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Insurance Company won't pay my claim in money but sending me similar item


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I lost my later mother's ring. This is three "blue" diamonds which were hand picked and set in platinum. Valued at over £3500.

 

I have reported it to Police; checked my last whereabouts and reported to insurance company.

 

Insurance company have sent me their jeweller catalogue and told me to pick a ring and they will send one to me!

 

Surely, this is not right.

 

Any advice gratefully appreciated.

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Read your policy and see what it says regarding repair/replacement.

 

Insurers sometimes negotiate deals with suppliers and get discounts so I can understand why they have done this, however, you may be able to negotiate a cash payout, but that would be limited to the amount that they would have paid out including the discount.

 

I'm assuming that because of the value of the ring it was a specified item with an agreed value?

 

Mossy

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Have a read of the following link from the Ombudsman and then speak to your Insurers about this further. You can appeal to your Insurers by making a complaint and go to the Ombudsmsan, if you think this is necessary.

 

repair, replace or cash? - october

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