Study 187: The Only Number the Owner Commissions: What an Insurance Schedule Records

Market valuations are produced by parties who intend to be on the other side of a transaction. Insurance is the systematic exception: the figure is requested and paid for by the owner, no transaction occurs, and it describes what would be required to make that person whole if the object were gone. This study distinguishes actual cash value, replacement cost and agreed value, and argues that scheduling a singular object, which requires listing, appraising and separately insuring it, produces an accession record as a by product of arranging cover. It argues that a premium is a price for an objec