Help with Appraisal

[ering1]

First off I would like to say thank you to everyone on this site for all the great info which helped me greatly with the whole Ering process. And what a process it is...


I just received my appraisal from and independent appraiser which seemed to check out with all the credentials. I have a couple of questions regarding the appraisal and hopefully someone can help out. I purchased my ering at a retail store.

1) The appraisal doesn''t mention anywhere that the diamond is natural, it only say''s diamond. Is the word diamond enough to know that the stone is natural and not man made?

2) The appraiser based the value on the actual price paid for the diamond+setting+platinum head & prongs(not including tax & service plan I purchased). Is this okay for insurance purposes? If something does happen to the ring i would like to replace it with the same exact one if I can if still available. The appraiser said to tell the insurance company that i want to insure it so that if something does happen to it I want to replace it with the same exact thing from the store i bought it from. Does this sound right?

Thanks for your help!!!

 

[ering1]

Sorry to repost but I was hoping someone would have some info on this as I am trying to insure the ring this week.


Thank you!

 

[bgray]

1)YES --its enough



2)Personally I think this is an honest appraiser: I insured my ring for the purchase price and not some inflated value that just costs more in premiums. Every year you can evaluate the diamond prices that are comparable and increase it by say 10% or whatever to cover yourself if you so chose.

 

[denverappraiser]

Talk to your appraiser about it. I now always include the word ‘natural’, assuming there’s sufficient evidence to back this up but it’s actually relatively recent that this is a valid question and the appraiser may just not be in the habit yet. I've never heard of an insurer playing games with that but I'm a fan of dotting the i's and crossing the t's.

The description of the piece should contain sufficient data to replace exactly what you have. It should include model numbers, the name of the manufacturer etc. if you want this to be considered when replacement comes along. Again, talk to your appraiser about your requirements and objectives but you are better off having it included in the report (which will become part of your insurance contract) rather than relying on a verbal statement by the agent.

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