Poll about damage during setting

[pinkee]

ironically my princess stone was just chipped when having it reset. What happened was I waws being anxious, saw a jewelry exchange in Nj, went in saw a new setting I liked, paied for it, they sent me to the stone setter in the exchange, he claimed the chip was there, I know it wasn''t. hence, filed a claim w/ my insurance company and two weeks later I had my new and better stone! Of course I paid to upgrade, but that is why we pay for insurance. In this case, it wasn''t even worth trying to get either the jeweler or the setter to cover, since there was no proof it wasn''t already there. Therefore, word to the wise, always go back to the person you bought and set the stone for you, this way there is proof it wasn''t damaged before they started the work in the event they did damage - then they should be responsible - if the balk, have your insurance company pay and try to subrograte.

 

[claimsjeff]

STRMRDR- There is not a black/white answer. Many factors go into underwriting an account. (Prior loss history, amount of schedule, risk exposure). We expect to pay claims. We are also in the relationship business....thus we do not look for ways to raise premium or cancel policies without valid business reasons. Sometimes yes...sometimes no. Sorry I can''t be anymore straight on this. Depends on the factors.

Neil:
1. The policy limit is based on the appraisal that the individual sends in with their application.(sometimes it''s an independent...sometimes a retail jeweler) Does not have to be a JM insured business.
2. The restitution from a wrongdoer(for negligence) is termed subrogation in insurance. An insurers responsibility is to fulfill the contract for their policyholder first and then pursue restitution. Thus we would pay and then pursue the (non- JM insured) regardless if they had insurance to cover this or not.
3. We rely on you folks as the experts to set the value for what it would cost to replace that item. I know there are many threads and disputes on this.(which I''m not weighing in on) Obviously over inflating the appraisal does not help the policyholder and under appraising does not help.
4. Yes this occurs and the underwriters would change the policy once they had an updated appraisal on what the new design was. Otherwise they may potentially be underinsured if the item was damaged during the process.
5. If the defect is due to the negligence of the craftsman, we have always paid for these types of occurrences. We do not pay for wear and tear or gradual deterioration though.

Hope this helps!

 

[1stdiamondbuy]

Jeff,

Great policy that you offer. Fills a major gap in the online buying experience and gives you a huge competitive advantage. I was wondering about a couple of points:

1. Why is a diamond falling out of a setting not covered if it is "wear and tear or gradual deterioration"? Is this because those can be prevented with normal checkups? If a diamond were to fall out 6 months after setting, how do you determine "negligence of the craftsman" from wear and tear? Is the customer SOL if a diamond falls out or does the setter cover it? That is a bit of a concern as I am looking at 4 prong settings.

2. JM webpage says: "We repair or replace your insured jewelry item with one of like kind and quality. We return you to the same position that you were in before the loss." I have read on some other threads that "like kind and quality" is subjective and often does not include like kind cut quality. For example I have an unbranded ideal cut. The cut was the main focus of my shopping and I was very specific in crown and pavilion angles. Does "like kind" include those specifications?

Thanks.

 

[WinkHPD]

I wont answer for Jeff, but my experience has been that if you have all of the necessary information in your appraisal that was submitted to the insurance company then they will replace with like kind. Cutting is a very important part of that like kind consideration.

Wink

P.S. Jeff, this is great information and I thank you for letting us know. Now I just have to find out if my bench is also JM insured as all of my work is done by an independant bench.

 

[claimsjeff]

CrankyDave: Tom Adelmann our Marketing Director will answer you next week(as he''s on vacation this week) regarding any printed communications.

As to the questions above:
1. You are correct that it is difficult to show when it is wear and tear and when it is due to a defect or negligence in setting the stone properly. Often we have to rely on you, the expert who advise us of this after the loss has occurred. Occasionally a jeweler will include on the inspection that the prongs were worn, but the customer elected not have them fixed. Obviously, there is documentation to the owner that this is a maintenance situation and they are at risk of losing the stone, which could be considered wear and tear/deterioation.
2. We will repair or replace up to the exact specifications listed on listed on submitted appraisals for items insured with us. Providing the specifics of the cut is very helpful to my adjusters to get customers back into the position that they were in prior to the loss. This includes an ideal cut/brand name stone and any lab reports that may have been done.

Thanks
Jeff Mills
VP Claims
Jewelers Mutual Insurance Co.