HELP!! I broke my diamond!!!!!!!

[laney]

LOL! - Garry - a new picture contest.. right?

19th hole - Thanks for your explanation. I was aware of how that works, in fact - when we got an independant apprasial- we spoke to the apprasier about that (not to over insure) and she "lowered" the amount by some as per our request.

However -the good old good appraisal had MUCH more detail. Digitial pics, SARIN measurements, Idealscope, brillancescope (etc, etc). So since it had much more detail, and details we heard were good - we sent that in to them instead. They took the amount right off of that apprasial - which was higher than our independant apprasial amount.

So, we are probably paying more than we should. At this point in time - the $60 or whatever more in premium amount is a mute point - I am just happy to be able to have the coverage to do something about it.

I called this morning - and the girl who started the claim had no idea how they handle jewelery. Yikes. The Claims adjuster should call today - and hopefully they will know the process...

Keeping my fingers crossed for a good experience.

 

[lmurden]

OMG!

I can''t believe it! I really sorry to hear this

 

[SquareCut]

Good Luck Laney. I had a jewelry claim with Allstate once and they were great about it-very fair. This is a good lesson for people to get insurance! I just got a policy with Chubb because of the cash out option-they were the same price as State Farm who I currently have homeowner''s with. They let you insure it for whatever amount you want -purchase price or appraisal price or anywhere in between.

 

[laney]

Thanks square cut - it''s good to hear that people have had good experiences. It makes me feel better as I wait for the call from the adjuster. Too bad I couldn''t find a chubb agent at the time..

 

[laney]

Well, update from the insurance company.

The adjuster will call in two days... but get this. I was told to call my "jeweler" to find a replacment?!!

Really??!!?! I can call my own?

The guy said it should be an easy process for replacment and "I" should start looking for stones.

OKAAAYY. Don''t have to tell me twice..

(I know they are going to call and find me something different.. but at least I can dream for 2 days..)

 

[mrssalvo]

Laney,
That is wonderful news. If you can find something similar yourself I''m sure they would go for it. The adjuster called me back the same day so hopefully you will hear something even sooner. have fun shopping

 

[AChiOAlumna]

laney...

That is wonderful news!! I''m so glad Allstate is being so flexible and willing to give you the powr to find your replacement!! Sounds like this is going to be a mixed blessing (unfortunate that it happened, but at least will have a positive outcome)

!

 

[fire&ice]

Date: 7/11/2005 2:35:02 PM
Author: laney
Well, update from the insurance company.

The adjuster will call in two days... but get this. I was told to call my ''jeweler'' to find a replacment?!!

Really??!!?! I can call my own?

The guy said it should be an easy process for replacment and ''I'' should start looking for stones.

OKAAAYY. Don''t have to tell me twice..

(I know they are going to call and find me something different.. but at least I can dream for 2 days..)

I would start looking. Honestly, the easiest thing for the insurance company is for you to solve their problem. Most people wouldn''t know where to begin.

And, regarding the wait of 2 days, it really depends what''s going on in their world. With hurricane Dennis, etc - adjusters can be tied up. They handle the more serious problems first.

So, if you can come up with a diamond plan in place, I would be very surprised if they didn''t jump at your solution - provided it''s reasonable. Really, all the insurance companies want is for you to be reasonable.

Good luck!

 

[Kaleigh]

That is good news. Happy hunting!!!

 

[SquareCut]

Let the shopping begin!!! That is great news. Maybe they''ll let you keep your old diamond too! A nice pendant in a bezel setting will cover that chip right up!

 

[laney]

I hope my "plan" will work! LOL!

Anyway, I''m starting my search for my "LIKE & KIND".

Square Cut - unfortuately as I understand it, I will need to surrender the diamond. As far as I know.. but it would be really cool if I could keep it and get it re-cut. I''m sure it could be probably a carat after re-cutting..

Ok. Concentrating on task at hand!

