Questions For Your Insurance Agent

‘Tis the season for appraisals and we thought it would be a good idea to review some questions you might want to ask your insurance agent before you call them to talk about insuring your jewelry collection. Keep in mind that jewelry insurance is a specialty field.

• What kinds of jewelry insurance are available?
• Is an appraisal necessary for full coverage?
• How often should I have an appraisal update?
• What proof is needed to justify a claim?
• What is the difference between scheduled and unscheduled coverage?
• Is there a deductible? If so, how much? Do I have the option to increase the deductible and therefore lower the premium?
• Is my policy all-risk (covering partial loss, damage, mysterious disappearance, etc.)?
• Am I still covered if there is negligence or carelessness involved?
• Is the item covered if it is lost, stolen or damaged while in the possession of someone else?
• If there is a loss, do I have a choice of a full cash-out?
• Can I go to a jeweler of my choice for the full replacement?
• If a loss has been replaced through an insurance company source, is it acceptable for me to verify proper replacement value with an independent firm or accredited appraiser?
• How much will it cost for full coverage? Partial? What do I sacrifice for the limitations?
• Is depreciation ever imposed? To what is this imposed and how is it computed?
• Am I limited to the appraised replacement cost should there be a sizable increase in the value?
• If there is damage to a piece, can I replace it or will I be limited to repair?
• What happens if the lost item is irreplaceable, like an antique?
• Are 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 safety deposit box when not being worn?
• Will the insurance cover an additional amount for matching a missing item in a set if it hasn’t been computed and stated?
• What types of property are not covered?