Appraisals and Insurance

[Maya Moonstone]

Hi

I am looking into getting the services of an appraiser. While I will have him/her lappraise the diamond I bought from Whiteflash

before I have it set, I also want to use the appraislal for insurance purposes.

I know that most insurance companies will be satisfied with only the GIA report - but I will not be satisifed when they have to replace the ring based on only the GIA report! What in your opinion is the MINIMUM I should expect from an appraiser for insurance purposes to be able to replace my diamond?

I am in Seattle, WA -anyone know of a good appraiser in this area? Or would you send it to an appraiser that post regularly on PS, even if he is in another city?

Thanks

Maya

 

[Regular Guy]

From what I read here, and at approx 40 minutes away, Deborah may serve you well; see appraisers listed under resources at the top right, newly annotated by Leonid at Pricescope. She has sarin, which means she's got to be sensitive to nuances of cut. Though I think you're wrong about an insurer accepting a GIA cert, I think the focus of your concern is right on. The insurer will accept any measure of valuation that's reasonable, and won't necessarily care about the quality of your diamond's cut. But, probably Deborah will, can document this for you, such that, when needing replacement, if you get a recognition from her in writing of the goodness of cut (falling within ideal standards, or whatever she will be able accurately document for you), this will allow you to replace for same, in the case of a loss, and with satisfaction, and the dollar amount quoted can become more trivial as a concern, because the insurer would more importantly be seeking to replace your lost diamond with one of a truly similar quality...which would be the main point.

Best regards,

 

[WinkHPD]

RE: What in your opinion is the MINIMUM I should expect from an appraiser for insurance purposes to be able to replace my diamond?
========================================

I would expect that at a minimum you will want a reference to the GIA report number, the measurements and data given and additional comments that the stone is H&A (assuming that it is) and especially if the stone is one of the ACA branded stones that fact MUST be in the appraisal if the stone is to be replaced with an ACA diamond.

Extra data such as the Sarin report and any lightscope photos available are nice but not truly needed if the other information is present. I do not know Whiteflash''s policies, but will they not write a full report for you to give to your insurance company? I know if I was buying from an unknown company I would want a separate and independant appraisal, but when dealing with the only company in the world that can replace your ACA diamond with another ACA diamond (again I am assuming that you bought one of their ACA diamonds) you might be just as well served by having them write the paper if they offer that as a service.

Wink

 

[RockDoc]

Dear Maya


It really depends on whether or not you are considering buying a Stated Vaue Policy OR a Replacement policy.

If it is a replacement policy, the more information supplied, they better off you are when settling a claim for a loss.

If it is a valued at policy - it doesn''t hurt to have the details as a loss is settled by providing you with a check, and you can have the freedom of buying what you want, as you''ll have a check, instead of a replacement.

Rockdoc