 

[FireGoddess]

Yeah, you''re gonna have to give them that broken diamond now...they own it. Bummer...would be nice to get it recut! But I assume it''s just like when they "total" a car...they get the car and then try to recoupe some of the money they just shelled out to you by selling the parts. Maybe they will have the stone recut? Or sell it to someone else who will?!

Happy hunting for a new stone!!!!!!!

 

[mrssalvo]

i''ve heard sometimes they will let you buy it back for salvage..it wouldn''t hurt to ask if you really want to keep it.

 

[laney]

Date: 7/11/2005 4:23:28 PM
Author: mrssalvo
i''ve heard sometimes they will let you buy it back for salvage..it wouldn''t hurt to ask if you really want to keep it.

I''ve heard that too - and that the salvage prices is pretty reasonable. But you''d have to figure in the cost to have it re-cut - which I understand is sometimes not that cheap - then the cost of the salvage.. and wha la - could I have just bought the same 1 ct stone w/out all the hassle. Unfortuantely/ fortunately.. I''ve only had the stone .. for about 1.5 years.. so it''s not so much an heirloom yet..

 

[Dancing Fire]

Date: 7/11/2005 5:14:42 PM
Author: laney

Date: 7/11/2005 4:23:28 PM
Author: mrssalvo
i've heard sometimes they will let you buy it back for salvage..it wouldn't hurt to ask if you really want to keep it.

I've heard that too - and that the salvage prices is pretty reasonable. But you'd have to figure in the cost to have it re-cut - which I understand is sometimes not that cheap - then the cost of the salvage.. and wha la - could I have just bought the same 1 ct stone w/out all the hassle. Unfortuantely/ fortunately.. I've only had the stone .. for about 1.5 years.. so it's not so much an heirloom yet..

laney
i would worry more about the size after recut.unless the salvage price is really cheap,you may end up on the losing end of this deal.

 

[Mara]

do they make you get the same size too or is like/kind just color and clarity or what?? keep us posted!! bigger is better!

 

[Garry H (Cut Nut)]

Mara, you''r awful, but I like you

 

[Mara]

Date: 7/11/2005 10:35:10 PM
Author: Garry H (Cut Nut)
Mara, you''r awful, but I like you

 

[laney]

Date: 7/11/2005 9:05:05 PM
Author: Mara
do they make you get the same size too or is like/kind just color and clarity or what?? keep us posted!! bigger is better!

Well, I haven''t yet spoken to the adjuster. I want an H&A stone. So no compromise there, for me at least. I have an F color - so I don''t see any reason to compromise there. And I have an SI2 - which I''m fine with. My stone is 1.5 cts. My stone had a HCA score of 1 and I really liked the way it looked. So I''m looking for that as a starting point with a limit of the maximum insured value number.

I have actually found stones that would meet my needs right around my size UNDER the replacement value amount. I have even found LARGER stones that are under or at my replacment value amount -with lower specs (F to G....etc).

So, I''d figure I''d stay as close to my specs as possible. -- without compromising what I had. And maybe do a switch after the whole thing is over - and put some money towards a teensy size bigger. Theres a 1.75 I''m eyeing right now.. which wouldn''t be a stretch..

But I can only find SI1''s with the other specs... no SI2''s so I''m not sure what they are going to say about that.

I wish they''d call already!

 

[youngster]

Hi Laney,
I''m so very sorry about the damage to your stone.

It finally motivated me to call my own insurance company (which I did yesterday) and update my own policy. You''ve probably helped a ton of people so thank you for posting your story and those pics!

 

[laney]

Okey Dokey - the adjuster called. I''m afraid she didn''t sound like she knew anything about diamonds. I gently mentioned that it took a few months to find the stone in the proportion I wanted. Then, unfortunately, she said "oh is it certified"? Apparently she did not have any copies of all the documentation I sent in. I told her of course, yes, and I sent lots of detail when the stone was insured.

