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HELP......I CHIPPED my stone!!!

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KtIceRN

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Jun 28, 2006
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I am beside myself right now. I was cleaning my e-ring and had put it down on a towel just to sit while I scrubbed my wedding band and my husband walked into the room and grabbed the towel!!!
Well there goes my ring onto the tile floor. I gassped...picked it up and there it is, a big old chip just staring me in the face!!

I do have a policy on my homeowners. I called them after I finally stopped crying. They said someone would contact me on monday about looking at it. He could not tell me anymore other than that. Except I had no deductible and that I would be able to find the replacement stone if that was necessary.

I was just wondering if anyone had any advice or knowledge. I am very upset!!!

The stone was bought in April 2004 from WF. It is a 1.3 H VS2 XX.

Any help or comfort would be greatly appriciated. My husband does not understand at all why I am so upset about a diamond!

I have attached pics.

Thanks so much. KT

chippedkt.jpg
 

zhuzhu

Ideal_Rock
Joined
Mar 15, 2006
Messages
2,503
SO sorry to hear of the incidence. Don''t worry too much right now, the insurance will take good care of you and you will soon find a beautiful stone as replacement!!
 

diamondfan

Super_Ideal_Rock
Joined
Jun 17, 2005
Messages
11,016
I am so sorry, that really is awful. We all understand how upsetting it was! I am sure it will all turn out fine...hang in there.
 

WindyCitySparkle

Rough_Rock
Joined
Nov 24, 2006
Messages
73
Oh, KT, so sorry! It looks like a substantial chip, so I''m thinking that you will end up needing to replace your stone...
I hope that the insurance people are good to you and that they won''t try to put you through too many hoops in order to get the replacement stone that YOU want (not they). I would recommend taking the initiative to tell them that you want to cash out, or telling them which dealer you want them to deal with in order to replace your stone. When I bought my stone the dealer told me that if I ever need to get an insurance replacement stone that I should call him immediately so that he can contact the insurance company. Good luck!!!
 

Kaleigh

Super_Ideal_Rock
Joined
Nov 18, 2004
Messages
29,570
Be proactive and tell them exactly what you want and who you want to deal with. If you come across firmly from the get go that is best. Don''t let them push you around, or if need be cash out. Many PS''ers have had this happen. I know it''s a nightmare, but hang in there, I''m sure all will be fine!!!!!
 

simplysplendid

Brilliant_Rock
Joined
Nov 19, 2006
Messages
1,772
I''m so sorry to hear what happened.. I understand, I will be in tears too in a similar situation. Hope things will work out well finally and you will have a replacement stone..
 

dtnyc

Brilliant_Rock
Joined
Jul 27, 2005
Messages
1,082
You should definitely try to cash out so you can buy a replacement stone- perhaps your husband should kick in some extra since he grabbed the towel and you can could even get an upgrade as a consolation prize!
 

KtIceRN

Brilliant_Rock
Joined
Jun 28, 2006
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1,320
Thanks everyone. I knew I could count on you for moral support!

dtnyc,
Thanks for making me laugh. I will have to keep that in the back of my mind just incase.

I really don''t want to have them try and recut the stone. I was already having DSS so that would be very bad!

Anyone know of any links where I can read more of what happened to other PSers?
 

jaz464

Ideal_Rock
Joined
Jul 11, 2005
Messages
2,022
If you type in ''chipped'' or similar in the search, relevant threads will pop up.

So sorry to hear about this. The bright side is you get to shop for a new diamond!
 

the other Jake

Shiny_Rock
Joined
Nov 9, 2006
Messages
423
Yea I can see how you can be distraught... but thats why you have insurance! Look at the brightside- all those insurance premium payments will be worth it. Seriously though, I hope it works for the best.
 

Sundial

Ideal_Rock
Joined
Mar 14, 2005
Messages
5,532
Oh that is just awful KT! I am just glad that you had it covered under your home owner''s insurance. Let us know how you come out.
 

Tacori E-ring

Super_Ideal_Rock
Joined
Aug 15, 2005
Messages
20,009
Oh, I am so sorry!!!! Thank goodness for insurance. Just hang in there. In the end everything will work out.
 

RockDoc

Ideal_Rock
Joined
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2,509
Generally in this type of situation the insurance company will offer you several choices. However, what they do in settling your claim will be made to the "letter" of what the policy says.

I''ll describe the most common situations with this.

Firstly, the item would probably have to be a separate schedule to be covered.


If you have a "replacement type" policy most companies settle claims with the following methods :

Most of the time the choice of which you can accept is yours. ( But this does differ with many companies)

A. They pay for the cost of the repair of the damage ( Recutting ) and then reimburse you for the "loss of value" which will be based on the grading of the result after cutting.

