LOST ring, insurance question

[Tension7]

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

 

[Tension7]

vermont mutual insurance is insurer off homeowners

 

[BigDiamonds]

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!

 

[Tension7]

via commerce insurance thx

 

[RockDoc]

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]

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]

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]

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