Insuring an Antique Clock
Want to insure a clock against damage or loss? You should insure your clock for its replacement cost — what it would cost you to replace the lost clock with a similar one in a reasonable amount of time.
Different insurance companies have different requirements for insuring antiques and other special categories. You should call your insurance agent to find out what your company’s specific requirements are. If you recently purchased the clock from a retail store, the invoice might be acceptable as proof of value. However, it is more likely that you will need a written appraisal from a qualified, professional appraiser.
You can search the online directory of the International Society of Appraisers to find a qualified appraiser in your area, or call toll-free 1-888-472-5587.
Using Auction Prices for Insurance Purposes
Auction prices can help you find out what others have paid for similar clocks. They provide a guideline as to what you might have to pay for a similar clock on the open market. Try to find a number of similar clocks that have sold at different auctions so you can compare the largest number of sales records possible.
Many factors can influence what a clock will bring at auction, including the stature of the auction house, the weather that day, and the number of bidders. The same is true of online auction results. Don’t rely on just one or two auction records — try to find three or more that will help establish a low and high range for the type of clock you are comparing to yours.
Hot Tip: Most auction houses will give you a free evaluation of what they think your clock might bring at auction. This is not the same as a formal appraisal, but it can provide useful information.