Home Engagement Ring Claim

[John Rambo]

6000 or 7000 be better spent on a home/car than some trinket on your finger

In your opinion. Perhaps you should provide the OP with some useful advice or information rather than using the the thread as a platform for your own (unconventional) views?

 

[Valheru]

Ask the original jeweller for the design specs and give to the insurance company jeweller...then you will have an identical ring back. Alternatively, talk to the insurance company jeweller, tell him exactly what the ring was like, give him photos etc and have him make the ring for you. This is not an insurmountable problem. Surely, all you want is the same ring as you had before and if so,it should not be relevant to you whether this costs €6k or €7k. FYI, the sum insured on an all risk item is not an automatic entitlement in the event of a total loss.

This is the nub. The original jeweller will not share the design specs, nor should they have to as I insured the ring based on their valuation which was accepted by the insurance company. Just because they can get someone else to make the ring cheaper should not absolve them from putting me back in the same position as before. They can negotiate with the original jeweller but have said they will NOT do so.

 

[Claimsman]

This is the nub. The original jeweller will not share the design specs, nor should they have to as I insured the ring based on their valuation which was accepted by the insurance company. Just because they can get someone else to make the ring cheaper should not absolve them from putting me back in the same position as before. They can negotiate with the original jeweller but have said they will NOT do so.

Looking at it from the outside, it would seem that the original jeweller is not helping the situation. If you think about it, when you commissioned the ring, you paid for the design of this, so therefore, maybe you own the design? Alternatively, if this design took the jeweller time and effort for this bespoke ring, then why is it that to make it again costs the same amount? Surely, if he doesnt have to design it again, then one would expect that the remaking price would be cheaper than the original cost. Anyway, im not a jeweller, that is just a thought.

The real issue is that insurers put you back in the same position that you enjoyed beforehand. When it comes to things like rings, the argument may be put forward that in giving you a replacement ring( as near as possible to the original design and specification as possible), that you are in substantially the same position as you were before. As i earlier advised, you can ask insurers to pass this case for a ruling from the insurance Ombudsman who will give a ruling.

 

[Valheru]

Thanks for the advice. Will see what can be done.

 

[DavidM]

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!!

When it comes to gold and diamonds, comparing like for like is very easy. You lost/had stolen an 18ct gold, solitaire diamond with 0.5ct size, colour e, clarity vvs1, the insurance company jeweller would have to certify the replacement is an 18ct solitaire 0.5ct, e colour, vvs1 ring. Anything less, just don't accept! As for what you insure it for, that should be what it should cost to replace, the two should be the same but not always i.e. gold and diamonds are commodities and fluctuate according to supply and demand. Two years after it's valued can mean 10% difference up or down i.e. have your jewellery valued regularly and adjust the level of cover accordingly.