Insurance coverage

Insurance coverage appraisal reports are your firm's evidence of value in the event of a loss and claim. These generally focus on estimating replacement value, which is your cost to replace a stolen, damaged or destroyed item with one of “like kind and quality.” The reports also bear witness that you were in possession of the property and provide an accurate description of it. 

Appraisal Associates provides reports prepared to recognized valuation standards, ensuring that your insurance company has everything it needs to schedule coverage of your firm’s property. A complete and professionally prepared appraisal report will be beneficial in the event of a loss and claim. Our reports are deemed complete, substantiated, and rooted within generally acceptable principles of valuation.

Appraisal Associates has a great deal of experience with this type of appraisal, and most insurance companies in Canada are familiar with our reports. We offer several appraisal options based on the value of your firm’s property, the size of your collection, and the degree of detail you require.

Please contact us here to discuss insurance coverage appraisal options.

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Insurance loss / claim

Appraisal Associates works with many insurance adjusters who process complex and unusual personal property claims involving art, antiques, and decorative art. As a result, we understand the type of information insurance companies want in a claim-related appraisal report. Appraisal Associates can bring this knowledge and experience to your firm’s claim when your insurance company asks for proof of value.

Relying on close examination of damaged properties, interviews, and the review of existing documents, we piece together an independent and arm’s-length estimate of replacement value. Our reports describe the lost or damaged property in as much detail as possible and provide a substantiated value estimate reflecting market conditions and anticipated costs. All this is contained within a document complying with International Valuation Standards (IVS).

Put our skill and experience to work for you when your firm needs to produce proof of value after a loss and claim. For more information, please contact us here.

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Charitable donations

Canadian firms donating art, antiques or other collectibles worth more than $1,000 to registered charities and institutions with charitable status require written appraisal reports to establish the fair market value of the gifts. Increased accountability requirements and problems with overstated and unsubstantiated valuations have prompted many Canadian charities and institutions to ask that appraisals comply with “industry standards.”

Appraisal Associates addresses this key issue through compliance with International Valuation Standards (IVS). These standards meet or exceed the Canada Revenue Agency’s guidelines for appraisal reporting, offering recipient charity or institution and donor professionally generated documents useful for income tax purposes.

To learn more about how Appraisal Associates can provide business clients with appraisal reports for charitable donation purposes, please contact us here.

Cultural property donations

The Government of Canada encourages the donation of cultural property “of outstanding significance and national importance” to public museums, galleries, and other designated institutions by providing certain tax advantages to Canadian individuals and businesses. Appraisals estimating the fair market value of the gifts and conforming to specified guidelines are required in this process. 

Appraisal Associates works with a large number of major cultural institutions across Canada to provide cultural property appraisal reports and has great familiarity with the process and the requirements. Our appraisal reports meet or exceed the guidelines established by the Canadian Cultural Property Export Review Board (CCPERB). We value a wide variety of cultural property ranging from ethnographic artifacts to contemporary artworks.

Firms donating cultural property should consult with recipient institutions, but are encouraged to ask for Appraisal Associates’ services in the valuation of art, artifact or archival properties.

Please contact us here for more information.

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Prospective sale or purchase

Appraisal Associates provides business clients with appraisal reports to estimate the market value of art or artifacts. Useful for either sales or purchases, these advisory reports address the key characteristics of value of the property in question, as well as a context of comparable sales. Rooted in an analysis of actual market experience, an appraisal report dealing with an item involved in a prospective sale or purchase provides objective guidance in the often complex and confusing marketplace for art and antiques. As well, we can advise clients of the most appropriate sale venues to maximize return.

In providing sale or purchase advisory reports, we stress that Appraisal Associates is independent and not affiliated with any auction house or dealer. We give our clients arm’s-length appraisal reports and advice based on a full spectrum of available market information. Appraisal Associates does not buy fine art, antiques, or decorative art, nor do we take property on consignment.

To discuss your firm’s purchase or sale advisory requirements, please contact us here

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International Financial Reporting Standards (IFRS)

As of January 1, 2011 Canada will be adopting a new standard of financial reporting, joining a growing community of over one hundred nations throughout the world. Publicaly accountable, for-profit businesses will have the opportunity to report assets on the basis of "fair value".

Appraisal Associates is committed to providing corporate clients with valuations of personal property assets such as art, antiques, fine furnishings, and other collectables that are in compliance with International Valuation Standards (IVS).

Please contact us to discuss your firm's valuation requirements with the context of the International Financial Reporting Standards (IFRS).