Retail Replacement Value
Retail Replacement Value (RRV) – (highest value, usually for insurance purpose) is defined as the highest amount in terms of US dollars that would be required to replace a property with another of similar age, quality, origin, appearance, provenance, and condition within a reasonable length of time in an appropriate and relevant market. When applicable, sales and/or import tax, commissions, advisement fees, and/or premiums are included in this amount. (AAA 2019 Definitions of Value, p.2)
Used For: Obtaining insurance coverage on contemporary jewelry.