Fair Market Value in use is a professional opinion of the estimated most probable price expressed in terms of Canadian Dollars to be realized for property in an exchange between a willing buyer and a willing seller, with equity to both, neither being under any compulsion to buy or sell, and both parties fully aware of all relevant facts, as installed for intended utilization, as of the effective date of the appraisal report.

Actual Cash Value is not as easily defined. Some courts have interpreted the term to mean "fair market value," which is the amount a buyer would pay a seller if neither were under undue time constraints. Most courts, however, have upheld the insurance industry's traditional definition: the cost to replace with new property of like kind and quality, less depreciation.

Agreed Value (SEF 19A endorsement) Most insurance companies that specialize in collectors or specialty vehicles will use "Agreed Value" when the policy is issued. It is up to the client to provide documentation, such as a current appraisal and or receipts. Insurance companies must then agree on the value, and insure it for that amount.

Cost of Reproduction is a professional opinion of the cost expressed in terms of Canadian Dollars, to purchase a new item of like quality and specifications. If such an item is unavailable, the appraiser has used his or her best judgement in estimating a value as of the effective date of the appraisal.

Orderly Liquidation Value is a professional opinion of the estimated most probable price expressed in terms of Canadian Dollars which the subject equipment could typically realize at a privately negotiated sale, properly advertised and professionally managed, by a seller obligated to sell over an extended period of time, usually within six to twelve months, as of the effective date of the appraisal report. Further, the ability of the asset group to draw sufficient prospective buyers to ensure competitive offers is considered. All assets are to be sold on a piecemeal basis "as is" with purchasers responsible for removal of assets at their own risk and expense. Any deletions or additions to the total assets appraised could change the psychological and/or monetary appeal necessary to gain the value indicated.

Forced Liquidation Value is a professional opinion of the estimated most probable price expressed in terms of Canadian Dollars which could typically be realized at a properly advertised and conducted public auction sale, held under forced sale conditions and under present day economic trends, as of the effective date of the appraisal report. Conclusions taken into consideration are physical location, difficulty of removal, physical condition, adaptability, specialization, marketability, overall appearance and psychological appeal. Further, the ability of the asset group to draw sufficient prospective buyers to insure competitive offers is considered. All assets are to be sold on a piecemeal basis "as is" with purchasers responsible for removal of assets at their own risk and expense. Any deletions or additions to the total assets appraised could change the psychological and/or monetary appeal necessary to gain the value indicated.

Desktop Opinion is a professional opinion of the appropriately defined value, expressed in terms of Canadian Dollars to be realized by the sale of equipment, in which the opinion is generated from inventory lists, photographs and/or other informational materials supplied to the appraiser and evaluated without the benefit of an physical inspection. A Desktop Opinion can be used for some preliminary situations, but is not appropriate for many appraisal needs. A physical inspection and verification of  condition is required for a legal report to completed an accurate valuation.