James Allen "Appraisal" sufficient for insurance purposes???

[bucsoftb]

Thanks to the help of everyone on these forums, I received my .9 carat diamond engagement ring today from James Allen. It looks beautiful but I have a couple questions.

They included the GIA certificate and also an "appraisal." My question is, is this appraisal sufficient for insurance purposes? I would think not since it is from the seller and doesn't include actual pictures or anything. It also appraises the ring at over $2000 more than what they just sold the ring to me for.

Are the James Allen certificates sufficient for insurance purposes or should I get another one one by someone locally?

I called and found this place: http://www.certifiedgemlab.com/index.html

He said it would be a flat $125 for legal appraisal of the ring. Does that sound reasonable? Based on his website, does he look good?

Thanks in advance for all the help! I leave tomorrow for our trip and wanted to get it done today.

 

[diamondseeker2006]

Re: James Allen "Appraisal" sufficient for insurance purpose

The appraisal it came with is totally fine for insurance. $2000 over protects you for awhile for price increases. As long as you bought an AGS or GIA certified stone, then you already have professional unbiased verification of the specs of the stone. No point at all in getting another appraisal for insurance! Just send in that appraisal and a copy of the grading certificate and you'll be fine!

By the way, you posted in the Show Me the Bling forum, so where's the bling???!!!

 

[pregcurious]

Re: James Allen "Appraisal" sufficient for insurance purpose

I agree with DS, it will be sufficient. Even without that, Jeweler's Mutual accepts the receipt for most items, but the issue with that is you may not be able to replace for the same amount in the future. However, it means you pay less $ because you have less coverage. JM will give you $, not replace it themselves, so it depends on the insurance policy which way you want to go.

 

[diamondseeker2006]

Re: James Allen "Appraisal" sufficient for insurance purpose

I agree with DS, it will be sufficient. Even without that, Jeweler's Mutual accepts the receipt for most items, but the issue with that is you may not be able to replace for the same amount in the future. However, it means you pay less $ because you have less coverage. JM will give you $, not replace it themselves, so it depends on the insurance policy which way you want to go.

preg, JM does try to help you replace the piece rather than give you a check. I think they try to allow you to work with a vendor you choose, if possible, but it is Chubb that cuts a check directly to the insured.

My insurance also will take a sales receipt if it describes the piece (and send the diamond certificate). That is fine if you are secure in the amount of coverage. I have done this several times.

 

[bucsoftb]

Re: James Allen "Appraisal" sufficient for insurance purpose

Thanks! Just created a thread with pictures.

 

[pregcurious]

Re: James Allen "Appraisal" sufficient for insurance purpose

Thanks for the clarification DS!