I offered to e-mail her (I have all the images - sarin, brillancescope, I2see, etc, etc thank you Jonathan) so she said sure. She will e-mail it to the "jeweler".

The process so far. I have to visit a "jeweler" of theirs. They will access the next steps. I figured I''d need to do this, so no problem. If they choose to replace it (which I am sure they probably will) - then the "jeweler" will try to do this. I mentioned that the first person who called said that I could contact my jeweler - and how does that work. She said that was ok to do - but first I needed to get the damaged assesed. Ok. Will do.

So, - The jeweler is JB International. Since I live near NYC - that''s where they will send me. From the few things I read here about them they provide wholesale stones to the market. It seems that the vendors know them... Apparently reputable. I don''t know if this is a blessing or a curse.. (as I have found some stones at GOG that i like

) ..

So I am really going to need to be on my toes with my specs. The very sad thing.. and I blame pricescope for this.. is I have my measurments memorized. Sad..sad.. thing.. Too bad I don''t have an HCA calulcator in my brain yet. Does anyone have a download?

Has anyone ever "gone" to JB International to look at stones? What should I expect there? Did they have a good selection? Were they forthcoming with technical details on the stones? Will they look at me crosseyed if I ask for a SARIN report?

On the good side. They said it could be a very quick process.

 

[claimsjeff]

Sorry to hear about your damage!

In regard to the salvage, most insurers state in the policy that all salvage belongs to them. However, as you noted there is a cost to cut, etc.... To help you determine even if you wanted to bid on it, try to get the jeweler to determine what it would cut back to, and the labor cost to cut it. Once you determine the new size, you need to find out what the wholesale market is for that piece less the cutting costs. In most cases an insurer will allow you to keep it if your bid is close to the wholesale value less the cutting fees. There are costs involved for them to ship it, hold the file open, process it with another buyer, etc.... The only exception to this rule is often insurers have contracts with salvage buyers where they do not allow the policyholder to bid on it. The contract usually states how much they have to pay and they have to accept all salvage. They don''t allow the insurer to cherry pick on what they want to send to the salvagor or they get short changed.

Good Luck!
Jeff Mills
VP Claims
JMIC

 

[fire&ice]

Date: 7/12/2005 5:26:07 PM
Author: claimsjeff
Sorry to hear about your damage!

In regard to the salvage, most insurers state in the policy that all salvage belongs to them. However, as you noted there is a cost to cut, etc.... To help you determine even if you wanted to bid on it, try to get the jeweler to determine what it would cut back to, and the labor cost to cut it. Once you determine the new size, you need to find out what the wholesale market is for that piece less the cutting costs. In most cases an insurer will allow you to keep it if your bid is close to the wholesale value less the cutting fees. There are costs involved for them to ship it, hold the file open, process it with another buyer, etc.... The only exception to this rule is often insurers have contracts with salvage buyers where they do not allow the policyholder to bid on it. The contract usually states how much they have to pay and they have to accept all salvage. They don''t allow the insurer to cherry pick on what they want to send to the salvagor or they get short changed.

Good Luck!
Jeff Mills
VP Claims
JMIC

Very interesting. Thanks for the info.

Laney - makes logical sense they would have to send you to a jeweler that *they* trust to make an evaluation of the stone''s damage. If you don''t feel comfortable with them replacing your stone, I don''t think you are bound by it. But, keep an open mind - you never know.

Sounds like you are making progress & are more relaxed with your inevitable fate. Continued good luck!

 

[laney]

Well here''s an update.

I e-mailed all my stuff last night. And again this morning. And then to the jeweler.

I have an appointment tomorrow to go in and have the ring accessed and possibly look at replacement stones.

Now, I''m worried. The guy I spoke to seemed knowlegable - didn''t flinch when I asked him to run a sarin on some stones *before* I arrived. He knew some pscope vendors too.

