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

[Ellen]

Neil, that''s what I was getting at, I doubted they''d take a trade in on a stone they didn''t sell.

Rockdoc, as I understand it, WF has an upgrade policy on their ACA''s, and on GIA graded ES stones.

Thank you both for responding!

Hopefully John will chime in.

 

[Stone Hunter]

I don''t know anything about insurance. I just wanted to tell you how sorry I am to read your post.

BEST WISHES for finding something else that you love.

 

[denverappraiser]

Date: 12/16/2006 10:07:40 AM
Author: RockDoc

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.

Rockdoc

http://www.whiteflash.com/diamonds_info/t/confidence.aspx?articleid=10&zoneid=3

Here''s the whiteflash tradeup policy. All GIA graded stones they sell seem to be elligible.

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

 

[RockDoc]

Hi Neil,

I guess any stone qualifies except EGL graded that they''ve sold.. very liberal.

Rockdoc

 

[Mara]

aww kt i''m so sorry to hear about your stone, that is one big ole chip!!! it''s so funny because i typically don''t think i am sentimental about my rings or my stone at all, i mean i don''t THINK i am..but the other day i had a dream that we were traveling with friends in another country, and we ended up being robbed and they stole my rings! and in the dream i was beside myself. so i can understand that quick feeling of panic and ''omg'' as to what has just happened. i definitely think you should go larger and have bad towel-grabbing hubby kick in some extra moola for his quick hands.

hehehe. good luck getting it all worked out.

 

[KtIceRN]

Good morning all.

Thanks for all the comments and concern. I really appreciate having a place to go that people understand my worry and frustration.

The chipped stone was a WF ES back in 2004. I have had thoughts of upgrading and I would have been able to do that but now I would not expect WF to want the stone back nor do I think they accept it not in "orignal condition".

My goal for this whole fiasco is to have the insurance company give me at least what the loose stone was appraised for since I had sent that to them prior to having all of this happen. When I got the policy I had asked about loss and they did say that they would let me get the stone but that was a long time ago and not in writting. I do not feel comfortable having their jeweler pick a stone for me. . I don''t think any of the stones they will have will compair. And I do not think that WF would or should have to trade a stone that was not theirs.

Also I want to buy the new stone from WF as they have been very good to me in the past and I love their customer service and their diamonds. In fact John sent me an email last night. He was just browsing PS and saw my thread and just wanted to let me know how sorry he was and that he was there for any help I needed, even sent me the link to my stone so I would have the sarin and IS. If that''s not great I don''t know what is.

I have much more knowledge since 2004 and hubby and I talked and he feels bad that he dropped it even though it really was an accident and has agreeded to a bit of an upgrade.

Not too much cause I am already getting a 3ct 3 prong bracelet for x-mas, but enough to make me feel a bit better.

So I think that cash out is going to be to be the best option.

As far as Amica goes like I said I have never had a claim and have only been with them for 2 years but my parents have had them for a vrey long time and when they had a house fire Amica was great about replacing all of their belongings with no hassle at all! So we will see about jewelry...

KT

 

[denverappraiser]

If you have a replacement policy, it is necessary for the company to replace the insured property with one that is ‘substantially similar’. One of the attributes that is of value to you is that you are eligible to participate in the trade up program at WF, you just said so yourself. The only way they can provide this particular attribute is by using WF for the replacement. Assuming that WF will agree to provide the replacement at company expense, which surely they will, you don’t have a problem. As Rockdoc mentioned, there’s an interesting question of whether their limit of liability is $8800 or $15500 but, either way, WF is the ONLY supplier that can replace that diamond with ‘like kind and quality’ unless they can convince you to agree to accept something else. A cash out offer will possibly be less generous (maybe not) but I will be surprised if they fight with you over making a $8800 payment plus setting fees and possibly more to WF towards whatever you want as long as they’ve agreed that this is a covered loss. You may contribute more if you want to upgrade at this time or you can upgrade at a future time based on their tradeup policy since the new stone will have been purchased from them in 2006. The damaged stone will then become the property of Amica.

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

 

[diamondseeker2006]

I am not seeing why WF would be obligated to supply a new stone at cost to Amica. It seems like they should not have to take a hit in this since Amica has insured the ring up to $15,000.

But I agree with KT, I''d want the cash-out option so I could buy a new upgraded stone at WF myself. I wouldn''t want the same specs...may as well upgrade since the situation is requiring a new stone anyway!

