Insuring Your Jewelry
Questions You Should Ask Your Insurance Agent
1. Is an appraisal necessary for full coverage?
2. What is the difference between scheduled and unscheduled coverage?
3. Is there a deductible If so, how much?
Do I have the option to increase the deductible and thus lower the premium?
4. Is my policy all-risk (partial loss, damage; mysterious disappearance etc.)?
5. Is the item covered if lost, stolen, or damaged while in the possession of someone else?
6. Am I still covered if negligence or carelessness in involved?
7. If there is a loss, do I have a choice of full cash-out or will I have to accept less?
8. Can I go to whomever I wish for replacement?
9. If a loss has been replaced through an insurance company source, will I be allowed to verify proper replacement by a independent firm or appraiser?
10. Is there a difference in limitation between jewelry and silverware?
11. Are there any geographical limitation to my coverage?
12. How much will it cost per thousand for full coverage? Partial? What do I sacrifice for the limitations?
13. Is depreciation ever imposed?
14. How often should I have an appraisal update?
15. Am I limited to the appraised replacement cost should there be a sizable increase in value?
16. What if the item lost is irreplaceable like an antique?
17. If there is damage to a piece, can I replace it or will I be limited to repair?
18. Are there any security precautions required? If not, would there be a premium savings if special precautions were taken, e.g the items were kept in a home safe or in a safe deposit box?
19. What proof is needed to justify a claim?
20. Are there any exclusions?
21. Are there different kinds of jewelry insurance available?
22. What is the par and set clause? Will the insurance cover an additional amount for matching the missing item in a set if it hasn’t been computed and stated?
23. What types of property are not covered?
24. Will you show me the actual language in the policy which addresses each concern I’ve expressed?
25. Will my claim — and replacement value — be more readily accepted if the appraisal has been performed by an A.G.S. jeweler; certified gemologist appraiser?