- Joined
- May 3, 2001
- Messages
- 7,516
mary1012|1300821213|2877470 said:No. I insured the ring at $4,000 based on the appraisal, but I lost my ring and am wondering if they will pay $4,000 for a new ring, or if they will pay less than that. There is no specification in the paperwork as to how much they will pay. I'm also curious as to how the claims process will be since I've only had the policy for a month! I haven't called yet in hopes that I will find it.
I have handled many claims for Jewelers Mutual over the years.
They will NOT write you a check, yours is a replacement policy. They will pay the jeweler of your choice directly to replace your ring with like kind and quality.
The better your appraisal, the easier this will be. If you have an appraisal that states, one Crafted by Infinity diamond of xxcts and X color and X clarity set in Vatche style number xyz in 18kt white gold you are going to get a Vatche ring in 18kt white gold style #xyz with a Crafted by Infinity diamond. To get that they will probably need to go to the jeweler that sold you the diamond and work with him/her. You are welcome to choose another jeweler and a different diamond and a different ring, BUT, Jewelers Mutual will contact the original jeweler and find out what he/she would charge them to produce the ring in the appraisal, and that is the maximum that they will pay the other jeweler. We jewelers have to disclose our invoice to Jeweler's Mutual and they will pay us based on a formula, the margins go down as the prices go up. We Internet vendors love it, since they pay us more than Internet buyers pay us. (Hey it's their formula, we just adhere to it.) Many regular vendors do not like it so much...
If you have a sloppy appraisal, you may get a sloppy ring. 1.e. A lady's ring with a 0.75ct diamond in 14kt white gold. With some insurance companies they would figure they can get that for $2k and that is what you would get. With JM, since they are a "White Hat" company you are going to have someone who will pay what it takes to get what you lost up to the limit of your policy or up to what it would normally cost them to produce what you lost.
Before you submit your claim sit down and write down the last time you remember your ring. Did you take it off in a bathroom outside the house? Did you go swimming in a pool? Did you go swimming in the ocean? Did you take it off at the kitchen sink, etc etc. I have had clients "find" their ring when going through this excersize. I have also had clients, including myself, realize that they had lost it in the Ocean because they (I) remembered admiring their wedding ring just before going into the ocean. (The salt slightly desiccates the skin around your fingers, causing them to shrink and allowing the ring to slide easily off the hand.
Even if it does not lead you to the realization of where your ring is, it will allow you to have a better conversation with the insurance company than, "Gee, I have NO IDEA."
I am sorry that you lost your ring, but I have never had a client have a bad experience with JM. You are working with good people and they will take care of you.
Wink