lost my engagement ring - now what?

[dib]

I took my engagement ring off yesterday and put it in my room. When i came home a few hours later, it was gone. After much questioning, my daughter seems to remember picking up my ring and that''s all. I have searched my house upside down but no luck finding it. It sounds like it should be somewhere, but it''s really nowhere to be found. How long do i keep looking for it before i put in an insurance claim? Also, how does insurance work - if it''s appraised for $24,000 do i get that amount in a check? I am devasted for sentimental reasons, but i guess i am lucky it is insured.

 

[elmo65]

I would keep looking for awhile-- once you make a claim in that amount, your insurance company will take notice of you.
I would make sure there is no way you can turn up that ring. How old is your daughter? If she is really young, there is a good chance she may have moved it and will tell you what she did with it (hopefully not flushed it down the toilet or something!!)

 

[RockDoc]

Sorry to hear about the problem...


However there is another possibility.... Do you have a cat or dog? Cats are notorius for being attracted to sparkly things, taking them and hiding them.

I know this may sound crude, and disgusting but if you do have a cat thoroughly check the litter box. In the same vein dogs have swallowed diamonds and pass them through, so if you have a dog check that too.

Ss far as insurance....

Reporting a loss timely is very important. Putting that off is a critical mistake. In the meantime while they are processing your claim, and you do find it, cancelling the claim or returning the payment (if they dont replace it) will earn you "gold stars" with them in that your honest and ethical about the situation.

Tell the claims department the truthful facts, and that if you locate the ring, you'll be cancelling your claim.

As far as how the insurance will settle your claim is based on the type of insurance you have.

This will be outlined in writing in the policy, so carefully read it, and talk to the claims department and ask all the relevant questions you have AFTER reading the policy.

If you have Valued at or Agreed type policy, you can expect a check for the insured amount. If you have replacement insurance then they will send you to who gives the insurance company the "best deal" based on how much detail is in the appraisal report. If you want to "cash out" generally the replacement policies will only pay an amount equivalent to their cost to replace as long as it doesn't exceed the stated value in your policy.

If you tell us more detail about your policy ( type, name of insurance co etc) perhaps we can advise you better as to how to proceed. Also some facts about the appraisal used to base the insurance on.

When did you purchase and insure it? Did you actually pay $ 24,000 for it? Did the appraisal report come from the seller? How complete is the report? Is it just the very typical one or two page report, or one that was done more to professional valuation standards?



Hope this helps

Rockdoc

 

[dib]

Thanks for the replys. There are no animals in the house. I wish there i had one so I cold blame this on them!

In regard to the insurance, i have travellers insurance. The actual cost for the ring was a few thousand less than the appraisal. My husband seems to think we have the replacement knid, but i haven''t read the policy yet. The appraisal is just the typical 1 sheet thing from the seller. It is very specific about the details of the ring.

 

[icelady]

Hi dib,

I'm sorry to hear about your ring!

Your policy could be different than mine was, so as RockDoc mentioned, read your policy thouroughly!

With that having been said, here is my story:

I am not an expert here, but have a bit of experience with an insurance claim. Ours was replacement value also. Many people do not realize that they are probably paying for too much insurance, especially with a replacement value policy. Insurance companies have the ability to purchase replacement diamonds at a much lower cost than the average consumer. They are not concerned with quality of cut either (unless your appraisal is VERY specific about cut quality), and will only replace the diamond or ring with a similar (or slightly better, they cannot replace it with lower graded stones) size, clarity and color. If you choose to cash out with them, the settlement you will receive will hardly cover replacing your ring yourself. I learned my lesson the hard way, I had been paying for insurance on the ring for fifteen years, and they gladly took my money on the appraisal amount all that time. In order to cash out with them on the claim, they offered me roughly 40% of the value of the appraisal amount on which I had been paying all along. In other words, I had been paying roughly 60% more in premiums than I should have been for fifteen years.

This is why I have chosen to go with a 'Valuable Articles' policy with Chubb Insurance. Jewelers Mutual seems to be similar to Chubb as well. Thankfully, I have not had to file a claim with Chubb, but others that have, tell me that they received the appraised amount on which they had been paying premiums.

One thing that is definitely in your favor is that your appraisal sounds very detailed. That is the first step in getting an acurate replacement from them.

As RockDoc mentioned, you can always cancel the claim when (I think you'll find it!) you find the ring. And honesty is ALWAYS the best policy!

I truly believe you will find your ring. Probably in the least likely place for it to be!!!!

Good luck!!

 

[RockDoc]

Date: 4/24/2005 8:19:17 AM
Author: dib
Thanks for the replys. There are no animals in the house. I wish there i had one so I cold blame this on them!

