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Determining monetary value of collections for insurance purposes



Hi!  I hope someone can help me with this question.

I am the archivist and manager of the Community Archives at the Vigo County Public Library in Terre Haute, Indiana.  Our library director is in the process of updating the library's insurance policy and wanted me to investigate how other institutions appraise their manuscript and photograph collections for insurance policy purposes.  In other words, how do you determine the monetary value of historic collections for insurance purposes?  Is there some kind of set formula that can be used (is this wishful thinking...) or does it actually require hiring an appraiser (which I'm not sure my director wants to do considering we are a medium-sized public library with a tight budget.) 

Any help or advise in this direction would be greatly appreciated.

Sincerely,
   

Susan Dehler
Archives
Vigo County Public Library
One Library Square
Terre Haute, IN  47807
812-232-1113, ext. 292
sdehler@vigo.lib.in.us

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