Insurance Claims
The experience of
losing an engagement ring or a diamond can be devastating. Many insurance policies
cover the replacement
of engagement rings or any missing diamonds, without deductible, provided the
engagement rings have been scheduled on the policy. Contact your insurer to
arrange the appropriate coverage on your engagement ring before you experience a
loss. Making a claim on an unscheduled engagement ring may or may not require you to pay a
deductible. Your insurance broker will advise you in
this regard. Usually the value of most engagement rings, and their center
diamonds, exceeds the cost of the deductible. However the value of any
smaller diamonds in the ring is often less than the cost of the
deductible.
Initiating the Claim
To proceed with a claim on
an engagement ring, contact your insurance company immediately. Your insurer will appoint an adjuster who will then mail you
a Proof of Loss Form. To pursue your claim you will need to complete this form
and return it to your adjuster. Copies of appraisals, invoices and photographs
always help to substantiate claims. Adjusters usually ask
that you to obtain several replacement cost quotations.
Replacement Quote
Kimberley Jewellers is there to help you through this somewhat overwhelming process and to simplify
things for you. We specialize in expediting replacement quotes on
engagement rings at no cost to you. We are independent of your insurance company and
are totally unbiased in our assessment of the value of missing engagement rings. Our
very competitive everyday pricing policy is based upon the volume
of business we do with the insurance industry and in fairness we extend these
fixed lower prices to all our customers. Whether you are replacing an engagement
ring at
Kimberley Jewellers through an insurance claim, or simply buying a new engagement
ring, we charge the same low everyday prices.
Contact us to set up a meeting to prepare
the required claim documentation. We will fax the Replacement Cost Quotation directly to your insurer.
The Replacement Cost Quotation is used by your adjuster to determine the
value of your claim.
Replacement vs Actual Cash Value
After your insurer receives your
completed Proof of Loss Form and your Replacement Cost Quotation they will
process your claim. As an alternative to replacing your engagement ring, they may offer
you a lower Actual Cash Value settlement. In determining
Actual Cash Value your insurance adjuster will apply depreciation against the value that is detailed in the Replacement Cost
Quotation, excluding GST and PST. It is your choice as to whether to accept a new engagement
ring or to be cashed out at the lower amount.
Replacement Process
If we receive notification
from your insurer that you have decided to go ahead with
replacement, we will contact you in order to proceed. We have a large selection of
engagement rings in our showcases for you to choose from.
