A detailed description is especially important in insurance scheduling appraisals, since in case of a loss your appraisal will be all you have left to form the basis of your claim. Most people have replacement policies, which give the insurance company the option of replacing the jewelry rather than making cash payment. Therefore, the detail and accuracy of description in the appraisal is paramount. In addition, the appraisal should have photographs, an explanation of appraisal methods used, and generally be able to stand up to the scrutiny of the insurance adjuster-and the courts, if it comes to that.
Since contemporary jewelry scheduled on replacement policies is usually replaced with new jewelry, the appraised value is often higher for insurance scheduling than for other situations (where the jewelry is valued “as is”). If the jewelry is older-antique or period pieces-then replacement with new jewelry would not be appropriate. In those cases, the jewelry is valued according to the purchase price of an equivalent piece of jewelry of the same period, style, materials, conditions, etc.