Help valuing built models for insurance claim

[Lucas C.]

I recently moved and (surprise) discovered that the movers irreparably damaged several of my built models.  The movers have given me forms to file a claim with them.  How do I value my built models, and where can I find documentary evidence to back up those valuations?  Thanks for any help you can give!

[niart17]

Here was one site that came up from a search that seems like it might have some insight for your case. 

https://www.injuryclaimcoach.com/property-damage-claims.html

 

I do know that in my case when we lost all of our belongings due to Hurricane Ike, the value of built models vs un-built was the same. The way the adjuster explained it to me was that in order to recover any value of workmanship I would have had to prove that I was in the business of selling built models and have an on-record cost and proof that it would be lost revenue from having lost the models. They told me that even if I sold built models, the ones that were personally built for myself wouldn't qualify unless I had them listed as a for-sale item in inventory. In our case none of that mattered since we'd totally maxed out our full coverage amount for personal items anyway. But I did ask the question for curiosity sake. Keep in mind, the information he gave me may be different from company to company and even state to state depending on governing laws. 

But unfortunately, I don't think you can recover the value of building a model, only the fair market or replacement cost of the kit in it's un-built state. I HOPE I am wrong so if anyone has different information please chime in and give Lucas some good news!

 

Good luck,

Bill

[Lucas C.]

Thanks, Bill, that's very useful information!  I'll start document the cost of the kits and aftermarket items that I used.  I'll have to talk to the moving company about their policy on stuff like this, but I do think they'll balk at paying anything more than that.

[Darren Roberts]

You'll probably only be able to value the cost of the kit, aftermarket, and supplies unfortunately. When I ship my built models, that's all I can claim.

[Michael A.]

Went through this many years ago, insurer wanted to pay about .25 on the dollar, the standard rate at the time for children's toys.  We went round and round for days and I finally got them up to .80 on the dollar.  After accepting the .80 I asked what it take to get to the actual 1.00 amount.  He said you would have to show membership in some sort of organization that isn't toy related.

 

You mean like being an IPMS/USA member since 1965 and having placed in numerous competitions across the country?  Bingo!

 

Good luck,

 

Michael A. Campbell

IPMS/USA No. 1432