In regard to the insurance, i have travellers insurance. The actual cost for the ring was a few thousand less than the appraisal. My husband seems to think we have the replacement knid, but i haven''t read the policy yet. The appraisal is just the typical 1 sheet thing from the seller. It is very specific about the details of the ring.

Re: Appraisal ... One Page? It would be interesting to see if it really is that complete.

Mine vary quite a bit, as to the number of pages, particuallarly for an insurance replacement function....they are commonly 25 pages. Many have several values reported.

The job of the appraiser is not to assign a specific value, as this commonly results in appraisers assuming that they are helping the consumer by over-valuing. The appraisers job should be to report all the relevant values and which ones that are reported should parallel the terms of the policy relevant to claim procedures and settlements.

It is the appraiser''s job to present all the relevant details, which many time requires the reporting various values. The selection of which value to choose is really between the insured and the insurer. The appraiser is charged with reporting the information to the parties, and let them decide which is the most appropriate value, not to assign a specific one.

Tips for finding a lost stone or ring.

First it is best to do this in the dark... Use flashlight that is powerful, and it will be easier to see the dispersion of the stone, and locate it.

For plumbing issues. Most sinks have "traps" Turn off the water supply and look in these traps, I lost my ring down a drain of a sink while washing my hands, and opened the bottom of the U shaped pipe and recovered it. Hope your hubby is handy and can do this..... not sure about toilet traps, but knowing how to search that out might be good too.

Hope this helps

Rockdoc

 

[icelady]

RockDoc,

Perhaps if I had an appraisal that you had done, I would not have had the problems I had with my claim! I would have also understood how insurance works before encountering my problems as described above.

Thanks for the great information!

 

[RockDoc]

Dear Ice lady

Thanks for telling the story about your claim.

Depending on the law in your state, the insurance company may be liable for the unearned premiums you paid.

OVer the fifteen years at a 60% overcharge, amounts to what is probably a lot of $$$.

I know in Florida this is enforceable, in California it isn''t. However, if your state doesn''t have statutes in their insurance "codes" to reimburse you, you have an action against the appraiser.

After all it was his negligence that "forced" you to pay the excessive premiums. Most appraisers also have errors and ommission insurance coverage.

Even if time has passed since your cliam was settled, the appraiser''s insurance covers him.

PM or email me if you need more advice on this.

Rockdoc

 

[Patty]

I''m sorry to hear that your ring is lost.

When our daughter was 2, she lost my e-ring. We searched everywhere and emptied the trash, etc. I kept thinking that it HAD to turn up. I mean, where could it be? We called our insurance agent and asked how long we should wait before filing a claim. He said that it was up to us. He was willing to take care of it right them but I said no, I wanted to wait because I knew it would eventually turn up.

Three weeks later, I pulled the last Kleenex out of the tissue box and heard a "pling." I guess the ring had come off when my two year old went to get a tissue! It must have been on the side or bottom of the box until I pulled out that last tissue.

 

[baltneu]

dib
how old is daughter? perhaps she could retrace her steps for you.

 

[dib]

Icelady- thank you for sharing your story. Did you have coverage with a big insurance company? I hope that when i contact my insurance company i hear some better news. So if you don''t want to cash out, you have to go to a jeweler that they say?

baltneu - my daughter is 4 so she should be able to tell me more, but she seems to be telling me a different story everytime i ask her about the ring. One time she had it, one time dhe didn''t, etc. So as you can imagine it has been very frustrating dealing with this.

Roc Doc- i guess the appraisal isn''t as thorough as i though - what could they write in 25 pages about one stone? I don''t have my appraisal with me right now, so i can''t tell you what it includes. I will reply about that again tomorrow when i am home. I will try the search tips you gave - thanks.

Patty- you are one lucky lady. i hope i am so lucky!

I am angry that i don''t have Chubb because i have heard that they are a great ins company to have for many things, not just jewelry. Does anyone know what the difference is on your premiums to carry the valuable articles versus just replacement. It seems like the valuable articles would be the way to go.

 

[Kaleigh]

I am so sorry about your ring. Your daughter is 4?? Maybe she is scared to tell you where it is?? Or maybe she forgot what she did with it?? That is a tough age, I hope you find it soon. Good luck and let us know what happens.

 

[mamchris]

Becareful with insurance, my husband has been in the industry for many years, and on some policies there is an exclusion for "mysterious disappearance" If you lose it in the ocean that''s ok, but if you leave it in your house and can''t find it that may be another story. Check your policy. Good Luck, best thing would be to find it.

 

[dib]

wow-thanks. i never thought of that!