Page 11 - AIJV Shirley sample

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FV
Facsimile Value reflects the likely current replacement costs of creating a handmade facsimile of the original utilising the same quality materials and
employing first class craftsmen. It should be noted that this is a type of valuation rarely used and the majority of modern jewellery will, even if
handmade, be adequately covered by the standard new replacement qualification.
13. Partial loss/damage. Regardless of the type of value ascribed to an article, it should be noted that the value makes no pro rata allowance for the current
cost of individual component parts in the event of a partial loss, nor does it take into account the cost of restoring or recreating the article in question in the
event of major accidental damage. It is accepted by insurers that the costs of selecting replacement gems and repair work to settings etc. generally cannot be
directly related to the sum value of an article in its entirety. This is particularly relevant to pairs and/or sets or articles valued as either SHRV or ARV.
14. All values given represent average approximate retail replacement prices within the various categories specified - i.e. NRV, SHRV, ARV and FV. These
values do not necessarily reflect the price at which the valued item(s) may be purchased from any particular retailer but attempt to reflect an average of a
broad range of current prices of such items available from retailers offering similar goods in the appropriate market.
15. All values given for articles of foreign manufacture represent approximate retail replacement prices (as defined above) which attempt to reflect an
average of a broad range of current prices of such articles available from retailers offering goods of comparable quality to consumers in the U.K. Unless
otherwise stated, import duty documentation on foreign articles has not been seen.
16. Obsolete watches: the stated value for any obsolete watch given a NRV figure represents the current new replacement price for the nearest model of
equivalent quality, which may, or may not, be of the same brand. Watches valued for second-hand replacement (SHRV) are generally (but not necessarily)
likely to be more than 30 years old, and will be so valued because they are of a brand/style/type no longer available, or will be in a condition that reflects the
age and wear provided by the passing years. Insurers normally accept the distinctions, and will normally take the stance that replacement will be on the basis
of „equivalence‟ rather than „betterment‟, and it is this principle that guides the valuer in the valuation method applied.
17. References to condition are as follows (please note this only affects values ascribed as SHRV and ARV):-
EXCELLENT
- The article is in “as new” condition.
VERY GOOD -
The article is in exceptional condition in relation to its age and does not display any obvious evidence of repairs and/or al terations or
restoration.
GOOD
- The article is in better than average condition in relation to its age and may display evidence of discreet repairs and/or sympathetic
restorations.
FAIR
- The article is in less than average condition in relation to its age and may either show obvious repairs and/or restorati ons or be in need
of repair.
POOR
- The article is in a dilapidated condition and may have missing or broken components, and/or show obvious evidence of poor quality
repairs. At worst, therefore, some articles may only be valued for scrap.
Miscellaneous Matters
18. If this schedule is for Probate, the values given represent the open market figures likely to be realised for the sale of goods at the stated date of death
and such values reflect the condition these goods were in at that stated date. The valuation satisfies the requirements of Section 160 of the Inheritance Taxes
Act, 1984.
19. If this schedule is for Family Division/Divorce purposes, the values given represent open market figures likely to be paid by prospective purchasers when
buying at Public Auction and/or in a willing buyer/willing seller situation. These values reflect the average gross figures reputable dealers are likely to pay for
the goods after any auctioneer‟s premiums or other commissions payable, at the date stated. It is this value that is appropriate to be put to the Court in a
divorce case when jointly owned property is either in dispute or being divided between the parties.
20. If this schedule is for the purpose of Private Sale, the values given represent the average figures likely to be obtained for the goods by the owner in a
private transaction with another individual. It is usual for this figure to fall between the open market level and a current retail replacement value.
21. If this schedule is for Capital Gains Tax purposes, the values given reflect retrospective open market figures (after deduction of auctioneer‟s fees) for the
relevant date/period specified, taking into account prevailing market conditions. The valuation satisfies the requirements of Section 160 of the Inheritance
Taxes Act, 1984.
Limiting Conditions
22. No alteration to the description or value of any item contained within this Schedule, nor to any copy thereof, shall be made by anyone other than the
Appraiser and the Appraiser shall have no responsibility for any such unauthorised alteration.
23. The rendering of this Report does not in itself commit the Appraiser to any further involvement or involvement in any process of litigation including
attendance in court and the giving of oral testimony, unless arrangements are made at a reasonable time in advance and such involvement has been
commissioned at an agreed customary rate per hour as of that date.
24. Any liability whatsoever on the part of the Appraiser is limited to the fee paid for this Valuation Schedule.
25. Your Statutory Rights are in no way affected by reason of any of these Notes to the Schedule.
End of schedule No. 89