Appraised Diamond cluster ring valued at $3900 has been lost. Ins co says policy does not state named amount. It says Value to be determined at time o

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jun 12, 2016

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Insurance Question from Commack, NY

Asked on 06/12/2016

Appraised Diamond cluster ring valued at $3900 has been lost. Ins co says policy does not state named amount. It says Value to be determined at time o of loss. Ins Co adjuster says their Jewelery appraiser says ring is now worth $2300. How can I fight this? The Jeweler who made the ring and gave me the Apprasal 5 years ago says they are wrong. The ins co won't. ans phone and sent me a check knowing I wanted to get an opinion from the jewler who made the ring. When I purchased this rider to my ins policy. I was under the impression that if was for a named amount.My broker never told me otherwise.

Answer given on June 19, 2016

If you have a rider on your homeowner insurance policy to cover specific jewelry items, the endorsement usually lists the value of the item and normally that is the amount the insurance company will pay if the item is lost.You should review the endorsement paperwork on your policy and speak to your broker/agent about the difference. In the meantime, do not cash the settlement check or the claim will be closed. If the adjuster will not discuss this with you, call the insurance company and ask for a supervisor and discuss with them. You can also get your broker to assist in contacting the insurance company to work this out. You may also want to get a separate estimate as to the value, since your jeweler has an interest in what the value is determined to be. The final course of action is to contact the Dept of Insurance for assistance.

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