 

[butterfly 17]

I am really sorry to hear this but I hope that you get to file your claim right away and everything goes really smoothly and you don''t have any problems. I chipped my OMC diamond as well, but I never had it insured, so I just wear it as is.

Good Luck!!!

 

[february2003bride]

KT- I am SO SO sorry that happened! My original platinum e-ring setting was damaged and I was sick over that. I can''t imagine also having the stone damaged as well.

Anyway, I went through our insurance (Travelers) and they were great. I provided my appraisal and my setting was still being sold by Blue Nile so it was pretty cut and dry. I was given the options of:

1) Sending the ring to Travelers for them to reset in a similar or identical setting
2) Take it to a Travelers approved jewelers to reset
3) Take the cash value (more on that below)

I chose 3 because I wanted to be able tp pick it out. I ended up going to Quest and choosing a setting very similar to my original, with slight changes.

Regarding the cash value: My setting was $600 in 2002 through Blue Nile. It was a platinum cathedral solitare and I loved it

Fast forward to 2006 and the same setting (at the time of the claim) was $950.00 (now it''s $1000- crazy!!). Travelers paid me for the appreciated value ($950) plus the cost of sending the damaged setting to them ($48.00 overnighted UPS), plus Virginia tax plus $120.00 to have the stone reset in the new setting! Because I had the appraisal and originial receipt and I was *extremely* nice to the guy (who had just proposed to his FI with a princess cut platinum setting, lol so he kind of understoon). It was beyond easy and painless and I fully intend to stay with Travelers because my claim went so wonderfully. We were worried that our payments would go up but they actually dropped!

I don''t know about AMICA but Travelers paid us out the appreciated value of the setting. Hope this helps!

 

[KtIceRN]

This is what I think I am going to do. I am going to tell Amica on Monday that I only want WF to replace the stone because of the liftime upgrade. I do not believe that anyone else they have can offer me that deal, plus that is where I got the original stone. If they want to deal directly with WF I will have to see about that, as I do want to be involved with the process. I think that they will relize that it will be just easier to cash me out at the value of the stone than deal with my polite but firm expectations.

I would like to upgrade the stone since I am going through this anyways. I guess I will wait and see what they offer me before I tell them again about the 8800.00 apraisal. I did send it to the originally but the only notation on the policy itself is for the ring as a whole for 15500.00. I don''t know what they will offer me or what my stone is valued at today. WF does not have a similar one in their ES. But if the insurance company comes back too low I will definately bring up the appraisal if by chance they give me a bit more I guess that it is just my lucky day. (Not that I believe that this will happen at all! But wishful thinking never hurt.

)

 

[ladykemma]

well, might want to consider getting that setting changed over to a more protective head. perhaps 6 prong, because it''s vulnerable the way it is now. and a bigger stone will be even more exposed.

next time you drop it on the floor, you will chip it again.

 

[denverappraiser]

Date: 12/16/2006 1:32:25 PM
Author: diamondseeker2006

I am not seeing why WF would be obligated to supply a new stone at cost to Amica. It seems like they should not have to take a hit in this since Amica has insured the ring up to $15,000.

Who said anything about supplying it at cost? They can, and probably will, charge their full regular price. If the insurance company can negotiate a discount because they''re a repeat customer, that''s between them and WF. I doubt they''ll get much but they may be able to get a little and it would be unfair to their stockholders not to try. In no way would WF be taking a hit by having Amica for a client, they''re just another customer.

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

 

[Lynn B]

WOW, what a bummer... I am sooooooo sorry.

And thank you for reminding all of us that our diamonds are not as impervious as we can easily think. That could have been me, I have done that exact same thing dozens of times! YIKES.

Please keep us posted on how this all turns out. You have gotten some GREAT insurance advice, and I have nothing of value to add in that respect, except this: remember you can NEGOTIATE, if necessary. One thing I have learned is that insurance companies will always offer you their rock-bottom deal FIRST. If it is unacceptable to you, tell them so... and counter offer.

Thinking of you.

 

[KtIceRN]

OK time for an update:

I talked to the insurance appraiser who had no clue about diamonds at all. Although she was very nice. (I think she felt a bit bad because after all of this with my stone I got into a car accident on sunday!! Talk about bad luck!!)

