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question for secondhand tiffany owners

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Atenay

Rough_Rock
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Oct 13, 2007
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how have you all insured your rings? I am trying to insure mine with a stand alone policy, as i don''t have homeowners, renters, or auto insurance (I''m a student, so I have no real assets at the moment). I am probably going with Jewelers Mutual, but my real question for you all is where you got your rings appraised (if at all) and whether I need to get a retail replacement value/appraisal from Tiffany''s, which costs about $200, or whether another appraiser can give me what I need and ensure that an insurance company will replace my ring with an authentic tiffany should anything happen to it. Have any of you had to file a claim and, if so, was there trouble, especially if you were not listed in tiffany''s database as the original owner of the piece? Please share your experiences!
 
I don''t see why you have to take it to Tiffany''s for an appraisal. A good qualified appraiser should be able to provide the same service. I imagine your ring has a Tiffany stamp on it somewhere and you probably have the Tiffany cert on the diamond as well. I''d just make the sure the appraiser is aware and have them note it in their appraisal.

Then with insurance, they should insure you up to the full value of the appraisal minus any deductibles. If the ring is lost or stolen, you should then have X dollars to replace with a Tiffany in X size with X clarity, X color and X carats.
 
As far as I know only Tiffanys will be able to give you the correct appraisal amount. As you know, buying at Tiffanys commands a premium which is added into your purchase price. If you get it appraised elsewhere, this premium will not be included and so your ring will not be insured for it''s correct price should you need to replace it. I''m sure other jewellers can try to estimate the appraisal but for peace of mind I''d probably get it appraised at Tiffanys.
 
Date: 1/17/2008 7:05:46 AM
Author: bee*
As far as I know only Tiffanys will be able to give you the correct appraisal amount. As you know, buying at Tiffanys commands a premium which is added into your purchase price. If you get it appraised elsewhere, this premium will not be included and so your ring will not be insured for it''s correct price should you need to replace it. I''m sure other jewellers can try to estimate the appraisal but for peace of mind I''d probably get it appraised at Tiffanys.

Any capable appraiser can give you a document that will be accepted by your insurance company.

A well-written appraisal will include sufficient information about the manufacturer and even style number, whether it’s made by Tiffany or somebody else if this information is available. Assuming that the company agrees to accept the policy, this becomes part of the definition of the property at time of replacement.

Most policies are written to allow the company an option to replace a lost item with another of ‘like kind and quality’ or words to that affect and the definition of like kind will come from the appraisal submitted at the time the policy was agreed to. This includes details about the manufacturer. Replacing a Tiffany piece with a non-Tiffany is not like kind unless you agree to it. Policies vary from company to company and even policy to policy on this so talk to your agent about the details.

Secondhand Tiffany owners should bear in mind that there is a huge amount of fake Tiff’s merchandise out there. This is especially a concern for people who don’t know the ownership history of their particular piece and includes both outright counterfeits as well as items that contain some but not all Tiffany parts. This, for example, would include a ring where the ring or shank was made by Tiffany’s but the stone has been replaced by another source. If you are not the original Tiffany purchaser and you don’t know who was, there is a significant chance of both of these cases. One of the reasons that people seek out appraisals is to authenticate a piece as being genuine Tiffany manufacture. Surprisingly, most independents are better at this, have more experience at it than the Tiffany staff and will a do a better job of document their case. Often the key is in the paper trail, if any, that came with the piece.

It’s also worth bearing in mind that the insurance company is under no obligation to replace a used Tiffany piece with a new Tiffany piece. If you bought it secondhand, they are permitted to buy it secondhand. This too relates to ‘like kind and quality’. In most cases they seem to give the shopper the benefit of the doubt and will simply shop for a new one at Tiffs because they can negotiate a good discount there and it’s so much less trouble but the adjusters can and do evaluate merits of the paperwork when doing the replacement. It depends on what you have and how your insurer works. It is not correct that an appraisal written by Tiffany’s will increase your chances of a fair replacement. A thorough and complete appraisal will improve their ability to make a fair replacement on a designer piece regardless of who authored it. Tiffany offers a reasonably good service at this for items they manufactured but they are far from the only source, they are far from the best, and they are among the most expensive.

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