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Replacement Value for Insurance?

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AmberGretchen

Ideal_Rock
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Jan 6, 2005
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7,770
Hi everyone - I don't know if this is the right forum to be posting this, but I'm hoping that some of our resident experts can help me out with some information. I have an engagement ring setting, 1/2 eternity, with approximately 0.35 cttw of round-brilliant shared-prong set diamonds (14 diamonds), in platinum. We bought this setting for $840 in March of 2005. The setting has now broken twice - once in April 2006, and again today, November 2006. The first time the prongs got bent out of shape so badly the diamond fell out, and the second time the ring snapped where the new head had been inserted into the band of diamonds. I have not been very hard on my rings and usually take them off if I feel they will be danger, and I haven't been wearing my engagement ring as much since we got married in July, so it definitely hasn't been under any undue stress.

So I have a couple of questions:

1. My husband and I are reluctant to try to get the setting repaired yet again, because we have concerns about the quality of the overall setting. Instead, we plan to submit a claim to our Chubb valuable articles policy. Does anyone have any information about how to do this/things to watch out for? We already have a call into our agent but probably won't hear back until Monday, I just wanted to see if anyone had any experience and/or tips.

2. How can we figure out the "current market value" of the ring most accurately. I was going to try to determine how much the prices of platinum and diamonds had increased over that time and apply that as a percentage to the price of the ring. Is this even worth it or is there a better way to calculate this? Any thoughts or tips would be greatly appreciated.

Finally, does anyone have any idea why this might be happening? I honestly am not very hard on my rings, especially the engagement ring and I kind of thought platinum was more durable than this. We're thinking of replacing the setting with something totally different (heavier/less delicate) so that it might hold up better, but it just doesn't seem like a lot of people on here have had similar problems and I wondered if there was anything I might be doing wrong. In a normal day, I wear my rings when I leave the house, take them off while I'm at the gym, take them off anytime I'm working in the lab, and leave them off during any heavy housework or cooking once I get home.

Anyway, sorry that got so long, but thanks in advance for everyone's opinions, and I hope you all had a nice Thanksgiving!

ETA: I should also note that in addition to having snapped, one of the prongs is bent out of shape on the ring right now as well, so there are two issues with it in its current state.
 

Kaleigh

Super_Ideal_Rock
Joined
Nov 18, 2004
Messages
29,570
I''ll let the resident appraisers answer your question AG. Just wanted to say I am sorry this happened to your ring.
Good luck!!!
 

denverappraiser

Ideal_Rock
Trade
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Jul 21, 2004
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8,674

There’s not much I can say about what would be causing the problems without a careful inspection of the piece. There are several choices. Take it to a local expert and ask that question.


‘Current market value’ means what your chosen dealer will charge to replace the piece with another of like kind and quality. This is a much better basis than trying to apply an inflation adjustment. Most jewelers are thrilled to answer questions like this. This is a bit tricky because you are suggesting that the problem is with the initial quality. Once again, you need to consult with an expert who can inspect the piece. Most insurance, including Chubb, doesn’t cover manufacturing defects or problems that they describe as ‘inherent vice’ but most manufacturers warranties do. That’s why it’s so important to figure out what’s going on. Have you spoken to the dealer you bought it from? What did they have to say?


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

AmberGretchen

Ideal_Rock
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Jan 6, 2005
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7,770
Kaleigh - thanks so much for the sympathy. I''m sorry it happened too


Neil - thank you for your insights. I haven''t spoken to the original manufacturer yet about this second break, but on the first one they claimed there was no inherent defect in the ring and were going to try to charge me for part of the repairs (although they didn''t after I insisted otherwise...but I did have to pay for very expensive shipping to and from them, which I also thought they should have paid). Since I can''t imagine them admitting an "inherent vice" or other defect on their end considering my previous experience, I''m not sure how I could prove that it was their fault. I''m worried though because that leaves me in not such a good spot - if an expert appraisal says that it was an inherent defect in the original product, then am I stuck trying to get my money back from the original vendor? What, if any, protection do I have in that situation? I''m worried they will just offer to "fix" it again, but I don''t think I''m being unreasonable in that I would not accept that as a solution at this point.
 

AmberGretchen

Ideal_Rock
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Jan 6, 2005
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7,770
That''s also a good point though Neil about getting a current price from them as the most accurate replacement value, and we''ll certainly do that if and when the time comes to do that.
 

RockDoc

Ideal_Rock
Joined
Aug 15, 2000
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2,509
Hi Amber........


I don''t think Chubb is going to give you much trouble about replacing the mounting, and getting it replaced with someone you have more confidence in the item.

I think Chubb would honor the claim, since it is an all risk type policy, and if they feel the original jeweler sent you a defective item, they go after the jeweler to recover the claim amount they were burdened to pay.

They may require an examination to ascertain why you''ve had these problems, so they get fixed properly, but Chubb is stellar with their claims, so I doubt it will be a worrysome experience.

If they do not handle this easily, contact me, and I''ll see what I can do to help.

Rockdoc
 

AmberGretchen

Ideal_Rock
Joined
Jan 6, 2005
Messages
7,770
Oh RockDoc - I can''t tell you how much that information sets my mind at ease. I really really appreciate you chiming in and the reassurance that we aren''t likely to have a huge problem on our hands.

I wouldn''t mind at all if they wanted to examine the ring to try to determine the problems - I certainly don''t do anything untoward with my rings, so I''m sure it has to be something with the setting.

Anyway, I should know more on Monday when our agent is back in the office and I''ll keep you updated if we have any problems - again, I really appreciate the input from you and Neil so much, its very reassuring to have expert opinions in such a confusing situation.
 

RockDoc

Ideal_Rock
Joined
Aug 15, 2000
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2,509
I can''t say I have had a lot of experience with claim through Chubb, but the few I know about have been handled better than the insured expected.

I DO WANT to know if your claim is handled in a manner that is less than satisfactory.

Rockdoc
 

AmberGretchen

Ideal_Rock
Joined
Jan 6, 2005
Messages
7,770
RockDoc - I will absolutely keep you updated on the details of the process, whether satisfactory or not. I had heard the same thing though, which is why we went with Chubb in the first place.

Thanks again, and I''ll be sure to keep updating.
 

cheethoe

Rough_Rock
Joined
Oct 7, 2006
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29
just out of curiosity, how did your ring snap? It couldn''t have just snapped on it''s own while sitting there, there had to be some event that caused it to snap. Sorry to hear your misfortune with your ring.
 

the other Jake

Shiny_Rock
Joined
Nov 9, 2006
Messages
423
Where did you get your ring/ what is the Platinum alloy? I am curious so that in the future I stay away from both...
 
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