On Friday I was asked to meet with a client regarding there loss
of Syrian wedding jewellery to find suitable insurance
replacements for them.
The dilemma in a nut shell is
A> the insurance company does not want to cash out, approx
$31,000 Canadian (which they may end up having too).
B> the insured will only accept “Syrian” 18k to 22K replacements
which are very similar in design to the originals. (the
circumstances leading to loss are suspicious but not prooveable)
Both the insurance company and the insured are working against
each other in this case. Which leaves me in the middle. If any
one has a reliable source for middle eastern 18k and 22k product
this claim is large enough to make it worth while pursuing. Thanks
Mike ont_gem_service@yahoo.com
This is exactly why an appraisal from an independent appraiser before the loss is advisable. I’m surprised the insurance
company is this case doesn’t have it’s own jewelry replacement
company.
The reason the insurance company won’t let you re-make it is:
the ins. co. is willing to replace what the client had before,
which, apparently, was not custom made, but was mass-produced.
Mass produced (okay, or smaller quanities, but not custom) costs
less than custom. Insurance “makes you whole,” but it’s not an
opportunity for an upgrade.
On another note, if you want to provide your client an
"appraisal" at the time of sale…but aren’t really an appraiser
yourself…and you’re aware that appraising something you just
sold is a conflict of interest:
why not do a “point of purchase document”? I heard some jeweler
from New York give a talk about this. You document the item, the
gem stones, the work, and list the actual price paid, noting if
it was a sale price, and what the regular price would be.
Protects you and client in the event of an insurance loss claim.