However he said he had a stone.. "up in quality".. a AGS000 (fine..). Then I mention that I didn''t really like deeper stones. He said "oh.. this is at 63%.. so I guess it''s out). Yeah. I guess. Then he said he had a better in color, clarity stone aslo AGS000 -- a little bigger in size - but not H&A. I explained kindly that although there are stones which are beautiful that are not H&A - I really prefer them. My original stone was a H&A, I paid a premium for H&A and that''s what I wanted in replacement. I wasn''t necesarily concerned going up to E from an F.

He then started saying "what, you like small tables"... and non H&A stones were great. Fine, I too think so - but that''s what I wanted.

So... here it goes.. I hope I seem friendly to him. I don''t want to be a pain in the butt about this process... but I do want a similar stone to what I had.

AND - I go in tomorrow - and he''s likely to have a set of stones waiting. I asked him to fax me the numbers first.. wow, this is going to be hard..

HELP!

 

[fire&ice]

Take a deep breath. It will be hard to replace your stone. Just be steadfast in your requirements. And, don''t be surprised if he doesn''t have any stones that fit your criteria. He wants to try to sell his stones first before calling in memo stones.

Just as many here have experienced, finding the *one* requires patience and perserverance. Souldn''t be that difficult - but most here can attest - it usually is.

keep us posted.

 

[BrightSpot]

Laney,

I''m so sorry to hear about your chipped diamond

, but it seems you''re on the right path towards replacement. Fortunately, you are armed with a lot of knowledge about diamonds & very extensive documentation on your stone. When you deal with the jeweler & the insurance company, just hold fast to what you want & to what is indeed a like and kind replacement. (It sounds like you''re already doing that!) Don''t let the jeweler talk you into accepting anything less! If it takes a little while to find the perfect stone, it''ll be worth the wait!

Good luck & let us know how it goes tomorrow!

 

[laney]

Well I'll certainly follow this through... AND I do know it takes a while.. it took months for the first one.. So I'm sure that I'll eventually find what I need.

And F&I - he's already calling in memo stones LOL! That's why I go tomorrow instead of today!
Edited to say : He is *recalling* stones that are out on memo...

I just don't want to get there -- him spread out diamonds before me and say "choose one". I'm pretty comfortable with looking at them.. and seeing the difference (after pscope I intently examine my friends rings! LOL!) anyway but I'll be a deer in the headlights if the lighting is halogen. They all look good there.

I just hope I have strength to hold out for what I want -- or I hope he sends some specs before I go in!!

 

[fire&ice]

Date: 7/13/2005 11:17:11 AM
Author: laney
Well I''ll certainly follow this through... AND I do know it takes a while.. it took months for the first one.. So I''m sure that I''ll eventually find what I need.

And F&I - he''s already calling in memo stones LOL! That''s why I go tomorrow instead of today!
Edited to say : He is *recalling* stones that are out on memo...

I just don''t want to get there -- him spread out diamonds before me and say ''choose one''. I''m pretty comfortable with looking at them.. and seeing the difference (after pscope I intently examine my friends rings! LOL!) anyway but I''ll be a deer in the headlights if the lighting is halogen. They all look good there.

I just hope I have strength to hold out for what I want -- or I hope he sends some specs before I go in!!

You know - it may be an interesting exercise to view the stones on their own merit before looking at the specs. Look at them while covering the stone w/ your hand or other object to shield the light. Arrange them in an order of initial gut likes. Don''t tell him one thing about what you are doing. In cases like this, he who speaks first often looses. After you do that than look at the specs.

REMEMBER - YOU ARE THE CLIENT!!!!

 

[strmrdr]

Might be a good idea to get oldminer to overnight an idealscope to you.
That will help you select a good replacement.

 

[laney]

F&I - wow that''s a good idea.. covering with my hand. I will do that. I have to keep in my mind that I am the customer...and I can take my time. I don''t currently feel a need to rush, so that''s good. I''ve also investigated some other stones for this replacement - so I should remind myself that what he shows me is not my only choice.

But I am in need of in person techniques - thanks for your advice.