeowner’s policies may not cover highly-valuable instruments, so you should expect to purchase separate coverage that is specially designed for your particular needs and risks. These insurance policies are often available at a discount through your employer or other professional associations, such as ASTA.
An appraisal and an insurance evaluation serve different purposes. An appraisal determines the fair market value of an item based on factors like its condition, rarity, age, provenance, and current market trends. On the other hand, an insurance evaluation assesses the replacement cost or the cost to repair or replace the item in case of damage, loss, or theft, specifically for insurance purposes. We offer verbal appraisals and written insurance evaluations.
When you purchase an instrument or bow from Potter Violins, we automatically provide a written insurance evaluation, which establishes its fair market value. However, it is your responsibility to obtain insurance coverage. We are available to assist you in filing claims with your insurance carrier. If we have appraised your instrument or bow, we offer complimentary documentation of damages, estimated repair costs, and any depreciation that may have occurred as part of our service.
*All valuation services are done by appointment only. Please call our shop at 301-652-7070 to schedule one. If possible (to save you time), please try to schedule your appointment on a weekday (Tuesday through Friday), as Saturdays can get very busy.
Insurance Evaluations & Appraisals. . . . . . . . . . . . . . . $150
Insurance Evaluation Updates (every 4 years). . . . . . . $75
Certificates of Identification . . . . . . . . . . . . . . . . . . . . $300
Certificates of Authenticity. . . . . . . . . . . . . . . . . . . . . Please call
Estate and Donation Appraisals. . . . . . . . . . . . . . . . . Call for Appt
Drawing on more than 50 years of combined experience in the violin business, Mr. Dalton Potter and his colleagues can offer you an evaluation for any level of instrument. With over 55,000 of our instrument appraisals listed with the insurance industry, Potter Violins provides the opportunity to evaluate and document your valuable instruments properly.
Dalton Potter holds a Uniform Standards of Professional Appraisal Practice certification.
Verbal “opinions of value” are always free. Written evaluations include free, permanent recordation and, when needed, free written repair estimates and correspondence with insurance companies to facilitate fast, equitable settlement of claims.
Certificate of Identification
This is a handwritten certificate with measurements and photos, accompanied by our insurance evaluation. We will maintain a permanent archival record of your instrument.
Certificate of Authenticity
This is a timeless document guaranteeing the authenticity and provenance of your valuable instrument. Always based on the firm opinions of the most respected dealers in the industry, this handwritten certificate includes a detailed description of the condition, wood grain & figure, color and quality of varnish and detailed notes on past repair work as well as any unusual or distinguishing identifying characteristics.
Estate and Donation Appraisals
Insurance evaluations are customarily based upon Retail Replacement Value (RRV). By law, estate appraisers are required to use another valuation method known as Fair Market Value (FMV) which is generally lower than RRV. Our Estate Appraisals comply with USPAP and all IRS requirements for “Fair Market Value” as defined by IRS Section 1.170 and 20.2031 (b). E
Each USPAP compliant appraisal shall have no less than three comparable market sales per item, including photographs and researchable sales records. We maintain all of our research work files for a period of no less than five years from the date of issuance of appraisal. Please call to set up a private appointment.
