We all know that firearms can be extremely controversial and as they pertain to insurance claims, they carry their own baggage. Whether we're talking about handguns, rifles, shotguns or collectibles, these are highly specialized items that come with their own set of markings and engravings, state laws and regulations governing their use and storage, and the high risk associated with their handling. For adjusters, determining relative value is further complicated by the sheer number of these firearms, their magazines and clips, and their assorted ammunition types.

Looking at 2013 census figures, the population of the U.S. is at 316 million people. Nearly half are gun owners. GunPolicy.org pegs the estimated total number of guns (licit and illicit) held by civilians at between 270 to 310 million. With numbers like those, the chances of a field adjuster or claims inventory professional finding a gun while on the job are almost 100% certain. In fact, Enservio claims data shows that 10% of the $2 billion in claims processed annually contain firearms and ammo.

Policyholders are very passionate about their guns, often considering them a member of the family. Many are handed down over generations. Because of these strong personal attachments, claimants are prone to overstate their relative values. There are also unique challenges for this specialty category item that claim pros need to master if they are to process a fair reimbursement or replacement.