Insurance

* Almost all insurance companies have the option of replacing your lost or damaged item. If a piece of jewelry is lost, most insurance companies DO NOT give you money willingly. It is their responsibility and obligation to put you back into the position you were in BEFORE the loss. Because insurance companies do millions of dollars a year in jewelry replacements, they have adjusters and buyers who can purchase replacement jewelry for what they believe is a price below what the consumer can buy the item for. (I guess it depends where you shop!)

* Some jewelers will sell you an item for one price and then appraise it for a much higher price, telling the consumer that the higher value is for insurance and giving the buyer a good slap on the back to tell him what a 'great bargain' he got. But, if your insurance policy is a replacement policy, who benefits by the high appraisal?  Only the insurance company who will collect their premiums based upon the over-stated value. There is no benefit to the consumer in accepting a highly inflated value appraisal.

* Most insurance companies will only pay up to the covered amount so if the current value is higher, you are under-insured and will have to pay the difference.

* Most insurance companies will not ask for updated appraisals on a regular basis, so it is up to you or your agent to remember to regularly have your jewelry inspected and reappraised to reflect current markets.

* Most homeowner insurance policies have a dollar amount of coverage for unscheduled property such as jewelry, furs, coins, etc. but there are limits and they typically cover theft only – not mysterious loss or damage. Check with your agent.

When making a claim on properly appraised and scheduled jewelry:

* If the policy is a replacement type policy, the insurance company may have the option of sending you to a replacement store or adjuster of their choice. Basically, they will determine the amount that you will receive. A proper and complete Insurance Documentation Report should supply the adjuster with exactly what he or she needs for you to get a fair replacement value. If you feel you are getting short-changed, do not accept the amount and complain to your agent and/or insurance company. Again, you may not have the option of receiving a check for your loss - you may have replacement as your only relief.

* Remember, you should have the replacement checked by us to verify that the quality is acceptable based on the original appraisal.

* You may have the option of using us, especially when original designs or copyrights are involved. Even then, you have the right to have the replacement verified for quality based on the original appraisal.

* If you choose the option of cashing-out rather than replacement, the type of policy will dictate how the cash-out offer works. With an Agreed Value or Actual Cash Value policy, you will receive a check in the full amount of the insured value. With a Replacement policy, you will receive either the insured value or the actual cost that the insurance company would have to spend to replace the item, whichever is lower. We can assist you in determining if the cash offer is fair.