A valuation for the purpose of insurance cover.   Based on what it would cost to replace the lost item with a similar item in a specified market

Used to calculate Death Duties or inheritance Tax to obtain Probate of the will.  These values are based on open market at the time of death.

 Normally required when as item is to be sold between two parties.  The value normally represents an open market value unless otherwise stated.

Commonly required in a divorce or separation situation.   Values based on current open market.

This is not a valuation service but if you suffer a loss without an up-to-date valuation, you can commission a Post Loss Report which is a document to support your claim with your insurance company.