jamesm why is there a difference between market value and insurance value?
In a nutshell:
Fair Market value is the price at which a willing seller will sell an item and what a willing buyer will pay for it.
When appraising an item for insurance purposes one has to take into consideration the cost of finding a suitable replacement if the item is lost or destroyed(if this is even possible). On items that are somewhat unique a premium is often required to secure the item. Hence the higher valuation.
I should also add that appraising in NOT an exact discipline and this is particularly true when dealing with items crafted in small numbers as is the case with this shotgun.
