April is National Home Inventory Month: Find out more
26 Oct 2017

Dynamic Art Market Requires Regular Value Updates

Autumn Leafs by Leonid Afremov
Autumn Leafs by Leonid Afremov

Most serious fine art collectors are aware that, for insurance purposes, their scheduled pieces require regular value updates to be compliant with their chosen insurer’s coverage policy. The art market is one of the most dynamic categories of personal property, if not the most. The market (collectors of art) are continuously monitoring auction events to determine a value basis for their next acquisition attempt. A motivated buyer, in a single auction event, can spur an upward value trend of impressive scale. Likewise, a single disappointing auction event can send ripples through the market, shaking the confidence of previously excited enthusiasts.

Insurers understand sometimes rapid fluctuation in values, as well as trending values over time. For this reason, insurers require regular value updates of items that have been scheduled. An update of your fine art is typically required every 2-4 years, depending on the insurer. It is important to understand, unless a piece or the collection has significant value, the insurer is unlikely to monitor and contact you to request the value update.

However, that doesn’t get you off the hook if you have a claim. Your claim will be submitted, and it is likely to generate a requirement from your insurer to “get an appraisal to determine the current value.” Of course, if you are submitting a claim it is probably because the piece(s) are damaged, destroyed, or missing – making a value update problematic and satisfaction of your claim problematic. The answer – understand your insurer’s value update requirement and adhere.

Nugent Appraisal updates the values of hundreds of fine art items every month, typically from previous appraisals the owners have. Insurers typically allow us to utilize the descriptions and images acquired by a previous appraiser to identify items. With this reliable information, we secure the latest market data to bring the values current and satisfy the insurers’ requirement. If a previous appraisal is not available because it is lost, then you certainly can secure the images and descriptions Nugent Appraisal requires. So, the next time you – the inventory professional – are in a home that has fine art ask the question “are your fine art insurance values current so there is no concern if you must submit a claim?”

Remember, you are adding value to your service by providing your client critical information while at the same time creating an additional revenue stream for your business. You will earn $25-$50 for each fine art piece that Nugent Appraisal updates.

You’ll never walk into a home and look at art the same way again!


13 Mar 2017

Associate Member LegalShield Provides Benefits For Small Businesses

LegalShieldLogoIn a continuing effort to bring quality services to our list of Associate Members, we believe that it is important for all businesses to have access to an attorney. LegalShield provides our members with this option.

Often small businesses do not have the funds to hire a lawyer. When someone asks you to sign an agreement, do you cross your fingers and hope it’s going to be OK as you sign on the dotted line? Or you might need to create an agreement, contract, or other legal document for your home inventory services or when establishing a business relationship. Do you usually copy a document off the internet and hope it provides you with the protection you might need? These scenarios happen because of the out-of-reach hourly rate an attorney will charge your small business.

Another situation is when you are having difficulty collecting your service fees. Wouldn’t it be nice to have an attorney send a collection letter from their firm, on their letterhead, requesting payment?

LegalShield offers these services and more from their nationwide network of provider law firms to help you run your business confidently. For a low monthly fee, LegalShield has been offering legal plans for 40 years, creating an opportunity for everyone to be able to access legal protection – and afford it. Unexpected legal questions arise every day, and with LegalShield, your business will have access to an experienced law firm for covered situations. Just pick up the phone and call them – no worries about how many minutes you’re being charged – it’s part of your monthly membership.

For a low monthly cost, you can lead your business with the peace of mind that you’ll always have access to legal advice and services for your business when you need them.

LegalShield Small Business Services include:

  • Legal consultation on an unlimited number of matters
  • Contract and document review
  • Debt collection assistance
  • Legal correspondence
  • Trial defense services

Rate chart for LegalShield

Join the other 47,000 business owners who have found LegalShield to be an affordable way to have legal assistance and representation. Following is the rate chart and benefits for businesses with less than 10 employees. There is no enrollment fee, and you can cancel your LegalShield membership at any time without penalty.

Sign up to begin receiving these legal services, or contact the NICA office if you have questions.