Engagement Ring Claim

[candie]

Hi All, I am hopeful that someone will be able to help me with my query - I'll try to make a long story short!

My husband bought my engagement ring outside the EU. We were very happy and excited to be engaged and when we came home from holidays we had it valued here and stuck it on the household insurance. We've simply the paid the insurance for it for the last few years.

Unfortunately the ring is now lost and I am devastated. We have torn the place apart to no avail. I contacted our insurance company when it was missing 6 weeks and they sent an assessor to our home to interview me about the lost ring. During the course of the conversation it came up that the ring was purchased abroad (I was telling the man the happy story of the proposal) and the assessor asked if we had paid the relevant import duty on the ring. Of course we hadn't. We never thought to pay it. I told the assessor the truth and asked him if we are now in trouble with the revenue - he told me it didn't matter.

To proceed with the claim I am obliged to sign a statement as prepared by the assessor and have it stamped by the gardai.

My questions are

1. will the revenue be contacted about this matter
2. will the claim be honoured

I am reluctant to proceed with the claim if it won't be paid because that will obviously negatively impact our insurance record for no reason and also because I am very worried about getting into trouble with the revenue commissioners. The ring is valued at 4k.

Any help would be gratefully received - I feel bad enough about losing the ring without making a mess of our insurance future.

Thanks a mill.

 

[John Rambo]

No the Revenue Commissioners will not be contacted and of course the claim will be honoured. Why you felt the need to complicate things at all by mentioning these things to the assesor is beyond me but it's nothing to do with them.

 

[CCOVICH]

Maybe they will give you the Irish value of the ring less the relevant import duty?

 

[Ravima]

check your policy conditions.

some have a stipulation that if a valuation is produced and accepted, then that valuation is the basis upon which you pay the premium and they pay the claim. hibernian certainly have this stipulation and if you look at your policy schedule you will see a little * after the value, meaning that that is the valuation for the claim.

it seems strange that adjuster is raising the question of duty paid or payable.

 

[mercman]

Its up to the Insurance company to pay the claim according to the loss of that Insured. The fact that you did not purchase the ring in tis country is of no business to the Insurance Company. What would happen it you and your husband inherited or got it for a present - Does this mean the Insurance Company won't have to pay at all ?? I don't think so. I don't know the terms of your Policy but normally the Insurance pays on the basis of 'New for Old'. This is the purpose of having a valuation done.