Zurich Jewellery Insurance

[juliedawn67]

Hi,

Having read through the forum I'm hoping someone can offer some advice.
My husband brought me a Diamond Solitare ring in Fuerteventura 2 years ago for me, for 11,000 Euros.
On New Years Eve just gone I lost the Diamond out of the ring.
I contacted our insurers straight away to advise of this.
I sent off the setting, certificate, and receipts for payment of the ring.
However the certificate is not a GIA full diamond certificate as it does not state the clarity or colour.
However the insurance excepted the certificate received from the jewellers when we purchased the ring, at the time of taking out the insurance and insured the ring for £10,000.
The insurance company is now saying that because the certificate does not have all the info on they will not pay out the full settlement and are offering to replace the ring with an inferior diamond or a cash settlement for far less - £6,500 +VAT.
We have spoken to the jewellers in Fuerteventura who have supplied us with all the specifications of the diamond but the insurance company is still unwilling to except this.

We have paid quite alot more on our insurance to have this ring put onto the insurance.

Please Help.

[Steward]

You can use Google to search the web using these links below:-

[honeybee13]

Hi there. How do you know a replacement would be an inferior diamond? I hope the answer isn't too technical . When I studied for the insurance exams 100 years ago, we were told that an insurance company has the option to replace a ring, say, with another ring, rather than paying out money. You might get good value by going to a company they use, not sure about that.

I'm a bit confused about how the £10,000 valuation came about. At the time, I guess it was more than 11,000 euros?

I hope other caggers will have advice on how to negotiate over the diamond. I have a vague memory that if you over-insure something, there could be a refund of some of the premium, but I guess what you really want is the equivalent diamond?

HB

[juliedawn67]

Thanks for the reply, but we have an email from the jewellers where we purchased the diamond confiming the clarity and colour of the diamond, but the Zurich will not accept this as this is not on the original certificate and class this has hear say.
The insurance company are offering a far inferior diamond.
We have also been advised by the jewellers in Fuerterventura that diamonds have increased in value by upto 30% since we purchased it.
My husband was also told by the jewellery consultants working for Zurich that the valuation of the diamond they are offering us is at a cost of £6,500 +VAT to Zurich.

[unclebulgaria67]

Make a complaint. Advise them you will ask the Financial Ombudsman to deal with this.

If an Insurance company accepts a valution or certificate, it is accepting this as proof of value and a document that can be used if the item is subject to loss.

Therefore the fos, will tell the Insurance to deal with the claim properly.

[willamcather]

Hi

The Insurance of Zurich Jewellery is necessary because sometimes the major issue will create at that time it is concerned.

[Nemesis2010]

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