insurance question for those of who have filed a claim

[nomnomnom]

just trying to get a bit more educated about the different insurance options out there and wanted to do sort of a quick survey.

1) at the time of loss/damage/theft, who were you insured with?
2) how would you rate the process of getting your jewelry replaced?
3) were there any unpleasant surprises about the policy that you discovered during the process?
4) are you still insured with the same insurer? if not, why not? (or would you recommend the insurer to a friend?)

thanks for your help!

 

[Todd Gray]

Date: 9/8/2009 2:47:06 PM
Author:nomnomnom
1) at the time of loss/damage/theft, who were you insured with?
2) how would you rate the process of getting your jewelry replaced?
3) were there any unpleasant surprises about the policy that you discovered during the process?
4) are you still insured with the same insurer? if not, why not? (or would you recommend the insurer to a friend?)

We have not had to file a claim for a jewelry loss, but we have assisted clients with filing claims and obtaining replacement, so maybe our insight will be enlightening.

Over the years, we have worked with most major insurance companies and many of them are a hassle... Some look at every loss as a fraud and treat the customer like a criminal, others seem to be rather easy to work with. The key seems to be a comprehensive appraisal / description of the item provided at the time the policy is issued so that there are no loopholes for the insurance company to interpret the quality of the item at the time of loss, for instance:

Inadequate description: Ladies 14k yellow gold and diamond ring. Value $5,000.00

Adequate description: One ladies 14k (stamped) yellow gold and diamond solitaire style engagement ring weighing 3.5 grams and containing as a center stone (1) round brilliant ideal cut diamond graded by the AGS Laboratory as weighing 1.01 carats, VS-2 clarity, H color with medium blue fluorescence and measuring 6.50 - 6.51 x 4.00 mm with a total depth of 61.2% and a table diameter of 56% with a crown angle of 34.5 degrees and a pavilion angle of 40.8 degrees with a thin to medium, faceted girdle. The AGS rated the overall cut grade of the diamond as AGS Ideal 0 based on individual grades of AGS Ideal for polish, symmetry, proportions and light return. The diamond is inscribed with "Brand X" and the lab report number "AGS 12345678" prepared on 09/08/2009. The primary inclusions are indicated as being a diamond crystal, pinpoint, natural.

Provide the insurance agent with a copy of the appraisal, a copy of the lab report and make sure that they see the ring and can therefore validate that it existed in the event of loss. The odds are that the underwriting department will paraphrase the aforementioned description to fit in their description field of 500 characters or whatever the default happens to be - but your agent will have a copy of the file in their office and you will maintain a file... In the event of loss, the company might try to default to 1.01 carat, VS-2, H / medium blue but you''ll be able to document the quality of the diamond lost, the inclusions, and the brand name - and technically you are entitled to insist on "like and kind" replacement of a diamond of the same brand name and/or value based on a diamond of that quality from that brand because that is what you insured.

There are different kinds of insurance policies... Replacement of similar like and kind; face value of policy issued; replacement only; etc. State Farm''s Personal Articles Policy (PAP) and Farmer''s Personal Articles Floater (PAF) are "like and kind" policies where the value of the replacement or cash out value will be based on an item of "similar like and kind" and it is imperative that you work with a vendor who is experienced with the claims process of those companies - they will try to shove you into replacing with one of their "preferred vendors" but you can work with the vendor of your choice with a little nudge, especially when their "preferred vendors" try to replace your ideal cut diamond with a 60/60 "because you can''t see the difference". CHUBB is a face value policy, it costs more, but they will pay the face value of the policy in the event of loss.

If it is any indication of my experience with ALL of the insurance companies that we''ve worked with over the years, my personal jewelry is insured with State Farm. I would definitely consider CHUBB if I could find an agent I felt like working with... Not so fond of the other companies, too much of a fight, just my two cents, hope it helps.

 

[nomnomnom]

Date: 9/8/2009 3:28:37 PM
Author: Todd Gray

Date: 9/8/2009 2:47:06 PM
Author:nomnomnom
1) at the time of loss/damage/theft, who were you insured with?
2) how would you rate the process of getting your jewelry replaced?
3) were there any unpleasant surprises about the policy that you discovered during the process?
4) are you still insured with the same insurer? if not, why not? (or would you recommend the insurer to a friend?)