B. They replace the diamond with another one that is of " like, kind quality" to the one that you purchased. The insurance company gets the stone that was in the ring.

C. They cash out for the replacement cost. The "glitch" here is "WHO''S REPLACEMENT COST?" Cashing out may or may NOT be your best option, as it would depend on if they would acknowledge that the diamond you had was a branded stone only available from the same company that sold it ( Whiteflash ) - or if their adjuster would feel that any hearts and arrows stone would be "like,kind quality). I would think that if the company is reasonable with settling their claims, they would agree that if you had an A Cut Above stone, that you get another one of the same brand. If it was an expert selection stone, they could take the position that if they have a preferred supplier, that they would only pay what their supplier says their cost is for cash out.

The idea of settling a claim is to put you in the EXACT same position you were in immediately before the loss.


Some companies are very good about keeping their insureds pleased others are less than what you''d expect. I believe a lot of this has to do with the personality of the adjuster.

I''d recommend that you be "assertive" that WF replace your stone..... but still courteous.

Hope this helps.......

Rockdoc
 

kenny

Super_Ideal_Rock
Premium
Joined
Apr 30, 2005
Messages
26,961
Wow, Very very sorry to hear about this.

Glad you are insured!
 

KtIceRN

Brilliant_Rock
Joined
Jun 28, 2006
Messages
1,320
Thanks so much RockDoc.

So here''s the thing. When I bought my stone I had the loose stone appraised. I have that appraisal in hand. It is an replacement appraisal dated 04/02/04. Would it be resonable to expect them to "cash out" according to the value of this at least? I did send it to them but I don''t see a note of it on my policy.

I just want to get what my stone is worth and be able to pick out a new one. With my PS knowledge I do not want to settle for their idea of a good stone.

If they will cash out how does it work getting them the old stone. Who takes it out of the setting?
 

KtIceRN

Brilliant_Rock
Joined
Jun 28, 2006
Messages
1,320
I have Amica insurance. It is a replacement coverage. It states:

The value of the property insured is not agreed upon but will be ascertained at the time of loss or damage. We will not pay more than the least of the following amounts:

a) the actual cash value of the property at the time of the loss
b) the amount for which the property could reasonably be expected to be repaired to its condition immediately prior to loss.
c) the amount for which the article could reasonably be expected to be replaced with one substaintially identical to the artical lsot or damaged
d) the amount of insurance

I have it insured for the retail replacement value as it is insured as a whole ring but like I said I have the other appraisal.

Thanks again for everyones support and help!!
 

snlee

Ideal_Rock
Joined
Oct 6, 2004
Messages
5,891
I''m not sure about the insurance part. But I just wanted to say I''m sorry to hear about your diamond chipping!
Thanks goodness you have it insured! Hopefully your hubby will be a little more understanding too.
 

RockDoc

Ideal_Rock
Joined
Aug 15, 2000
Messages
2,509
Date: 12/16/2006 12:28:58 AM
Author: KtIceRN
Thanks so much RockDoc.

So here''s the thing. When I bought my stone I had the loose stone appraised. I have that appraisal in hand. It is an replacement appraisal dated 04/02/04. Would it be resonable to expect them to ''cash out'' according to the value of this at least? I did send it to them but I don''t see a note of it on my policy.

I just want to get what my stone is worth and be able to pick out a new one. With my PS knowledge I do not want to settle for their idea of a good stone.

If they will cash out how does it work getting them the old stone. Who takes it out of the setting?
1. Probably best to check out a similar stone on WF''s site and see what the current cost is. For example, let''s say you paid $ 10K, and the appraisal was made for say $ 15K. If you insured it for $ 15K that value would represent the MAXIMUM they would be obligated to pay out, which would be dependent upon the price the insurance company''s cost to replace would be.

Let''s say you had 15k of coverage, and the current cost on WF''s site for a comparable stone would be $ 11,000.00 to you as a retail customer. The insurance adjuster would probably call WF to see if they would get a discount (probably not very likely that it would be very much different because their prices are very competitive). But let''s assume that WF would like the insurance company''s business and discounted the stone for it to be replaced with for $ 10,500. The insurance company would only pay out $ 10,500.00 to WF or to you if you wanted to "cash out" regardless of whether they paid you or paid WF.

If the cost to replace it would be more than $ 15k, then they would only pay the $ 15K and you''d have to pay any difference. If you wanted a better or more costly stone, you''d have to pay the difference, but if you wanted a bigger stone or better quality one, most companies would allow to buy the better stone, but would only pay the cost of the replacement one.

