Questions You Should Discuss with Your Insurance Company for Your Protection

TripleGems Appraisal Services

Whether you are looking to update your appraisal or are switching insurance companies to insure your jewelry and personal property, an important consideration is to arm yourself with the appropriate knowledge on how to choose an appraiser,

Next, whether you rent or own a home, ensuring that your homeowner's or renter's insurance will cover your jewelry is a very important consideration. There are many aspects of the policy that you will need to understand to know what type of policy is suitable for you and what type of coverage you will need. Below are some of the questions you should discuss with your insurance company to make sure you understand the type of policy you have and what it covers when it comes to insuring your jewelry.

Are there different kinds of jewelry insurance policy available?
What is the difference between unscheduled and scheduled coverage?
Is my policy all risk? (Par loss, theft, damage, mysterious disappearance, etc.)
Do I have a choice between an agreed cash policy and a replacement policy?
Am I still covered if there is negligence or carelessness involved?
Is the item covered if lost, stolen or damaged while in the possession of someone else? What if only part is lost, stolen or damaged while in the possession of someone else?
Are there any geographical limitations to my coverage?
Are there any exclusions?
What types of property are not covered?
Is there any security precautions required?
How much will it cost per hundred for full coverage? Partial coverage? What do I sacrifice for limitations?
Would there be a premium savings if special precautions were taken? (eg. if the items are kept in a home safe or safe deposit box when not being worn)?
Is there a deductible and how much?
Do I have the option to increase the deductible to lower my premium?
Do I have the option of having no deductible?
Will my claim and the replacement cost be more readily accepted if the appraisal has been done by a qualified, trained Gemologist Appraiser, rather than just a Gemologist or jewelry retailer?
Is depreciation ever imposed? To what, and how is it computed?
Am I limited to the appraised replacement cost should there be a sizable increase in value?
What proof is needed to justify a claim?
If there is damage to a piece, can I replace it or am I limited to repair?
What if the lost or damaged item is irreplaceable like a period piece? Will you indemnify me by issuing payment based on the fair market value listed on the item on the appraisal?
What is the pair and set clause? Will the insurance cover an additional amount for matching a missing item in a set or pair if it hasn't been computed and stated?
Can I go to whomever I wish for claim assessment and/or replacement?
What criteria and standards does your company use to qualify who you use for replacement sources?
If a loss has to be replaced through an insurance company source, then I MUST be allowed to verify proper indemnification by a qualified, trained Gemologist Appraiser who at a minimum has the same qualifications as the appraiser who issued the report on the item your company is collecting premiums on to insure. If the replacement is not true indemnification will you reimburse me for my expense of having this done, along with getting a proper replacement?
Will you keep a full copy of my appraisal report in my file and remind me at least every 2 years to get updates?
Will you show me the actual language in my policy which addresses each concern that I have expressed and/or adjust my policy in writing to accommodate each of these expressed concerns?

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