Insurance Claims

The experience of losing engagement rings or their diamonds 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 engagement rings before you experience a loss. Making a claim on unscheduled engagement rings may or may not require you to pay a deductible. Your insurance broker will advise you in this regard. However, the value of most engagement rings considerably exceeds any deductible. 

Initiating the Claim

To proceed with claims on engagement rings, contact your insurance company immediately. Your insurer will appoint an adjuster who will then mail you a Proof of Loss Form. To pursue claims on engagement rings you will need to complete this form and return it to your adjuster. Copies of appraisals, invoices and photographs always help to substantiate claims on engagement rings. Adjusters usually ask that you to obtain replacement cost quotations for missing engagement rings.

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 on engagement rings to all our customers. Whether you are replacing engagement rings at Kimberley Jewellers through an insurance claim, or buying new engagement rings directly from our showcase, we charge the same low everyday prices.

Contact us to set up a meeting to prepare the required engagement rings 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 present-day cost of replacing engagement ring claims.

Replacement vs Actual Cash Value

After your insurer receives your completed Proof of Loss Form and your Replacement Cost Quotation they will process your engagement rings claim to the extent of the coverage provided for in your insurance policy. As an alternative to replacing engagement rings at full value, 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 any GST or PST that would have been paid on replacement engagement rings. It then becomes your choice as to whether to accept new engagement rings at full replacement value or be cashed out at a lower amount.

Replacement Process

The moment 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. Depending on the nature of your claim, and the consent of your adjuster, we are also able to custom make engagement rings. We have an in-house designer and skilled goldsmiths that enable us to do so.