In research insurance for an upcoming purchase, I started doing research on jewelry insurance. I came across a policy that is underwritten by Markel insurance. They seem to be a specialty insurer and insurer many non-standard things such as camps, ambulances, etc.
I have looked at the sample policy attached and it doesn't address how they value a loss other than the cost to replace with "like kind or quality". Since I have read that many insurers will not look to the minute details of your diamond to determine a loss, this seems interesting if they accept an appraisal or invoice to value your loss.
Below is the information I received from the agent:
To give you a little more insight on the policy coverage and processes...
No appraisals are needed to purchase the policy - a blanket policy is issued for the value of the items declared. You do not need to list or "schedule' items on the policy.
Highlight of included coverage:
1. Proof of Ownership
2. Proof of Value
3. Proof of Loss
1 & 2 are generally satisfied by an appraisal or receipt. For 3, a police report is considered satisfactory. However, if it was lost you would have to provide a little more detail on where you where, when you think you lost it, etc. With those 3 things, you would contact us and our insurance claims team would take care of the reimbursement. It is a fast and simple process.
Something else that seems interesting is that you do not have to schedule each jewelry piece and can have an aggregate policy that covers your entire collection.
Does anyone have a policy underwritten by Markel? How has your experience been? Does anyone have any thoughts on this type of policy?
I have looked at the sample policy attached and it doesn't address how they value a loss other than the cost to replace with "like kind or quality". Since I have read that many insurers will not look to the minute details of your diamond to determine a loss, this seems interesting if they accept an appraisal or invoice to value your loss.
Below is the information I received from the agent:
To give you a little more insight on the policy coverage and processes...
No appraisals are needed to purchase the policy - a blanket policy is issued for the value of the items declared. You do not need to list or "schedule' items on the policy.
Highlight of included coverage:
- Damage beyond wear-and-tear
- Theft (including in an unattended vehicle)
- Mysterious Disappearance / Unintentional Loss
1. Proof of Ownership
2. Proof of Value
3. Proof of Loss
1 & 2 are generally satisfied by an appraisal or receipt. For 3, a police report is considered satisfactory. However, if it was lost you would have to provide a little more detail on where you where, when you think you lost it, etc. With those 3 things, you would contact us and our insurance claims team would take care of the reimbursement. It is a fast and simple process.
Something else that seems interesting is that you do not have to schedule each jewelry piece and can have an aggregate policy that covers your entire collection.
Does anyone have a policy underwritten by Markel? How has your experience been? Does anyone have any thoughts on this type of policy?
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