If you decide to consider another insurance carrier, we have a list of questions to ask—just to be sure you are getting the coverage you expect:
| 1. |
Is an appraisal necessary for full coverage? |
| 2. |
What is the difference between scheduled and nonscheduled coverage? |
| 3. |
Is there a deductible? If so, how much? Can I ask for a larger deductible for a premium savings? |
| 4. |
Is my policy all-risk (covering damage, robbery, mysterious disappearance, etc.)? |
| 5. |
Am I still covered if there is negligence or carelessness involved? |
| 6. |
Is my jewelry covered if lost, stolen or damaged while it is in someone else’s possession? |
| 7. |
What if only a part is lost, e.g., the diamond falls out of a ring? |
| 8. |
If there is a loss, do I have a choice of cash or replacement? |
| 9. |
Can I go to whomever I choose for the replacement? |
| 10. |
If a loss has been replaced through an insurance company source, will I be allowed to verify proper replacement by a reputable firm? |
| 11. |
If I cash out, will I get the full amount? |
| 12. |
If I select replacement, will I get to choose the replacement? |
| 13. |
Is there a difference in limitation between jewelry and silver? |
| 14. |
Are there any geographical limitations to my coverage outside of my home or business? Internationally? |
| 15. |
How much will it cost me per thousand for full coverage? For partial? What do I sacrifice for the limitations? |
| 16. |
Is depreciation ever imposed? |
| 17. |
How often should I update my appraisal? |
| 18. |
Am I limited to appraisal replacement cost should there be a sizable increase in the value of my jewelry? |
| 19. |
If there is damage to a piece, can I replace it or must I be limited to repairing it? If adjustment is limited to repair, am I enumerated for the loss of value? |
| 20. |
What if the lost item is irreplaceable? |
| 21. |
Are there any security precautions required? If not, would it affect the premium if there were? |
| 22. |
What proof is needed to justify a claim? |
| 23. |
What kinds of jewelry insurance are available? |
| 24. |
Are there any exclusions? |
| 25. |
What is the “pair and set” clause? |
| 26. |
What types of property are not covered? |
