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Solitaire Ring insurance appraisals - is there any point??

OoohShiny

Ideal_Rock
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Apr 25, 2014
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Prompted by an advert in a jeweller's window, I was thinking about going to get my good lady's CBI-diamond solitaire engagement ring appraised/valued - but the more I sit here and think about it, the more I wonder what the point would be...


I would note that I'm in the UK so appear to be limited to:
- the Birmingham Assay Office 'Safeguard' valuation - http://assayofficebirmingham.com/safeguard/fsved.html
- Shirley Mitchell - http://www.sdmvaluations.co.uk/index.html,,
- or The Guild of Valuers and Jewellers (http://www.gvj.org.uk/PostalValuations.aspx) who seem to charge a %age of the assessed price and, therefore, would seem to have enticement to value things above their actual value.


Now, bear with me here - my train of thought is as follows:

- I have a decent camera and can take great quality pictures of the ring overall, the hallmarks, and the diamond in question
- the diamond is a CBI stone that is fully certificated for the 4Cs
- I can purchase a cheap set of digital calipers and measure the shank width / depth / diameter
- I can purchase a cheap set of digital scales and measure the weight of the complete ring

All of the above would appear to do the same job as a valuation, in that I can present to an insurance company:

- detailed pictures
- certificated details of the stone
- details of the ring material, dimensions and the weight of the metal (by subtracting the weight of the stone from the overall weight)

Assuming I am with an insurance company who has a like-for-like replacement policy, including replacement of 'branded items' with identical versions of the same 'branded items' (rather than a generic item that is 'close enough'...), the detailed information should mean that either I or they can determine the replacement cost of an identical stone from CBI (either in-stock or custom-cut), the replacement cost of the metal at the market rates of the time I claim, and an assumption for a reasonable amount for the work involved in shipping/casting/mounting/etc.

So... why would I need a 'proper' appraisal or valuation if I have all the above and all the appraiser will do is write it down and put it into a shiny document holder and charge me upwards of about £60 for the pleasure??


I appreciate that a valuation is 'proper' but the more I think about it, the more my internal logic seems to be determining that it is a waste of time and money!


Your thoughts are welcome! :)
 

Winks_Elf

Brilliant_Rock
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1,673
Re: Solitaire Ring insurance appraisals - is there any point

You should be able to use the receipts from your purchase of the diamond and the setting for insurance purposes (replacement value) with many reputable insurance carriers. However, it is always good to have a proper appraisal. In the event your ring is stolen or lost, the appraisal will have pictures of the set ring, and can be used to identify the stolen property in the event it is recovered by the police, or copies can be sent by the police to local pawn shops (not sure what they are called in the UK) to aid in the recovery of a stolen piece of jewelry as well. The proper appraisal has the additional security blanket of sorts in that if anything happens there is an expert's signature, who can stand up in court to say they are responsible for the information the appraisal states, and that the value of the piece stated on the appraisal is accurate and true. Otherwise in the event of a loss it's your word against the insurance company.

Did you purchase the setting with the diamond? If so, I'm surprised the jeweler who created the ring for you did not provide you with an appraisal at the time of taking possession of the ring, as a courtesy.
 

diamondseeker2006

Super_Ideal_Rock
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55,630
Re: Solitaire Ring insurance appraisals - is there any point

I always use my purchase receipts and the diamond grading report for my insurance. The receipt lists the branded stone and the grading report verifies the specs. What I paid IS the current replacement value, so I do not have any desire for an inflated appraisal. Appraisals are more necessary with second hand purchases, antique or family rings, etc.
 

jaaron

Brilliant_Rock
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Jan 1, 2016
Messages
562
Re: Solitaire Ring insurance appraisals - is there any point

I'm in the uk and jewellery is automatically covered under our home and contents insurance (Hiscox). They only ask for separate value appraisals for items over a certain amount. That said, I just take stuff to a high street jeweller that does appraisals and tell them I want a basic insurance appraisal, please not inflated, so if anything did happen, I'm not scrambling.
 

jenniann

Shiny_Rock
Joined
Oct 16, 2008
Messages
149
Re: Solitaire Ring insurance appraisals - is there any point

You may find the insurer insists on a UK appraisal, I can't recall. If you do decide you want a UK appraisal I highly recommend a chap called Adrian Smith. He is in Perth but is familiar with PS and will upload ASETs etc to his reports. If you got into an argument over what the insurance company wanted to replace the item with (i.e. they would not let you back to CBI) I think he would be a very useful person to have on side.