So anyways what she said to me was that they use an company called GEMCOR. (anyone ever herd of them?) She had all my paperwork including my independent appraisal, GIA cert and a few other pages, meaning the sarin and IS. Of course she had no idea what this was but what she told me was that what she would do is put a referal into GEMCOR with all of the paperwork to get a replacement price. I said ok and then proceded to tell her that I wanted only my jewler to replace the stone. She said that would be fine but if Gemcor could replace the stone for 8000.00 that that would be all they would give me. I told her that I understood what she was saying but that like kind in diamonds is not just being a H VS1 GIA cert diamond and that there were alot of other considerations. She then told me Uhhh..OK, GEMCOR has been wonderful with all of our clients and I am sure that you will not have a problem. I told her again that I would not be replacing the stone with Gemcor because I wanted to be a part of picking out the new stone and that I wanted the lifetime upgrade policy that gemcor would not be able to give me. She said that I could use any jeweler I wanted. So I guess I have to wait to see what they say. But does anyone know what the reasonable cost would be for them to replace my stone so I have an idea of what to expect as an offer?

Now the next problem is how to get the stone out of the setting? She said they did not have a jewler and that I could use mine but that would mean I would have to ship to WF have them remove the stone ship it back to me and then wait to get the check to be able to purchase the new stone. I guess that is my only option. I''ll have to talk to WF.

Funny though, they did not even want to see the damage, just asked me if I wanted it fixed or replaced. She also asked me if I thought my jeweler would want to buy the salvage? I kind of found that a bit odd.

Sorry about the long post. I hopefully will have an answer by wednesday from them, but what do I do if they do not want to give me what it is worth? I know I can argue the fact of all the specs but.....

Thanks

 

[diamondseeker2006]

I can see no reason to send the ring to WF to remove the stone. Any reputable jeweler can do that. As to value, I''d just hope to get back at least what I paid for the stone.

 

[Garry H (Cut Nut)]

Why not email the people from the insurance company a link to this discussion.

I suspect GemCor would drop this replacement and want you to go back to the original vendor

 

[denverappraiser]

Send it to Whiteflash to have it removed from the setting, especially if they set it in the first place. Make sure to call them first so they know what is going on. That’s who you want to be doing the work anyway and you don’t want any issues with potential prong damage caused by someone else pulling it out. If WF says the prongs need repair, it’s probably going to be a covered loss, if someone else damages them removing the stone it may not be. By the way, the shipping cost probably is covered too since the Amica ajuster is who told you to do it.

If WF wants to buy the salvage, Amica can call them up to discuss it. That has nothing to do with you and it’s not like their phone number is hard to find.

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

 

[belle]

ohmygosh kt!

how awful. good thing you had insurance! i hope everything works out well for you. be sure to keep us posted.

 

[KtIceRN]

I AM SO HAPPY!!!!!!

I just heard from the insurance company. They have agreeded to give me the appraisal amount !!!! YEA!!!!!!

Thanks for everyone''s support and advice! I have to say overall Amica was very easy to deal with. Either that or I was tough and they just wanted to shut me up. It doesn''t matter which as long as it all worked out!!

Now....for the upgrade

 

[RockDoc]

Date: 12/26/2006 10:50:44 AM
Author: KtIceRN

I AM SO HAPPY!!!!!!

I just heard from the insurance company. They have agreeded to give me the appraisal amount !!!! YEA!!!!!!

Thanks for everyone''s support and advice! I have to say overall Amica was very easy to deal with. Either that or I was tough and they just wanted to shut me up. It doesn''t matter which as long as it all worked out!!

Now....for the upgrade

Guess whoever you talked to in the Claims Dept. was in the Christmas spirit.

Rockdoc

 

[Dee*Jay]

That''s great news!

 

[mrssalvo]

that is good news. have fun finding a new stone!!!

 

[denverappraiser]

Date: 12/26/2006 10:50:44 AM
Author: KtIceRN

I AM SO HAPPY!!!!!!

I just heard from the insurance company. They have agreeded to give me the appraisal amount !!!! YEA!!!!!!

Thanks for everyone''s support and advice! I have to say overall Amica was very easy to deal with. Either that or I was tough and they just wanted to shut me up. It doesn''t matter which as long as it all worked out!!

Now....for the upgrade

See, I told you they were a pretty good company.

Did they approve you for $8,800 or $15,500? What are you supposed to do with the damaged stone?

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

 

[Ellen]

Now, about that upgrade. Whatcha lookin at??

 

[AndyRosse]

YAY!!!!!!!!!

 

[KtIceRN]

Thanks everyone.

Neil, it was the 8800.00 (independent appraisal on the stone only). I am keeping the setting so there was no debate there.

Ellen...new thread with pics in just a minute!