NOT INSURED!

[PleaseHelp]

First of all I want to say I am very wordy and ADHD so please hang in there with me ..I do apologize.

I am so worried..My engagement ring was stolen from a local jewelry/repair store..Only mine and another ladies pendant were out of the safe..except for a few charms left in the glass case of the owners. My problem is I had not had my ring insured or appraised...(I know, real stupid!) I had only had my ring about a year in a half when a diamond fell out of the mounting and I sent it to a jeweler who replaced the single cut stone w/ a full cut stone which was larger making it look BAD! Devastated-I then decided to send it to a well-known jeweler in town who would fix it.


The mounting was excellent quality and very unique

-an original antique around 100 years old-platinum w/ .30 diamonds. My center diamond was enhanced ( my fiance and I were building a house when we purchased the ring and I was okay with an enhanced stone at the time. We had plans to later replace it for a beautiful stone.) The diamond was 1.70 carats, H color, maybe considered vs1 (not sure being enhanced). It was a beautiful stone.


The jeweler is not informing me of his insurance policy..I imagine it is with Jewelers Mutual-He has been around a long time.

I know It is going to be covered by his insurance since it was stolen there. I just want to know If ANYONE knows what I should do in order to not get taken advantage of..He had my ring for over 6 months..Could he not help me by appraising my ring for me especially when he was neglegant by having it out of the safe?? He knew it better than anyone. I was SOOO patient with him b/c I wanted it to be Perfect. I paid about 5,000 for it and I don''t think now I could replace it for that. He told me he needs receipts for what I paid for it. Is that all I can get for it since it wasn''t appraised?


ANY Advice would be so appreciated..My husband and I DO NOT know what to do to get back what we had..and we really don''t want to have to take it to court.

Thanks

Hopeless in Tennessee

 

[denverappraiser]

Dear Robin,

I’m terribly sorry to hear about your loss.It probably won’t be as bad as you think.Jewelers Mutual is a high quality company and they will do their best to handle the situation equitably.The first thing that they must do is to identify everything was lost.This is why they are interested in the original receipts.The jeweler who sold it may have records and it may be possible to extrapolate other important things from that original data.It’s not an attempt to reimburse you for only your original cost.He isn’t really eligible to make an appraisal since he is the claimant against the insurance company but I’m sure he will be required to make a statement to the company describing what he knows about the missing ring.It will be helpful if you have pictures or other prior documentation to help them to recreate or to properly value the missing piece.The original jeweler may have records that will be helpful here as well.

It is impossible for Jewelers Mutual, or any insurance company, to restore you with your original ring and the sentimental value that it carried. They can, and I’m sure will, help you to find another ring that will help to mitigate your loss and will compensate you for your loss.

Neil Beaty, GG ISA


Independent Appraisals in Denver

 

[PleaseHelp]

Thank you so much! You have helped me finally have a peace about this. I have pictures and documentation on how to value the ring. I feel good about Jewelers Mutual now --I just had no idea what to expect. I am meeting with the jeweler this Wednesday and I can''t thank you enough for your input and advice. I hope I''ll have a good report for you in the near future.

Much appreciation,

Robin

 

[Patty]

Good luck Robin! I''m sure the insurance company will do the right thing. I''m curious, though, why the jeweler had the ring for over 6 months?

 

[UnionDiamond]

Hi Robin,

It is very sad hearing your bad news. I just wanted to point out something before you go to your jeweler. Listen to what they say and try to be very businesslike. It will be tough since the ring is such an emotional thing. Just be careful not to sign anything including a waiver of your rights. If they do ask you to sign something, take it home and read it over carefully overnight. Don’t let your emotion dictate your actions. I am sure it will work out fine but just tread lightly.

Good Luck.

 

[claimsjeff]

Robin- sorry to get involved late....did your claim ever get resolved? If not, I am not sure if we insured the jeweler, but please feel free to give me a call- Thanks- Jeff Mills, VP Claims, Jewelers Mutual Insurance Company, 1-800-336-5642.

 

[RockDoc]

Date: 11/6/2004 3:19:39 PM
Author: denverappraiser
Dear Robin,

I’m terribly sorry to hear about your loss.It probably won’t be as bad as you think.Jewelers Mutual is a high quality company and they will do their best to handle the situation equitably.The first thing that they must do is to identify everything was lost.This is why they are interested in the original receipts.The jeweler who sold it may have records and it may be possible to extrapolate other important things from that original data.It’s not an attempt to reimburse you for only your original cost.He isn’t really eligible to make an appraisal since he is the claimant against the insurance company but I’m sure he will be required to make a statement to the company describing what he knows about the missing ring.It will be helpful if you have pictures or other prior documentation to help them to recreate or to properly value the missing piece.The original jeweler may have records that will be helpful here as well.

It is impossible for Jewelers Mutual, or any insurance company, to restore you with your original ring and the sentimental value that it carried. They can, and I’m sure will, help you to find another ring that will help to mitigate your loss and will compensate you for your loss.

Neil Beaty, GG ISA




Independent Appraisals in Denver

Hi Neil....

RE: Sentimental Value...also Unique Value

I am not sure about Tennesee, but here in Florida we do have CASE LAW the specifies that sentimental value can be awarded.

The requisites are that the item ( doesn''t have to be jewelry - but the Case I am referring to was) must be so unique that it can''t be replaced, and that a reproduction is NOT replacing an old original item. This concept is difficult to prove but if it can be you can get damages for that value.

The interesting thing about this is unless there is conflicting law written in Tennesee, a judge there can use the Florida case to establish precedent there if he wishes, and his clerk researches it correctly.

I have been involved with cases where the judge has adopted some of the US TAX COURT findings to make decisions where the Tax Court issue applies.

Just interesting to file away.


If I do come acroos that opinion ( its in the computer some place- I have tons of case law files in here) I will PM you with the cite.

How''s that for a New Years present ?

Rockdoc







.

 

[newenglandgemlab]

Hi Jeff,

Glad to see someone from JM on board....I use you for my business and refer lots of clients to JM too.

Happy New Year! Cindy

 

[claimsjeff]

Thanks Cindy.....thank goodness the bad guys are on holiday too...so I have a little time to jump aboard and see what''s happening. Hope the season has been good to you. If you are in NY in Jan. at the JA show..stop by the booth. Happy Holidays- J. Mills, VP Claims, JM Insurance.

 

[pricescope]

Hi Jeff, welcome to the Pricescope forum!

It is great when industry experts share their knowledge with the public. It is for both consumers'' and businesses'' interests to talk to each other openly, which creates better understanding and trust as well as developing of the internet brand. (Old branding is dead in the internet).