When you file the claim, you can correctly point out that the suggested replacement stone, although beautiful, does not meet your original specs. Why not? One of your specs is that it must be a JamesAllen signature series stone with an AGS report. Grumble grumble grumble. Ok, they get you an acceptable JA stone. Now you point out that one of your specs includes a stone with a BS report and a workup from both the Doc and Dave indicating acceptable performance. Jim doesn’t supply those with his stones. Fine, they buy you all of that. Then you point out that the missing piece was a Phillip Schmidt original and that their substitute craftsman, who may be excellent, is not Phillip and that for you to accept the replacement it must have Phillip’s mark inside. They do the math and figure out that this is all going to cost them $18k (prices are up to $16k because of inflation and another $2K for the replacement jeweler’s markup) to replace. You still don’t like the jeweler they suggest and prefer to do it yourself. They will fund you for $18k to shop however you choose.
Now look at the same scenario where you buy a defined value policy. You present your original paperwork to the company and buy a policy for $15,000 based on your actual cost. When you file, they cut you a check for $15k and you spend it however you choose. In the case of Chubb, they will even include an inflation adjustment so the payment in our story will be $16k.
I saw it on their website yesterday Neil. This thread actually made me look. You can buy up to $5,000 with a $100 deductable. My homeowners won''t cover anything over a $1000 of unscheduled.Date: 9/9/2005 11:40:36 AM
Author: denverappraiser
Noobie,
I don''t think JM covers unscheduled jewelery at all. The way the homeowners companies do it is that you present to them watever evidence you have that the item existed and whatever details you know about it and they try to figure out what it will cost them to replace it. They then either get a new item at that cost, pay you that amount of money or contribute that amount towards the purchase of something else entirely.
Neil Beaty
GG(GIA) ISA NAJA
Independent Appraisals in Denver
RE: Getting paid by two companies for a loss. In the event of a claim this could become a real nightmare for you. YOU NEED TO READ EACH POLICY. Most insurance policies sort of exclude coverage if someone else is insuring the same coverage.Date: 9/9/2005 12:16:02 PM
Author: noobie
I saw it on their website yesterday Neil. This thread actually made me look. You can buy up to $5,000 with a $100 deductable. My homeowners won''t cover anything over a $1000 of unscheduled.Date: 9/9/2005 11:40:36 AM
Author: denverappraiser
Noobie,
I don''t think JM covers unscheduled jewelery at all. The way the homeowners companies do it is that you present to them watever evidence you have that the item existed and whatever details you know about it and they try to figure out what it will cost them to replace it. They then either get a new item at that cost, pay you that amount of money or contribute that amount towards the purchase of something else entirely.
Neil Beaty
GG(GIA) ISA NAJA
Independent Appraisals in Denver
A secondary question. If I have $5000 of unscheduled and $1000 through homeowners, can I make a claim on both if the loss exceeds $6,000?
The company's website s a much better source than me. It may be worth a call to ask them how they handle claims on this sort of policy. I'm with Rockdoc, the rules for unscheduled policies are a minefield. Read the policy carefully.Date: 9/9/2005 12:16:02 PM
Author: noobie
I saw it on their website yesterday Neil. This thread actually made me look. You can buy up to $5,000 with a $100 deductable. My homeowners won't cover anything over a $1000 of unscheduled.
Probably not but this will depend on the details of both insurance policies. This is common with health insurance and various kinds of liability claims but I've never heard of anyone doing it with a personal property policies. I suppose it's possible.Date: 9/9/2005 12:16:02 PM
Author: noobie
A secondary question. If I have $5000 of unscheduled and $1000 through homeowners, can I make a claim on both if the loss exceeds $6,000?
Ask your insurance agent about a blanket policy. I have one for theft only for up to 20k. My insuance is with Allstate.Date: 9/9/2005 12:16:02 PM
Author: noobie
I saw it on their website yesterday Neil. This thread actually made me look. You can buy up to $5,000 with a $100 deductable. My homeowners won''t cover anything over a $1000 of unscheduled.Date: 9/9/2005 11:40:36 AM
Author: denverappraiser
Noobie,
I don''t think JM covers unscheduled jewelery at all. The way the homeowners companies do it is that you present to them watever evidence you have that the item existed and whatever details you know about it and they try to figure out what it will cost them to replace it. They then either get a new item at that cost, pay you that amount of money or contribute that amount towards the purchase of something else entirely.
Neil Beaty
GG(GIA) ISA NAJA
Independent Appraisals in Denver
A secondary question. If I have $5000 of unscheduled and $1000 through homeowners, can I make a claim on both if the loss exceeds $6,000?
My blanket 20k coverage isn''t that expensive relative to piece of mind - so you may want to ask if State Farm has this. If I recall correctly, it was an odd coverage that my agent had to look for. O.k. - I looked on my statement - can''t find exactly how much it costs. But, it''s for 25k per occurance, $5,000 per item coverage w/ a 1k deduct (total for any theft). I don''t remember balking at the cost of this.Date: 9/14/2005 5:55:44 PM
Author: noobie
As update for anyone that is interested, I contacted JM about the insurance. Basically JM works farily similar to any good homeowners policy. The unscheduled coverage is only for theft and has a limit of $1000 for each piece. All in all pretty useless imo. At a $1000 limit, I''m self insuring, especially at those premiums. I think that my homeowners has better limits.
The scheduled jewelry policy offers a 10% reduction in premiums if you chose a $250 deductable and an additional 5% if you have a monitored security system. The rates are not bad, but my State Farm rates are better, so not much incentive for me to do anything.
If I contact Chubb, I post the results.