to be fair, if you are going into a jewellers shop to buy a ring, you should get a decent discount on the tag price. Was your valuation simply a valuation or the actual price you paid for the ring? Most jewellers give valuations for the ring for insurance purposes for a higher figure than what you paid for it, to try to give the impression that you got a bargain.
Insurance is to put you in the same position post loss as you were in pre loss.
I just looked at my policy and it says that "we will not pay for any loss or damage to any item of jewellery insured in excess of X unless the settings of the stone(s) are examined by a bona fide jeweller at least every 24 monthes and any defect is remedied immediately".
So if I lost mine or it was stolen and it was not examined, I'd get nothing??
Every 24 months seems like a lot or is that standard? Due for renewal soon so may think of changing if anyone has any recommendations on other insurance policies.
ED:
neither myself nor any of my close friends paid the tag price for engagement rings. jeweller is quite happy to give discounts, leading to my view that it is factored into the tag price. teh valuation given at point of sale is for the tag price. Quite a few Unions and workplaces and banks have 'deals' with jewellers, where discounts are also given.
Opened a new policy for house insurance and had an custom designed engagement ring valued for inclusion as a named item. (€7000) Subsequently lost the ring and was only offered a "replacement ring" or €6000. The replacement ring would be created by a third party and not by the original manufacturer. The original jeweller stands over their valuation but insurance company do not want to know.
Do I have any grounds to appeal this?
I am not disputing that different companies and organisations have deals with jewellers where they get discounts.
It is your suggestion that jewellers are acting in a fraudulent manner that I have an issue with.
I NEVER mentioned fraud.
Aren't you being a little naive? It all depends on one's definition of "fraudulent behaviour". In my experience ALL jewellers offer an inflated written valuation to give the purchaser a little wriggle room with the insurance companies AND to make the purchaser feel they've got a bargain. Is that fraud? Or is it just knowing and playing the system?
Well perhaps my experience is different then yours but when we have had jewellery valued it was based on the replacement cost.
I don't think that any jeweller would be doing anyone any favour by giving a valuation on the basis that it makes someone feel that they "got a bargain "
The mark up on jewellery is usually 50%!
Why do insurance companies then look for valuation certificates when taking out a policy? I'm paying extra for x many years when they have no intention of honouring the valuation that the insurance policy is based on. If I under-insure then they get me there as well.
The insurance company cannot replicate the original ring as they do not have the design specs. These are with the originating jeweller. Why should I accept some knock-off that the insurance company say is the same?
If I lost a Van Gogh, would they then ask someone to run up a copy and give me that instead!!
It is standard when you are insuring a particulary expensive piece of Jewellery.
If you move to another insurer you will probably find that they will have a similar condition on their policy.