22 Important Questions to Ask Your Insurance Company

Having your valuable jewelry insured correctly is not a simple matter to undertake. In our experience, asking the following list of questions of your insurer will give you the information you’ll need in order to make the best and most informed choice of insurance type and carrier.

  1. Are there different kinds of jewelry insurance available?
  2. Do I have a choice between an agreed cash policy and a replacement policy?
  3. Am I still covered if there is negligence or carelessness involved?
  4. Is the item covered if lost, stolen, or damaged while in the possession of someone else?
  5. What if only part is lost, stolen or damaged while in the possession of someone else?
  6. Are there any geographical limitations to my coverage?
  7. Are there any exclusions?
  8. How much will it cost for full coverage/partial coverage? / What do I sacrifice for these limitations?
  9. Would there be a premium savings if special precautions are taken? (e.g. if the items are kept in a home safe or safety deposit box when not used.)
  10. Is there a deductible? If so, how much?
  11. Do I have the option to increase the deductible to lower my premium? (remember, you will always have to pay a deductible on a personal property claim.)
  12. Do I have the option of having no deductible?
  13. Will my claim and the replacement cost be readily accepted if the appraisal has been done by a qualified, trained Gemologist Appraiser rather than just a Gemologist or jewelry retailer?
  14. Am I limited to the appraised replacement cost should there be a sizeable increase in value?
  15. What proof is needed to start a claim?
  16. If there is damage to a piece, can I replace it or am I limited to repair?
  17. 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 in the appraisal?
  18. If a loss has to be replaced through and insurance company source, that 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.
  19. If the replacement is not true indemnification, will you reimburse me for my expense of having this done, along with getting a proper replacement?
  20. Will you keep a full copy of my appraisal report in my file?
  21. How often do I have to update my report? Will you remind me at least every two to four years to get updated?
  22. Will you show me the actual language in my policy that 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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