Tracking the insurance value of your objects is a key step in protecting your collections. CatalogIt allows users to easily and comprehensively manage and track the valuation history as well as the insurance status of everything in your collection - from intake onward.

Acquisitions

It is vital that you include valuation information for all the items that enter your collection. If you are a museum, that means tracking an object’s value at the time of accession. Since a single accession may include more than one object, your accession profile includes the overall value of everything that came in with that group:

This value may be derived from a formal appraisal, the donor estimate of the group, the purchase price, or a curatorial estimate for documentation purposes. You may also attach a copy of the formal appraisal to the accession profile.


Next, include the value of each individual item in that item’s record, as discussed below.

Objects

Using the “Valuation” expansion panel allows for the comprehensive recording and tracking of the current valuation as well as the valuation history of each object. This repeating panel tracks the history of your objects’ evaluations - starting at the time of intake throughout the life of the object. This includes:


  • Both appraisals and estimated values
  • Valuation/appraisal dates
  • A link to the appraisal profile for items with a formal appraisal, the appraiser or estimator
  • A notes field to clarify anything entered that requires more information. 


You are also able to include the purpose of the valuation, whether for insurance purposes, following an inventory, in preparation for an insurance policy renewal, a valuation after damage, in preparation for an outgoing loan, or any other reason that you may be updating the value.

Appraisal v. Estimated Value

As stated above you are able to record both the appraised value or the estimated value. The appraised value is the value as listed in an official formal appraisal report. An appraisal report is a detailed document that outlines an object's value based on its quality, condition, and current market conditions, performed by a licensed, accredited appraiser. 


The estimated value is the informal valuation generally conducted for documentation purposes, to record the value of an item without a formal appraisal. This can be the estimated value a donor placed on an item when it was donated, the researched value a curator places on an item, or a value estimated from online research from auction histories, online sales sites, and other Internet research by a collector to create a baseline value for a collection.


View the valuation history and information in each object entry. You can select to view either the most current value or the entire history for reference:

 

Insurance

Tracking insurance information is just as important as tracking your valuation history. The “Insurance” profile is an easy way to track all documentation related to an object's insurance history. 


Creating a profile for each document - your comprehensive policy, a special policy rider, or even a Certificate of Insurance document - and linking that document to your collections is a great way to keep all of your documents in one centralized place and available whenever you need them.  Since CatalogIt is cloud-based, you can retrieve this information on your desktop, tablet, or smartphone from anywhere, anytime - especially important in the event of an issue such as fire or theft. You may not be on site when an emergency occurs, and having remote access to your insurance documentation is imperative. The insurance profile also allows you to document a policy for multiple items and link those collection items to that single document. 


Record the policy number, document description, coverage dates, attach a PDF of the document, and link to the collection entries included on the policy or certificate:


Once you create the “Insurance” profile, you can include that specific document to each entry the document refers to in the “Insurance” expansion panel:


Use the “Notes” field to clarify any details or exclusions in the insurance document that would be helpful to call out in the entry.


Documenting valuation, appraisal, and insurance information is key for protecting your collections. Whether you are a museum, corporate collection, or private collector, CatalogIt comprehensively and easily helps you document your collections, making the information accessible wherever you are in the world.


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