The troublesome part is whether the insurance company has it''s own source to replace stones, that would cost them less, and that they took the position that whatever cost their source quoted them is what they would pay.

You haven''t said who your insurance company was, and the type of policy you had. If you had an AS AGREED or Stated Value type policy, then they pay the amount you insured it for, and if the company has an "inflation guard" option in policy they would pay more providing the cost to find a new one would be more. Chubb would pay 150% in this instance on 10K of insurance coverage, and you could replace it wherever YOU wanted to replace it at.

As far as the removal of the current stone, if WF is going to do the replacement, then they would probably remove the old stone and send it to the insurance company or the insurance company may have someone who they would require you to go to that would provide the service to them. They may also want the damaged diamond back in advance to examine it. They of course are entitled to this before they pay your claim. They possibly could have an appraiser who would veryify for them that the stone that is damaged is the of same quality that the stone that was insured is.

If you have coverage with State Farm, Allstate or one of the more well know companies, they would probably already have set up a relationship with a jeweler or appraiser to do this for them. If it is a smaller company, they may just issue you a check if that is what you want.

If you have a lot of other policies ( Life, auto, umbrella policies etc) with the same company, SOMETIMES they will be more "cooperative" in doing what you request or prefer.

Different companies vary and sometimes how the adjuster handles the claim can vary too. You should read the policy section on how claims are settled, and any sections that have exclusions written in, as well as endorsements to regular policy coverages. An insurance policy is a contract and they are obligated to follow what is written in it.

If you have a good relationship with the agent, that can sometimes "help" too.

Hope this helps more....

Rockdoc
 

KtIceRN

Brilliant_Rock
Joined
Jun 28, 2006
Messages
1,320
Thanks RockDoc, you are a wealth of information.

My insurance agancy is AMICA. I am not sure how big they are but they are here since their headquarters are in my little state, R.I.

I do have all my other policys with them and this is my first claim every. I do not have an agent I just deal with them at the home office.

The claims person I talked with tonight said someone would call me on monday about having an appraiser look at the stone.

Will they even consider my loose diamond appraisal?

What is I want to get a larger stone as a replacement??
 

RockDoc

Ideal_Rock
Joined
Aug 15, 2000
Messages
2,509
I think Amico is a medium sized insurance company, so not sure what their method of claim settlement is, but from what you posted of the policy language, it pretty much defines what I wrote previously.

I guess the interpretation of "subtancially similar" is what will be the issue.

However, I might also add that if you "over-insured" the item i.e. they settled the claim for LESS than the coverage amount, you MIGHT be entitled to a refund of the premiums that you paid in excess, so it is sort of prudent to find out HOW much they paid to settle the claim.

This varies from state to state. In FL where I am the insurance company is SUPPOSED to return the unearned premiums. (Since most people don''t know this, many times the insurance company does disclose this when they do settle for less). I do know that in CA. this is not the case. I spoke a few years on the phone directly with the insurance commissioner who said that he thought if the appraiser valued the item too high, that the appraiser should be liable for the excessive premium costs.

At least you have a little knowledge of what will most likely happen and you can proceed with a little more info to help make the decisions coming up.

Rockdoc
 

KtIceRN

Brilliant_Rock
Joined
Jun 28, 2006
Messages
1,320
Just to get to the nitty gritty I have a 1.30 H VS1 GIA XX stone. The loose stone appraisal is for 8800.00 I looked on WF''s site and the closet I could find was a 1.33 H VS1 GIA XX that is a hair samller than mine for 8960.00. The insurace is for the whole ring and is 15500.00. Platinum setting and 6 princess stones totalling 0.72. What should I expect?

Should I bring something like that to the appraiser? Will it make a difference? I definately want to replace the stone myself so cash out is the only way.

Thanks again
 

RockDoc

Ideal_Rock
Joined
Aug 15, 2000
Messages
2,509
Date: 12/16/2006 1:21:32 AM
Author: KtIceRN
Just to get to the nitty gritty I have a 1.30 H VS1 GIA XX stone. The loose stone appraisal is for 8800.00 I looked on WF''s site and the closet I could find was a 1.33 H VS1 GIA XX that is a hair samller than mine for 8960.00. The insurace is for the whole ring and is 15500.00. Platinum setting and 6 princess stones totalling 0.72. What should I expect?

Should I bring something like that to the appraiser? Will it make a difference? I definately want to replace the stone myself so cash out is the only way.

Thanks again
I am assuming from the information above that is wasn''t one of the ACA stones.

In that it is a generic GIA graded stone, it might be in your best interest to let their source replace it.

