Chubb''s vs. Geico/Travellers

[stebbo]

Date: 10/19/2007 9:17:55 PM
Author: denverappraiser

My position is that an appraisal is describing a theoretical purchase in an actual marketplace. In general, an insurance replacement appraisal is describing the marketplace where the insurance company is reasonably likely to be expected to make the replacement and the value conclusion is intended to provide funding for them to do this.

So would you base your appraised value on whether the client plans to go with a replacement policy or an agreed-value policy, where the latter has the client doing the purchasing, and at a higher price than what the insurer can obtain?

 

[diamondseeker2006]

Date: 10/19/2007 9:50:40 PM
Author: stebbo

Date: 10/19/2007 8:56:42 PM
Author: diamondseeker2006
I thought I would mention that I received a letter from Chubb in the last week that gave me the one-time option of increasing the stated value of my diamonds insured with them by 10%, 25%, or 50% (inflation protection)!!! I did not over-insure at the outset, so I am considering the 10% increase.

You better act quick! One-time only! Reminds me of credit-card limits.

And 50%! Sounds a bit sneaky--I''m sure they wouldn''t pay you out the ''agreed'' value if they discovered you were substantially over-insured. Imagine the fraud...

I thought the 50% was rather bizarre myself. I think they would have to pay that value, but I have no intention of overpaying for something I never hope to lose; not to mention, I wouldn''t need that much extra to replace it!