We have not had to file a claim for a jewelry loss, but we have assisted clients with filing claims and obtaining replacement, so maybe our insight will be enlightening.

Over the years, we have worked with most major insurance companies and many of them are a hassle... Some look at every loss as a fraud and treat the customer like a criminal, others seem to be rather easy to work with. The key seems to be a comprehensive appraisal / description of the item provided at the time the policy is issued so that there are no loopholes for the insurance company to interpret the quality of the item at the time of loss, for instance:

Inadequate description: Ladies 14k yellow gold and diamond ring. Value $5,000.00

Adequate description: One ladies 14k (stamped) yellow gold and diamond solitaire style engagement ring weighing 3.5 grams and containing as a center stone (1) round brilliant ideal cut diamond graded by the AGS Laboratory as weighing 1.01 carats, VS-2 clarity, H color with medium blue fluorescence and measuring 6.50 - 6.51 x 4.00 mm with a total depth of 61.2% and a table diameter of 56% with a crown angle of 34.5 degrees and a pavilion angle of 40.8 degrees with a thin to medium, faceted girdle. The AGS rated the overall cut grade of the diamond as AGS Ideal 0 based on individual grades of AGS Ideal for polish, symmetry, proportions and light return. The diamond is inscribed with ''Brand X'' and the lab report number ''AGS 12345678'' prepared on 09/08/2009. The primary inclusions are indicated as being a diamond crystal, pinpoint, natural.

Provide the insurance agent with a copy of the appraisal, a copy of the lab report and make sure that they see the ring and can therefore validate that it existed in the event of loss. The odds are that the underwriting department will paraphrase the aforementioned description to fit in their description field of 500 characters or whatever the default happens to be - but your agent will have a copy of the file in their office and you will maintain a file... In the event of loss, the company might try to default to 1.01 carat, VS-2, H / medium blue but you''ll be able to document the quality of the diamond lost, the inclusions, and the brand name - and technically you are entitled to insist on ''like and kind'' replacement of a diamond of the same brand name and/or value based on a diamond of that quality from that brand because that is what you insured.

There are different kinds of insurance policies... Replacement of similar like and kind; face value of policy issued; replacement only; etc. State Farm''s Personal Articles Policy (PAP) and Farmer''s Personal Articles Floater (PAF) are ''like and kind'' policies where the value of the replacement or cash out value will be based on an item of ''similar like and kind'' and it is imperative that you work with a vendor who is experienced with the claims process of those companies - they will try to shove you into replacing with one of their ''preferred vendors'' but you can work with the vendor of your choice with a little nudge, especially when their ''preferred vendors'' try to replace your ideal cut diamond with a 60/60 ''because you can''t see the difference''. CHUBB is a face value policy, it costs more, but they will pay the face value of the policy in the event of loss.

If it is any indication of my experience with ALL of the insurance companies that we''ve worked with over the years, my personal jewelry is insured with State Farm. I would definitely consider CHUBB if I could find an agent I felt like working with... Not so fond of the other companies, too much of a fight, just my two cents, hope it helps.

thanks so much!

this was quite helpful.

 

[tap02150]

that was very informative! Especially considering that i am having my diamond appraised in 2 days. Is it acceptable to ask for a description such as the one you provided Todd?

Any other tips for me while i go through this process of insuring the ring?

*edit* sorry if i am jacking this thread but i think we are looking for the same information. If i am wrong, let me know and ill delete my post and put it somewhere else. Thanks!

-Ted

 

[nomnomnom]

Date: 9/8/2009 11:08:02 PM
Author: tap02150
that was very informative! Especially considering that i am having my diamond appraised in 2 days. Is it acceptable to ask for a description such as the one you provided Todd?

Any other tips for me while i go through this process of insuring the ring?

*edit* sorry if i am jacking this thread but i think we are looking for the same information. If i am wrong, let me know and ill delete my post and put it somewhere else. Thanks!

-Ted

no worries. the more the merrier.