Find your diamond
Find your jewelry
shape
carat
color
clarity

LOST ring, insurance question

Status
Not open for further replies. Please create a new topic or request for this thread to be opened.

tension7

Shiny_Rock
Joined
Apr 7, 2006
Messages
110
hi friend just lost e-ring swimming tonight at local pool, insured last week, her question is will insurance replace it when she just insured it last week? shes flipping out, agent not open until monday, any input on matter appreciated thx
 

BigDiamonds

Brilliant_Rock
Joined
Mar 29, 2007
Messages
702
Oh that''s awful!


She should read her policy- some policies have a waiting period before a claim, but it''s pretty rare and if her agent didn''t disclose it to her that would be a major problem. Barring that, they may give her a little grief, but they have to pay the claim. You buy insurance for a whole year, and that includes the week or the day after you pay for it.

I hope everything works out!
 

RockDoc

Ideal_Rock
Joined
Aug 15, 2000
Messages
2,509
The insurance policy should have how the insurance company will settle a claim you might have.

It is vital to read this, as most likely the insurance company will follow whatever is written there "to the letter".

I don''t know offhand HOW Vermont settles its claims. They could require you to get it replaced at one of their suppliers of jewelry, or they may pay you the amount you insured it for if they are a small company. If the insurance company reserves the right to choose the replacement with one of their jewelers, if you choose to want it replaced by the original seller, then they may only pay ( cash ) an equivalent amount of what their replacing jeweler would charge them. It should all be explained in your policy.

I am assuming you got a separate rider scheduling coverage, and since you only got it last week you may not have the policy to review unless you have other jewelry items listed for coverage.

I would suggest you ask the agent if it is an all risk policy which would cover loss while swimming.

Rockdoc
 

SBee

Rough_Rock
Joined
Mar 24, 2007
Messages
71
If she lost it at a local swimming pool, I would hope that she has taken measures with the staff there to try and recover it (discretionary, of course!!). :)


(i.e. tell the staff she's lost a ring of "no real monetary value" but of extreme sentimental value and that she'll offer a cash reward no questions asked...)

did she lose it IN the pool, or somewhere else in the facility??
 

RockDoc

Ideal_Rock
Joined
Aug 15, 2000
Messages
2,509
Good suggestion SBee

Hopefully it was lost in the pool, and someone else didn''t see it, or if they did turn it in to the lost and found dept.

One good thing is that if it was lost in the pool, it should be somewhere in the pool system, as it''s good that pool don''t go to a "public drain".

Might be good to even ask the pool service person or company to go through the filters and whatever to find it. I would think if the company would charge for that, the insurance company would potentially pay any incurred expense in retreiving it.

Just a thought.

Rockdoc
 

denverappraiser

Ideal_Rock
Trade
Joined
Jul 21, 2004
Messages
8,747
The policy is in effect the moment they accept it for coverage. Losses shortly after the coverage date are a red flag for fraudulent behavior by customers so they may have a few more questions than they would ask in more ordinary circumstances but a valid claim is a valid claim, even if it''s only 5 minutes into the policy. Most companies have a ''claims center'' or some similar type of office that''s open on the weekends that may be able to help you in understand what is covered and how to file a claim. It will be listed on the company website if they have one.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver
 
Status
Not open for further replies. Please create a new topic or request for this thread to be opened.
Be a part of the community It's free, join today!
    Three-stone engagement ring upgrade
    Three-stone engagement ring upgrade
    Vintage OEC Bracelet
    Vintage OEC Bracelet
    June’s Birthstone Trinity
    June’s Birthstone Trinity

Need Something Special?

Get a quote from multiple trusted and vetted jewelers.

Holloway Cut Advisor



Diamond Eye Candy

Click to view full-size image.
Top