Understanding the Role of Appraisals in Insurance Claims for Lost or Damaged Inventory
October 20, 2023
When it comes to insurance claims for lost or damaged inventory, understanding the role of appraisals is essential. Inventory appraisal is a process that involves appraisers providing assessments of the values of goods or services. In this article, we’ll explore what information appraisers need to accurately appraise inventory, the benefits of inventory appraisals, and how to file an insurance claim involving inventory losses. We’ll also discuss the importance of keeping records of inventory for potential insurance claims, the types of insurance that cover inventory and appraisal losses, the difference between valuation and appraisal, and how businesses decide between replacement cost and actual cash value for insurance claims. Finally, we’ll touch on the role of appraisers in validating insurance claims and the potential risks of not undergoing an inventory appraisal for insurance claims.