There is no formula used for antiques, or fine art, or baseball cards, or Soviet Awards.
The only way to ensure you're covered with collectables is to have them documented (original reciepts, descriptions, photos and such), appraised by a qualified appraiser and declared to the insurer. In short you work out the value with the insurance company *before* there's any loss.
If you don't, and try to make a claim on your bog standard homeowner's policy for the replacement or market value of an award after a loss you'll get screwed. You'll get nowhere near what it's worth, if indeed you get anything at all. Many policies explicitly do not cover such things.
For those in the US here's a nifty little article on the subject: http://www.flatherperkins.net/PerkinsInsurance_PI.pdf. Very informative.
The only way to ensure you're covered with collectables is to have them documented (original reciepts, descriptions, photos and such), appraised by a qualified appraiser and declared to the insurer. In short you work out the value with the insurance company *before* there's any loss.
If you don't, and try to make a claim on your bog standard homeowner's policy for the replacement or market value of an award after a loss you'll get screwed. You'll get nowhere near what it's worth, if indeed you get anything at all. Many policies explicitly do not cover such things.
For those in the US here's a nifty little article on the subject: http://www.flatherperkins.net/PerkinsInsurance_PI.pdf. Very informative.
