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Your advice on lost diamond: THIS replacement my insurer is offering or cash payout

sarakan

Rough_Rock
Trade
Joined
Oct 11, 2019
Messages
6
Hi all,

I've lost my engagement ring and have filed a claim with my insurer (sadly not JM, but Liberty Mutual). They contract with Resource to replace jewelry, and they are offering me either this diamond, or a cash payout of just over $9,600:
http://3.227.185.194/account/dnApage?packetno=63298

Anyone kind enough to advise if I should accept the replacement, or if I could do better with the payout? Thanks so much in advance - there's so much expertise here this was my first thought when they made the offer.
 

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sarakan

Rough_Rock
Trade
Joined
Oct 11, 2019
Messages
6
Do you have the GIA report for your lost diamond?
Attached. Note this is not even my original engagement right as this is the second time it's had to be replaced. Last time we just let Resource replace it, and they replaced it with the attached.
 

Attachments

sarakan

Rough_Rock
Trade
Joined
Oct 11, 2019
Messages
6
Attached. Note this is not even my original engagement right as this is the second time it's had to be replaced. Last time we just let Resource replace it, and they replaced it with the attached.
And in case it's helpful, here is my original engagement ring.
 

Attachments

marymm

Ideal_Rock
Premium
Joined
Apr 21, 2010
Messages
3,812
Did you lose only the diamond or the entire ring? If the entire ring, what kind of setting was it? A plain solitaire or was there any diamond melee?
 

sarakan

Rough_Rock
Trade
Joined
Oct 11, 2019
Messages
6
Did you lose only the diamond or the entire ring? If the entire ring, what kind of setting was it? A plain solitaire or was there any diamond melee?
The entire ring. It was a platinum setting, solitaire.
 

OcnGypZ

Shiny_Rock
Joined
Dec 18, 2006
Messages
233
I like this new diamond better than your old ones. I don't like the amount of the check they are offering. What type of platinum setting did you have?
 

sarakan

Rough_Rock
Trade
Joined
Oct 11, 2019
Messages
6
How much was it insured for? More than the $9600?
My original diamond was insured for $18,000 - but when we went to have it replaced Resource insisted that appraisal was too high, and they could supply a replacement for around $9,600 so those were my options given.

Now we are replacing the one they replaced for $9,600. Though I unknowingly have continued to pay a premium based on the $18,000. Sigh.
 
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sarakan

Rough_Rock
Trade
Joined
Oct 11, 2019
Messages
6
I like this new diamond better than your old ones. I don't like the amount of the check they are offering. What type of platinum setting did you have?
They called the setting a 4 prong heavy platinum setting.
 

AV_

Ideal_Rock
Joined
Aug 5, 2018
Messages
2,400
Do you care for these? WWW
 

sledge

Ideal_Rock
Premium
Joined
Apr 23, 2018
Messages
3,602
First I'd try to get the value up. Do some searches, etc. I would buy am busy today. If I get time I will later on.

That said, if you take the cash, here's a 1.5 F SI1 super ideal sparkle bomb from WF for $8k. Leaves you money for a new setting as well.

Small table and dreamy proportions. It will be very impressive compared to your past stones or the one they are offering.

I know it's a drop in clarity but the stone is eye clean and the beauty of this one compared to the others will be noticeable.

 

KKJohnson

Brilliant_Rock
Premium
Joined
Aug 15, 2017
Messages
1,481
I would take the cash and get a stone you can pick out


Drop in color to a G, very nice stone

If you wanted to go with WF then I would ask for them to pull these stones for a side by side comparison of color, with these super ideal cuts you can get very lucky and have a lower color that faces up very white.


Very clean for SI

A bit over the $9600 but still under 10k
 

kenny

Super_Ideal_Rock
Premium
Joined
Apr 30, 2005
Messages
26,772
I'd take the check.

I know too much to trust anyone to pick out a diamond for me.
 

sledge

Ideal_Rock
Premium
Joined
Apr 23, 2018
Messages
3,602
I'd take the check.

I know too much to trust anyone to pick out a diamond for me.

Dropping back in quickly. My thoughts exactly. Just would be nice to take some data back to them to help raise the price so you have more wiggle room.

Is the $9,600 for the diamond only, or does that include the setting too? A platinum setting can be $1,000 pretty easily depending on specifics.
 

MK Malone

Shiny_Rock
Joined
Mar 24, 2019
Messages
228
I’m stuck on the fact that your original ring was insured for $18k and you were paying premiums for this appraised value, but they would only give you half of that. And then you continued to pay premiums on $18k worth or coverage? This sounds outrageous and like you have been taken advantage of. I think you might need to look for a different carrier.
 

OdetteOdile

Shiny_Rock
Joined
Aug 8, 2019
Messages
136
If they give this diamond to you, what are they offering to do in regard to a setting? If it were me, I would take the $9600. I would prefer to pick out my own diamond and setting. It might be fun for you - the good people here on PS will provide you with excellent choices!
 

sledge

Ideal_Rock
Premium
Joined
Apr 23, 2018
Messages
3,602
I’m stuck on the fact that your original ring was insured for $18k and you were paying premiums for this appraised value, but they would only give you half of that. And then you continued to pay premiums on $18k worth or coverage? This sounds outrageous and like you have been taken advantage of. I think you might need to look for a different carrier.
Unfortunately, unless you have a guaranteed cash rider on the policy that is the way it works.

This is why it's important to NOT over inflate the value of your rings when insuring. I would encourage a small 15-20% bump for cost of inflation, etc. But IMO, even that should be re-visited every few years and adjusted for current market prices.

I doubt they will have too much sympathy though. Per the OP, they have already paid out once. So $9,600 x 2 = $19,200 total loss. Not sure if they jacked her rates up after the first loss, but I bet they will inflate at the next renewal for sure.
 

Rose-gold-or-bust

Shiny_Rock
Joined
Aug 7, 2019
Messages
254
Don’t be shocked if they drop you after this. Expensive ring lost twice.. they likely won’t risk a third time.

As for the 18k... exactly what sledge said. You can insure it for whatever you want but they only need to pay out what it actually cost to replace with like quality. Most jewelers will inflate their appraisals because consumers will believe they got a great deal that way but if they sold it to you for $xxx then that’s roughly all it will cost to replace if lost or damaged in a short time.
 

kenny

Super_Ideal_Rock
Premium
Joined
Apr 30, 2005
Messages
26,772
I’m stuck on the fact that your original ring was insured for $18k and you were paying premiums for this appraised value, but they would only give you half of that. And then you continued to pay premiums on $18k worth or coverage? This sounds outrageous and like you have been taken advantage of. I think you might need to look for a different carrier.
Good point.
If you are in USA I'd look up and contact your state's insurance commissioner.

If you paid for $18K of coverage perhaps you state law is that the check must also be for $18K.
That sounds entirely reasonable to me.
 

tinatark

Rough_Rock
Joined
Jun 2, 2003
Messages
86
I've been though this. I was able to use a local jeweler for my replacement. The quote from the insurance replacement folks was ridiculous! Afterward, I switched my coverage to agreed value coverage. With a loss, they will pay the amount we insure.
 
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