Insurance Appraisals
Expert Graduate Gemologists and Highly Trained Appraisers
The most common reason for appraising your jewelry is to schedule insurance coverage. There are two very important elements of an appraisal for insurance: value and description. The replacement value provided in an appraisal sets the upper limit of insurance coverage while being a key part of determining the premium you pay. An appraisal with an inflated value will cause you to pay a higher premium than is necessary, but will typically not result in a higher payout in the event of a loss. Most insurance companies consider the description of the jewelry as a primary factor when replacing an item that was lost or damaged. A vague description allows the insurance company greater latitude in their choice of a replacement. IT IS VITAL THAT YOU UNDERSTAND THE LIMITS OF YOUR INSURANCE POLICY.
Questions for YourInsuranceInsuranceAgent
The primary basis for your insurance coverage and the settlement of any claim you file is the appraisal that you provide to bind coverage and the specific wording in your policy. The jewelry item is insured, not the replacement value. If you ask for a cash payout rather than replacement jewelry, you may not be paid the appraised replacement value; but your premium will be based on it. That means that accurate, detailed descriptions and carefully researched values will assure that you are fully protected and not paying too much. Gemologically Speaking will provide you with exactly that.
Know YourCoverageCoverage
You should thoroughly understand the terms and limits of your policy and what coverage options are available to you. Your insurance agent or the underwriter can explain your policy to you; but always ask see the specific language in your policy that addresses your concerns. These questions might serve as a starting point for the discussion.
