We'll explain this with a few examples.

To celebrate a special event, you purchased a lovely piece of jewelry.

You have also had it appraised for insurance purposes.

A few months later, you realize the jewelry is lost or stolen.

You’ve always wanted a watch of a particular brand, let’s call the brand X.

Well, you did buy the watch you coveted,  but unfortunately, it was lost during travel.

In both the scenarios mentioned, an appraisal report would be extremely useful.

In the first case, you can submit the appraisal report with your insurance claim.

In the second scenario, you can retrieve the appraisal document from the company you purchased the watch from, and submit this with your insurance claim.

In both cases, the loss can be mitigated if not replaced.