Appraiser vs. Certificate (Insurance Question)

[Ukieza]

Let''s say I have a diamond that got appraised at a higher clarity than the certificate states that it is. What happens in that case? Will the insurance company take the lowest grade and use that for value estimations?

Thanks!
Ukieza

 

[Ukieza]

Anyone? *BUMP*

 

[RockDoc]

Date: 6/24/2005 3:29:28 PM
Author:Ukieza
Let''s say I have a diamond that got appraised at a higher clarity than the certificate states that it is. What happens in that case? Will the insurance company take the lowest grade and use that for value estimations?

Thanks!
Ukieza

Have you had it appraised yet? The appraiser should discuss that with you in detail, including the differences in value, and the issues of how the claim would be settled based on the company, type of insurance and how you would be affected in the event of a claim.

Then this information needs to be analyzed and narratively explained in the appraisal report. Generally, there isn''t a problem if all the facts and opinions are stated in advance, and supported by the appraiser.

Next, once that is done properly the insurance company''s underwriter will approve and accept it for coverage. If they do approve the appraisal at the higher clarity, then they are "stuck" with it.

Rockdoc