For insurance, I'm afraid I only skimmed your thread but I would seriously recommend looking at TH March as a standalone policy, rather than putting it under your home policy. I've been away from the UK for a few years but they were definitely the best option a few years ago (assuming you don;t want to be sent to H Samuel or similar for a replacement).
 

Wink

Ideal_Rock
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7,472
Re: Solitaire Ring insurance appraisals - is there any point

Excellent question OoohShiny.

The right answer of course, is ask your Insurance company what they will require.

Most of my international clients tell me that their Insurance company insists on an appraisal done in country, although a few ask for an appraisal which I will always send with the finished item when asked.

You have covered the things that you will need. The identification of your branded diamond along with the weight, color and clarity which are listed on the AGS report. I recommend that you include the report number as part of the information so that it is easy to acquire a copy of the report if the original has been lost. I would also include the location where the ring was purchased and if possible the name and model number of the mounting.

If your insurance company is willing to accept what you provide and write the policy then you should be covered. Just be sure that the policy states that it is a Crafted by Infinity diamond. You paid a premium for the incredible preciseness of your diamond, do not let a sloppily written policy addendum sabotage your receiving truly like kind in the event of a loss.

I think that most people, and most insurance companies are more comfortable having a professional appraiser dot all the "i's" and cross all the "t's", but most people have not spent as long studying the details of their diamond both before and after their purchase as you have. For the more casual buyer, I would always recommend a professional appraisal be done.

Wink
 

OoohShiny

Ideal_Rock
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7,173
Re: Solitaire Ring insurance appraisals - is there any point

Many thanks for the replies and recommendations, everyone, it's very kind of you :))

I would be hopeful that having a 'brand name' diamond or other item of jewellery (with associated paperwork and references) would ensure that an insurance company replaced like with like, but I'm all too aware of some of the antics that insurance companies get up to while trying to avoid paying out!


jaaron|1475313904|4082592 said:
I'm in the uk and jewellery is automatically covered under our home and contents insurance (Hiscox). They only ask for separate value appraisals for items over a certain amount. That said, I just take stuff to a high street jeweller that does appraisals and tell them I want a basic insurance appraisal, please not inflated, so if anything did happen, I'm not scrambling.
Hiscox is also my home insurer :) I have fortunately never had to test their apparently excellent claims service, and I have previously been somewhat concerned by the fact they don't require any particular details up-front so have rung them to confirm the situation, but if their coverage (worldwide, all risks, IIRC?) and service level is as good as they say it is, I don't anticipate any issues if/when I do claim.


I think I might go and get the appraisal done - I don't think the one that I can get done locally is as good as it could be (such as having a comprehensive suite of photos) but Perth is somewhat of a trek, unfortunately!

I guess I'm a little worried that the valuation will be for less than I paid, but then not everyone appreciates properly cut diamonds ;-) :D
 

Snowdrop13

Brilliant_Rock
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Re: Solitaire Ring insurance appraisals - is there any point

Well, my experience of trying to claim on insurance echoes your comment about them trying to get out of paying at all costs! Although my insurance company was happy to insure my rings as separately listed items only on my verbal assurance of how much they cost, when I hit my 5 stone band on a table and one of the diamonds fell out it became very tricky. They had about 7 things they needed to know/have, including an up to date appraisal. Needless to say, I did not have one. Luckily, the repair could be done without requiring a new diamond to be purchased so I paid out of pocket and all was well. This has made me wary of the value of insurance now. (I had another difficult experience trying to get money back for a cancelled holiday, but that's a story for another day).

I guess if you want iron clad security, I'd get the appraisal and then the insurers can't argue with you!
 
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