Equi-Praise

Qualified Equine Appraisals & Consulting Services

Types of Appraisals

Seeking an appraisal for your horse can be as simple as needing to update your insurance or as heartrending as dealing with it's death at the hands of another's incompetence. Many think of their equines as family members and friends. However, our “companion animals” are considered personal property for legal purposes at the local, state, and federal level. A qualified appraiser uses his/her knowledge and training to find the correct market and comparable animals within that market to determine the fair market value of the subject animal. At Equi-Praise™, I do my utmost to treat my clients with the respect, empathy, and compassion they deserve, coupled with the professionalism necessary to produce a quality appraisal report that meets the intended use of the equine appraisal they require. 

All appraisal reports can contain, when necessary, a hypothetical condition or an extra-ordinary assumption. A hypothetical condition is “That which is contrary to what exists but is supposed for the purpose of analysis.” For example, if the subject animal is deceased, then an appraisal can be made under the Hypothetical Condition that the said animal is still alive. An extra-ordinary assumption is “An assumption that is made that if found to be incorrect would significantly alter the appraised value.” In this situation an appraisal could assume a broodmare capable of reproduction based on the word of her owner. If there is no veterinary report to validate the owner’s claim then an “extra-ordinary” assumption can be made concerning her reproductive ability for the purposes of the appraisal.

The following are  just a few instances where an appraisal may be necessary and the different types of appraisal reports available:

  • Death of a horse
  • Taxes 
  • Insurance 
  • Divorce 
  • Permanent Injury
  • Donation

Summary Appraisal Report

This is the most common type of Appraisal Report and is a summary of the research and analysis used to establish value for the subject animal. Although similar to a Self-Contained Appraisal Report, the Summary Appraisal Report includes only a brief, informative summary of the information developed, how it was developed, the market conditions, the method of analysis and the value conclusion.

This report may be used by the client and anyone listed as an intended user within the appraisal report.

Restricted Use Appraisal Report

This is a brief appraisal report and is considered the “bare bones” of all the reports. It is normally used to determine if a full appraisal of the subject animal is necessary or to obtain an insurance binder. Due to the brevity of the report appraiser will not testify in court based on the information in the Restricted Use Appraisal Report.

This Report may only be used by the client.

Self-Contained Appraisal Report

This report is also referred to as a Narrative Report and is the most complete, complex and difficult report to do and is the least frequently used and/or requested by appraisal clients. A Self-Contained Appraisal Report identifies and defines the marketplace in which comparable properties were found and why that particular market was chosen for the purpose of the appraisal. It then describes the condition of the market place used (stable, rising, falling etc…) and explains why the condition/s exist.

Explanations are given for value determination of the subject property, along with supporting evidence and logical reasoning used to validate the final conclusion or conclusions. In addition, descriptions of comparable properties used are included in a Self-Contained Appraisal Report.

This report may be used by the client and anyone listed as an intended user within the appraisal report.

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