Help me understand how insurance works?
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08-24-2014, 06:24 AM,
#1
Help me understand how insurance works?
So somehow, I'm an idiot, and I lost my ring. It was set with CZ stones, but it was quite a heavy custom platinum setting. It was appraised at $2500 and it was insured with Perfect Circle.

How does it work if I want to replace it? According to the website, the jeweler must invoice me for what it would cost to replace, but I can purchase any piece I want with that money.

So can I call Schubach's or something similar and ask them to invoice me for a $2500 platinum setting, and then design a new ring?

I'd like to take this opportunity to change the ring from a three-stone to a solitaire as I am working in a conservative environment and I'd actually like a smaller, simpler ring for everyday wear. Is that something I can do?

I'm an expert on health insurance, but I gotta say that ring insurance has me stumped.

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08-24-2014, 09:41 AM,
#2
RE: Help me understand how insurance works?
Pretty much, yes. But since they have your appraisal on record, once they start the claim they will give you replacement value for the old ring based on current market prices of metal etc. schubbies might need to provide an estimate of cost to remake it. Then I believe they will pay schubbies on your behalf. So that you can't just take the money and run so to speak... They want to protect themselves from fraud and false claims etc.

Than if you want changes you can work that out with Schubachs, and any additional money needed would be from you. Wink sorry you lost your ring, but thank goodness it was insured!!

Joseph Schubach Jewelers
please email jenniferc@schubach.com for quotes and inquiries
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08-24-2014, 10:39 AM,
#3
RE: Help me understand how insurance works?
yes, I'm dumb, I took it off in the restroom of our other office building to put on lotion-- which is in a busy commercial office building with 20+ tenants. By the time I realized it, it was of course long gone. I put in word at security etc, but I'm sure some well meaning person has turned it in to their own company's front desk or something and I will never find it.

It's fine if they pay on my behalf-- I'm guessing the new piece would be less expensive than the old. However, my appraisal wasn't that detailed so I'm not sure if they'll cover just "cheapest platinum semi-mount" or if they'll consider the cost of hand forging, etc that wasn't specifically detailed on my appraisal. The appraisal says "ring semi mount" and the description is "solid platinum weighing 6.9 grams" but no real details about the workmanship. Is the policy inclusionary, in other words, as long as the quoted new ring is solid platinum weighing 6.9 grams, they will pay up to the $2500 amount, or is it exclusionary in that I must get the cheapest 6.9g platinum ring?

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08-24-2014, 03:13 PM,
#4
RE: Help me understand how insurance works?
you would have to ask them that but hand forged should be replaced with hand forged. I think they will work with you on that.

Joseph Schubach Jewelers
please email jenniferc@schubach.com for quotes and inquiries
Visit this user's website
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