In checking on the WF site you have a reasonable estimate of what it would cost YOU to replace it there.

Some would depend on how the appraisal was written. If it lists the diamond value and the ring value separately, the limit of what they would pay MIGHT be limited to the stone''s value only. If it was valued as the ring and stone together with one value then that should be the limit of what they would pay. It depends on the documents that you submitted to them.

But if they have a source that would sell them a like kind stone for less, then you would only get the amount that their source quotes to them.

Very generally, you might want to consider that they would get better pricing for the replacement than you could. So cashing out, might not be in your best interest.

THIS IS WHY I KEEP HARPING ON GETTING STATED VALUE COVERAGE WHERE YOU GET A CHECK, and you can buy whatever you want wherever you want.

Hopefully, they will be courteous, professional and reasonable with the handling of your claim.

Keep us informed of what happens.

Rockdoc
 

KtIceRN

Brilliant_Rock
Joined
Jun 28, 2006
Messages
1,320
RockDoc again I do appriciate all the info you have given me. At least I have some knowledge of what is going on when I deal with them on Monday. I will definately post when I know more.

Thanks Again!!

KT
 

jenniegirlm

Shiny_Rock
Joined
Sep 18, 2006
Messages
165
I''m so sorry for your stone! Do you mind telling me what type of surface it hit causing it to become chipped? Did it fall onto a tile surface? I just want to know so I can remind myself to be extremely careful because I''m pretty clumsy myself and tend to drop things constantly.
 

denverappraiser

Ideal_Rock
Trade
Joined
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Messages
8,674

Amica is a pretty good company. I don’t think you’ll have a problem. Assuming the policy was bound on your appraisal, they MUST consider it’s contents. As Rockdoc points out, the issue is defining ‘substantially similar’. Since you had the item appraised loose and you have all of the data from WF about it, I’ll be quite surprised if they give you any hastle at all. Would you be agreeable to have WF supply the stone and do the setting work or did you have someone else in mind? I assume that they would be willing to cooperate although I agree that it’s unlikely that the company will get much of a discount. T''aint your problem. Since they were the original supplier and you submitted good paperwork, most companies would be happy to work with them. It sounds to me like you''re fully insured with a reputable company and there''s a pretty good chance this will work out exactly as you would wish. Don''t assume the worst of them before they''ve even had an opportunity to address the issue.


Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver
 

Regular Guy

Ideal_Rock
Joined
Jul 6, 2004
Messages
5,951
Could be worth noting two things about Amica:

a) prior to purchasing my current home, I looked in Consumer Reports to find favorable companies. Amica was head and shoulders above #2 in their ratings...way at the top of the list, as number 1. See details on CR for why this retaining obtained, I forget.

b) When asked about insuring my home...they were completely uncooperative. The fact that my payment (here in DC metro) wouldn''t be close to their estimates of replacement cost didn''t perturb them particularly. I continued with Nationwide instead, who used a much more "what it takes to continue the business" approach.
 

Ellen

Super_Ideal_Rock
Joined
Jan 13, 2006
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24,426
KtIceRN, I''m so sorry to hear about your stone, I can only imagine how you feel. But, as has been mentioned before, there IS a silver lining here, a possible upgrade.



A question for the experts. I was just wondering, if she got her stone from WF, but ended up replacing it with a stone from somewhere else, would WF take that stone in the future towards an upgrade? Or would this void that possibility?
 

denverappraiser

Ideal_Rock
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Joined
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Date: 12/16/2006 9:26:33 AM
Author: Ellen
KtIceRN, I''m so sorry to hear about your stone, I can only imagine how you feel. But, as has been mentioned before, there IS a silver lining here, a possible upgrade.



A question for the experts. I was just wondering, if she got her stone from WF, but ended up replacing it with a stone from somewhere else, would WF take that stone in the future towards an upgrade? Or would this void that possibility?
That would depend entirely on the rules of the tradeup program at Whiteflash but I would assume that they will not take a tradein that they didn''t originally sell unless by very speciall arrangement with the client.

The tradeup program towards an ACA is an interesting value attribute that would be difficult to duplicate with a 3rd party source trying to supply ''like kind and quality''.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver
 

RockDoc

Ideal_Rock
Joined
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I think WF"s trade up policy is only for the ACA diamonds.

Possibly some of the Expert Selection, but I think for GIA graded stones which they get from other cutters, are not included in the trade up option they offer.

However, as Neil pointed out they may make a trade up offer on a stone, but that would probably depend on if they wanted that quality stone to resell.

Guess John can comment on behalf on WF about this.

Rockdoc
 
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