Unfortunately, if you insure with a "last scheduled" value, unless it
specifically states otherwise in your insurance policy, you are reimbursed
for that value, no matter how much more the object may be worth at time of
loss.  Adjustment after loss only applies if it is in your insurance policy,
not as a matter of course.

Janice Klein
Registrar, The Field Museum
[log in to unmask]

At 11:55 AM 7/14/1998 -0400, you wrote:
>You can insure for a "stated value." This means that you and the company
>agree in advance what the value is for each item. In the event of loss
>the company pays the state value. Generally the client guesses and the
>actual value is figured out after the loss. You seem to be using the
>traditional (you guess - perhaps with an "experts" input) and pay a
>premium based on that and figure the real value later. If you want to
>value items based on their past value, and if they can't be replaced why
>not then see if a stated value policy based on acquisition cost if
>agreeable to the company. It would save the cost of an expert.
>
>