Selling privately: shouldn't insurance be for double the value?

Actually, I think that in this case the seller should forward the funds to the maker and the maker should send the replacement knife to the buyer. I am not sure if that is what would be required, but in my opinion it would be the right thing to do.
 
Gonna throw a twist into this situation...

What about knives that are worth more, sometimes significantly more, then the original purchase price? I have some knives from a maker I collect that he will no longer produce. A couple of them could easily sell for much more then the original purchase price from the maker. Is this an instance when you ask the maker to provide a written estimate on the cost of making a replacement? Since the maker will no longer make those pieces, is it ethical for him to give a high estimate for replacement purposes?

I do understand a lot of this can be solved by simply having e-mail exchanges and "receipts" when selling a knife. Say I bought a custom at a show for $550, and they are on the secondary market for $1,200. If Member X agrees to the $1,200 price through e-mail, and I receive a check or MO for $1,200, then it should be a done deal on value.

Now, in June, I will be going to Atlanta. I am shipping a package to a forum member that lives there prior to my departure. The package will be worth a few thousand dollars, some of the knives being non-replacable. I am taking these simply to show off my collection and chat with the maker about some of the rare pieces. Since the member I am shipping these to is not purchasing them, how do I prove the value of these knives? Is this a case where you write a list of the merchandise being shipped, and the value of each item. Then send a copy of the list via e-mail to the package recipient? Do you then ask the maker(s) of the merchandise to write you an estimate on replacement value? Would this also work for home owners insurance purposes when insuring knives?

Just trying to get some questions answered and suggestions on how to go about protecting my self.

JR
 
Since they are irreplacable. Get them apraised by an insurance company.

That way, if they disappear in transit, there is an affidavit to prove it's value above it's purchase price.
 
Originally posted by Sundsvall
Since they are irreplacable. Get them apraised by an insurance company.

That way, if they disappear in transit, there is an affidavit to prove it's value above it's purchase price.
Click to expand...

That is an excellent suggestion.

You should have your knives insured and if you ship them around a lot you can have loss in shipping included in your insurance policy. If you do, you will have to have the knives professionally appraised on a fairly regular basis.
 
The problem I see here is who is qualified to render an unbiased appraisal? The true value is to the buyer. Insurance appraisals are worth little more than the paper they're printed on.
 
In fair market terms, yes appraisals are pretty worthless. Any item is only worth what someone is willing to pay. But for insurance (and tax purposes) a quality appraisal can prove to be well worth the money spent to get one (or many). Reputable appraisers value of an item is usually respected without much hassle by the insurance companies (and by the IRS, if you have to claim a "casualty loss".)
 
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