Very specific insurance question

[Home73]

Hi, I am new here.

I have been reading several hundred pages here and on the internet about jewelry insurance. Before I call an insurance company I would to ask a very specific question here.

I inherited several Tiffany and a Cartier piece. These items are all older but not antiques. There is no original paperwork or receipts but some old appraisals (10 years old it seems).

I would like to insure these pieces and maybe even wear them. I understand that I have to get an appraisal. But from reading all the material what is not clear to me is the following question: in case of theft or loss will the insurance contact Tiffany/Cartier and try to repurchase that exact piece or will they just replace the item's value and I would get a cash amount? And what if that item is currently in their catalog?

The pieces I have are:

A Tiffany - diamond by the yard necklace

A Tiffany Schlumberger diamond ring

A Cartier Lanier diamond bracelet

Any help would be very much appreciated.

Thanks

A

 

[meesmom]

Hello, I have USAA, and I also have a dbty necklace on the policy. Yes I needed an appraisal too. Make sure you go to someone familiar with the brand. My local jeweler actually worked as a buyer for Tiffany so i am lucky!
It usually goes that they will try to "find" a "suitable" replacement, or you can choose to get the appraised value, less your deductible. But for name brand items, I would get a policy that has a cash option, so that you can repurchase on your own if you choose to do so. Hope this helps!

Also, Id love to see some pics of your new jewels!!

 

[Mekp]

I just went through an insurance claim and they gave me the option of using their jeweller or cash settlement. I took the cash.
It will depend on your policy.

 

[Home73]

Hello, I have USAA, and I also have a dbty necklace on the policy. Yes I needed an appraisal too. Make sure you go to someone familiar with the brand. My local jeweler actually worked as a buyer for Tiffany so i am lucky!
It usually goes that they will try to "find" a "suitable" replacement, or you can choose to get the appraised value, less your deductible. But for name brand items, I would get a policy that has a cash option, so that you can repurchase on your own if you choose to do so. Hope this helps!

Also, Id love to see some pics of your new jewels!!

Thank you for your answer. I will take pictures as soon as I start this process. For now everything is in the safe deposit box.

 

[Home73]

I just went through an insurance claim and they gave me the option of using their jeweller or cash settlement. I took the cash.
It will depend on your policy.

Thank you so much. So if the use "their" jeweler they would try to recreate the piece? Even if it is a branded item? Why would they not try to go to Cartier and re-buy it? I guess there is no profit in that. A cash policy makes sense then.

 

[denverappraiser]

Companies vary. Policies vary. It even varies from state to state. In most cases, they are agreeing to replace with 'like kind and quality' or words to that effect. In the case of branded things like you're describing that are currently available new, that's pretty easy. They call Tiffany. With older pieces that can't be directly replaced it's going to depend on the details of the contract. Ask the underwriter.

 

[denverappraiser]

Thank you so much. So if the use "their" jeweler they would try to recreate the piece? Even if it is a branded item? Why would they not try to go to Cartier and re-buy it? I guess there is no profit in that. A cash policy makes sense then.

A knockoff is not the same thing, no matter how good the knockoff is. There are some boundaries when things are made by 'generic' jewelers, and there's some interesting questions about how well known they need to be before a knockoff is 'like kind and quality' but for branded names like this, it's pretty solid. Go with the original if it's possible.

 

[Mekp]

Thank you so much. So if the use "their" jeweler they would try to recreate the piece? Even if it is a branded item? Why would they not try to go to Cartier and re-buy it? I guess there is no profit in that. A cash policy makes sense then.

Mine was a custom made piece so they were going to replace it with a custom made piece through their jeweller. My policy says I have the option of having the insurance company replace with a like item or cash settlement.
My guess is in your case they would replace it with a new Tiffany piece or cash settlement for the appraised value.

 

[Home73]

A knockoff is not the same thing, no matter how good the knockoff is. There are some boundaries when things are made by 'generic' jewelers, and there's some interesting questions about how well known they need to be before a knockoff is 'like kind and quality' but for branded names like this, it's pretty solid. Go with the original if it's possible.

Thank you so much. That is exactly what I wanted to know. I can now ask the right questions and get the correct policy.

 

[heididdl]

We use jewelers Mutual. And my eternity band was stolen (at my dad's funeral dont' ask). I had the choice of who to use and I got an incredible replacement. If it were a name brand they also would have helped with that.

 

[Polabowla]

Not every policy cares about branded pieces

I spoke to one company and they just give you an item of similar value with no regard for brand or quality.
Also JM told me they don't do cash value policies.

 

[headlight]

We use jewelers Mutual. And my eternity band was stolen (at my dad's funeral dont' ask). I had the choice of who to use and I got an incredible replacement. If it were a name brand they also would have helped with that.

What a horrible thing to happen at such a sad time. I’m so sorry this happened to you.

 

[meesmom]

A knockoff is not the same thing, no matter how good the knockoff is. There are some boundaries when things are made by 'generic' jewelers, and there's some interesting questions about how well known they need to be before a knockoff is 'like kind and quality' but for branded names like this, it's pretty solid. Go with the original if it's possible.

Something kind of similar happened to my mom when she lost her earrings. They were uncerted, but hand selected stones purchased at a highly respected diamond dealer in Boston in the 70s, and they were really gorgeous. The insurance co. wanted to "replace" them. And bc they were uncerted, I knew she'd get really poor quality as a replacement (I called the insurance company myself, and they basically told me she'd get something uncertified, G-J color, and SI1-SI2 clarity...no cut clarification). I made her cancel that order and get the cash, and then we shopped online. Shes very happy with what she got, thank goodness!

 

[Home73]

Thanks for all the answers. This is very helpful.

Can any of you suggest a company that would insure branded items and also offer a cash policy?

 

[denverappraiser]

Pretty much everyone will insure branded items. Most of the names you know in the homeowners insurance business do this along with some mentioned above that are specialty jewelry insurance insurers. Hardly anyone offers cash policies (branded or not). Talk to your agent. Expect it to cost more. Read the contract. Tiny details matter. Get a proper appraisal.

 

[meesmom]

Pretty much everyone will insure branded items. Most of the names you know in the homeowners insurance business do this along with some mentioned above that are specialty jewelry insurance insurers. Hardly anyone offers cash policies (branded or not). Talk to your agent. Expect it to cost more. Read the contract. Tiny details matter. Get a proper appraisal.

Yes, thats true! I have a cash policy, and I have several brand pieces on my policy, and every time i pay my premium, I cringe...its not much less than my homeowners insurance tbh. I once thought about cancelling or downgrading it, but that very night, i dreamt that i lost one of my beloved tiffany diamond studs. That changed my mind in a hurry!!

 

[motownmama]

Chubb