Questions about appraisals and insurance:

[IceExplorer]

1. What is the approximate cost I should expect to pay for an appraisal (a range would be fine too)?

2. Do I get an appraisal on just the diamond and a separate one for the diamond/setting combo?

3. Do insurance companies require any particular information from an appraisal?

4. Are there reasons an insurance company would reject an appraisal?

Thanks!

 

[stone-cold11]

1) about 150 depending on the appraiser and how he/she charges.
2) loose stone or setting. If you get the loose stone appraised before setting it, usually the second appraisal for the finished piece is just an additional fee, not the full appraisal price.
3) bare minimum is the invoice, the more info the easier it is for you to claim back exactly what you damage/loss if that occurs.
4) no idea.

 

[denverappraiser]

4) Insurance companies will accept nearly anything and signed by nearly anyone, it’s YOU who should be more selective. Reject it if the description provided isn’t sufficient to get it replaced exactly as you wish based purely on that description. This includes photographs, things like designer model numbers if appropriate, H&A patterning or any similar such thing special about your stone, all the weights, dimensions, sizes, karatages, etc. Also reject it if the value conclusion is out of line with what you know to be reasonable. Too low and you’ll be underinsured and too high and you’ll pay too much for the coverage you get. Not surprisingly, weak descriptions with inflated values are popular with the insurers because it allows them to charge big premiums and then replace with whatever they want and if it causes trouble in the end, they can always point to the fact that YOU chose an idiot for an appraiser. What's in that for them not to like?

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

 

[IceExplorer]

Thanks for the detailed information gentlemen!