Jewelry Insurance and Valuation for a Tiffany Ring

[MrsWhitney]

I have a major headache and yours truly (formerly UCLABelle) has a question for my PS team

I have a few stacking bands, and my husband got me a "I am busy in surgery residency" present, a new Tiffany & Co engagement ring. Of course, we got it on the secondary market, and while I have spent LOTS of money on platinum/diamond jewelry (and my first ring) from Tiffany, they will not give an evaluation...so I am sending it to Sotheby's...I do have all the other paperwork (Tiffany cert, it is laser inscribed, and the GIA report) but an eval.

Which leads to my second issue, insurance. I want a policy that will include the option to purchase an identical ring should anything happen. It is a 1.61 round brilliant, in platinum, with bead set border and small square emerald cuts down the side...but most of all, it is Tiffany, and I would want the ring replacement from there.

Does anyone have any recommendations for insurance? Has anyone purchased a ring on the secondary market at Tiffany, insured it for an identical store piece????

 

[denverappraiser]

Just out of curiosity, why Sotheby's?

That's a pretty standard replacement policy. Assuming your chosen appraiser properly describes the piece, 'like kind and quality', would include the Tiffany branding. Actually the only zinger will be if that's not currently available in the Tif's product line at the time of the loss.

 

[Rosebloom]

Hello?!? Where are the pictures?! I adore your HW eternities and would love to see this one as well!

 

[Laila619]

No advice, but I would love to see pics!! Congrats on a beautiful Tiffany ring!

 

[MrsWhitney]

Denverappraiser- I was told at Tiffany's an "example of places" but they would not share where exactly, and that was one of them...and since I have friend that works there in NYC, I thought I would ship it off to be done...

I promise to post pics tonight!

 

[GoSounders]

A number of insurance policies don't replace brand names with brand names, but rather just a "similar" non-branded ring. I'd shop around and read policies very carefully.

Perfect Circle from Jewelers Mutual will cover a brand-name replacement as long as it's insured for a sufficient amount and the appraisal notes it. I'm sure there are others out there.

 

[MrsWhitney]

Denverappraiser- I have been thinking about what you just said, and was wondering if you mean that if my exact setting is not available (it still is, but for the sake of argument) then I cannot get it replaced at Tiffany? Or would I just get as close as possible at Tiffany?

GoSounders- Thank you- looking at the site you mentioned now (sad though it will be roughly $1000 a year!).

 

[denverappraiser]

I don't know how Sotheby's NY deals with 'appraisals' but their usual document is a presale estimate for what they think they could get for it at one of their auctions. This is most definitely NOT what you're looking for given your description of the purpose of this appraisal.

Most companies are agreeing to replace the item with another of 'like kind and quality' or words to that effect, new in the case of a loss. Given a proper appraisal, the branding is part of that 'like kind' issue. The problem comes with items where a new replacement is unavailable. What then? They can replace with a current model available within the brand; they can try to find a used one on the secondary market; they can find something by a different maker that's supposedly comparable; maybe they can contract with the brandholder to custom make one sort of like it; they can cash out for the face value of the policy. The difference between these things is a matter of the language in the policy, the description in the appraisal and a negotiation with the client (you).

 

[diamondseeker2006]

Honestly, it sounds like you need an expert independent appraiser. Neil Beaty is in Denver and I would recommend him for your appraisal. He understands how it needs to be written up for your insurance. I do not think the Sotheby's idea is really what you need at all for insurance purposes.

AND, I think I know the ring you are talking about and I love it! Do post on Show Me the Bling!

 

[MrsWhitney]

I will talk to Neil!

And I just sent the pics on SMTR. Just a few as I am heading to bed...

 

[MrsWhitney]

I will talk to Neil!

And I just sent the pics on SMTR. Just a few as I am heading to bed...