Purpose and basis of value
Every valuation records why it was made (the purpose) and what kind of value it concludes (the basis of value). The basis becomes the certificate headline — for example "Estate / Probate Value" instead of "Retail Replacement Value".
Where you set them
- Purpose: the wizard's Customer step.
- Basis of value: Value Definition (Optional) on the Valuation step. If you leave it blank, the default for the purpose is used.
Which bases each purpose allows
- Insurance Replacement: Retail Replacement Value (default) or Agreed Value
- Retail Replacement: Retail Replacement Value only
- Personal Records: any basis; Retail Replacement Value by default
- Resale / Liquidation: Fair Market Value (default), Liquidation Value, Scrap / Salvage Value or Marketable Cash Value
- Divorce / Family Division: Fair Market Value (default), Liquidation Value or Agreed Value
- Collateral / Loan Security: Fair Market Value (default), Liquidation Value or Agreed Value
- Probate / Estate: Estate / Probate Value only
- Customs / Import Valuation: Customs / Duty Value only
- Charitable Donation: Charitable Donation Value only
Record the amount for the basis
The amount for the chosen basis must be between 1 and 100,000,000 before the valuation can be submitted. Enter it in the matching field on the Valuation step — for example Estate / Probate Value for probate. For Customs / Duty, Marketable Cash and Charitable Donation values, a Confirmed amount for the selected basis field appears.
The wizard also asks for a Retail Replacement Value on every valuation, whatever the basis.
Check the headline before you submit
Under the value fields, the wizard shows the certificate headline it will use, or explains what's missing — for example when the basis doesn't match the purpose.