one lost stud-insurance experience anyone?

[teppy]

i had a pair of 3.25 ct diamond stud earrings. last night, one sprouted legs and walked off. I can somewhat joke about it now, I have resolved myself to the fact that its gone. i do have them insured with state farm. I am basically looking for answers on what to expect or how to handle my claim in the best way.

the earrings must not be certified diamonds, or atleast husband did not get any kind of paperwork like this. all he got was an appraisal from the jeweler when he bought them.

they are/were princess cut 3.25 total weight, H color, SI2 clarity. thats all i know.

from what i can see by reading the policy is that there are two options. replacing the one, or paying for one.

would i be better off letting state farm replace it, or should i try to get them to give me the money and either replace the set with two new earrings that match, or should i try to find another one to match the one i have? my instinct tells me to try to replace the set and maybe sell the one. I don''t know if its going to be possible to sell one diamond that has no certificate.

i would appreciate any kind of feedback or advice. thanks.

 

[denverappraiser]

Ask your agent or your claims adjuster if a ‘pair and set clause’ applies to your policy. Basically it means that they have to replace the entire set rather than just the one (and they get to keep the other one). This is an option that’s available on some policies and presumably would have been discussed with at the time you bought it and it has to do with how they work it out if they can’t replace the lost piece with an exact match.

Basically, what usually happens is that the insurer will to send you to a jeweler that they have prequalified as someone they will work with. Mostly this means that they agree to discount prices and to dealing with the paperwork hassles that insurance companies are so famous for. It also means that they get along well enough with customers that they don’t generate too many complaints. In exchange the jeweler gets a steady stream of referral business. Most major cities will have quite a few that you can choose from as well as several that do business online and through the mail. Your claims adjuster should be able to provide you a list.

The jeweler is going to bid how much they will charge to replace the piece. This will be based on the description in your appraisal and, in your case, probably by inspecting the remaining earring that supposedly matches the lost one. They’ll produce a bid and, assuming this is less than the face value of the policy (which it almost always is) this becomes the value of the claim. They’ll either replace the piece at the replacement jeweler, pay that amount to some other jeweler to replace it, or cut you a check for that amount less your deductible, if any. You get to pick. If your preferred jeweler wants more for it then you get to make up the difference yourself unless you can make a persuasive argument that what is being offered by the replacement guys is not of ‘like kind and quality’, a phrase that appears repeatedly in your policy. This argument, if you have it, will revolve around the appraisal that you presented and is one of the reasons or turning in a highly detailed appraisal when you bind a policy. Most the replacement jewelers are pretty reputable outfits by the way. It doesn’t benefit the insurers to deal with fly-by-night sources. They are trying to protect the interests of the company and that may not be what you want but one of those interests is happy clients.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[marcy]

I can''t answer your question but I am sorry to hear you lost one of your studs.

 

[teppy]

OK, thanks for the responses. I am going to call my agent today. i just really hate doing this. i can''t stop looking for this earring. my husband had to tell me to forget it and go to bed last night. i will never stop searching i''m sure. there is a 1.5 ct diamond somewhere in this house lost in a corner or something. everyone who comes over now tries to find it.

 

[tyty333]

I lost one of mine. I have USAA insurance. They replaced it. I had to send in the single one I had left and they
sent me back a matching pair with the one I sent in being one of them. It was no trouble really and I was happy
with the new one they sent back.