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Lost Earrings is this common practice


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Hi

 

Just some advice. Went to Mexico 8yrs ago. Hubby bought me ring and matching earrings consisting of white and blue diamonds.

 

Had valued when I got home and all good. Last night I went to get them from my jewelry box as it was my daughters prom but they weren't there. I've ripped the house apart but can't find them.

 

I rang my insurance company and they've accepted the claim and I've been told I'll be contacted by LMG to discuss my options. The ring and earrings were handmade to what I wanted. They've said LMG will try there best to replicate them and if not I can have a voucher for a jewelry store.

 

I don't want earrings from a shop. I want mine replicated so I feel as though I never lost them but worried this can't be done. The earrings were valued at £1495 8 years ago.

 

Do I have any other options?

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I think there has been a similar query where someone has lost/had stolen some custom made jewellery - I will try and find the thread to see what happened.

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http://www.consumeractiongroup.co.uk/forum/showthread.php?445002-Insurance-claim-for-engagement-ring-voucher

 

Not quite similar as the cagger had purchased the ring in a store.

 

I will send out an S.O.S to Uncle Bulgaria as he seems to be the guy with the knowledge of these issues.

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Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Hi

 

Many Thanks for that link. Like I say as long as it looks like what I've lost I'll be happy. The earrings were made up of 6 brilliant cut blue diamonds and 25 brilliant cut diamonds. I have 2 certificates from the shop to say they were handmade. 1 for the ring and 1 for the earrings. I'm still ripping the house apart but we moved house 4 weeks ago so I fear something happened to them in the moving process.

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Work with LMG, as they are much more likely to replace within the cover you have. High street jewellers add a massive mark up and any voucher may not be enough. LMG will be able to replace with similar on most occasions. You are not going to be able to have the item remade at a Hatton garden jewellers so that it exactly matches what was lost. You are covered up to what you specified the item for or the single article limit within the policy for jewellery.

 

You should obtain new valuations for jewellery at least every 3 years, so you can update Insurance value if necessary. If you insured based on an 8 year old valuation even with index linked inflation being added, then sometimes it may not be enough to cover increased costs. So if you have other jewellery with out of date valuations, you should look into getting new valuations.

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We could do with some help from you.

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Hi

 

I didn't specify it on my policy as it was below the amount my policy covers. My limit for a single item is £4000 on the policy and the earrings were valued at £1495.

 

I will make sure I get the ring revalued as this was also last done 8 yrs ago.

 

Many thanks for your help.

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What some people do when they have a particular item of jewellery that has been made for them, is to obtain a valuation from a jeweller that makes items as to what they would charge to remake the item. It would be a full valuation with exact details of specification and pictures. You then send one copy of this to the Insurers for their records, but it would not be listed unless it exceeded the single article limit.

 

As long as the valuation is kept up to date, you then know it should be enough to cover the making of the item.

We could do with some help from you.

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Hi

 

Yes I have copies of the valuation including pictures. The ring was stamped with a safe mark but not the earrings as there was no place to stamp. It says NRV = New Replacement Value then says this reflects the current new replacement cost of a similar article of equivalent quality but does not allow for recreating a handmade copy of the original.

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Hi

 

The company handling the claim for my lost earrings have been in touch. They have placed a retail value of £2500 on them. They can try and remake them but have said they won't look 100% like the ones I have lost. They can also pay out cash but it will be 50% less than their retail value as this is what they say the cost would be to make them.

 

Does 50% of the retail cost to make them sound about right.

 

Thanks

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Hi

 

The company handling the claim for my lost earrings have been in touch. They have placed a retail value of £2500 on them. They can try and remake them but have said they won't look 100% like the ones I have lost. They can also pay out cash but it will be 50% less than their retail value as this is what they say the cost would be to make them.

 

Does 50% of the retail cost to make them sound about right.

 

Thanks

 

Depends who is making them. You could contact a few jewellers in the Birmingham jewellery quarter that still make jewellery and get a quote. You might be able to email them a picture and specification. I have just searched and found a number of such jewellers. There may be some where you live, if Birmingham is not convenient. Hatton Garden jewellers in London are unlikely to offer a competitive price, as they have a rich clientele to serve.

 

It is true that an outlet that mostly makes jewellery and does not have a high street expensive shop to run, will be cheaper.

We could do with some help from you.

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They actually rang me back and after firstly offering me a personal jewelry service they said sourcing 26 normal diamonds wasn't a problem but sourcing the 12 blue diamonds would be hard. They offered me the £2500 - £200 excess as a cash settlement which I'm happy with.

 

Many thanks for your help. Now to convince my husband to take me back to Mexico to get some new ones.

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They actually rang me back and after firstly offering me a personal jewelry service they said sourcing 26 normal diamonds wasn't a problem but sourcing the 12 blue diamonds would be hard. They offered me the £2500 - £200 excess as a cash settlement which I'm happy with.

 

Many thanks for your help. Now to convince my husband to take me back to Mexico to get some new ones.

 

As long as you are happy. I suspect that jewellers in Birminghams jewellery quarter will be able to produce the item. It is how much they would quote. Insurance generally covers you for the cost of replacement and this may exceed the £2500, you have settled for. But once you have accepted, it is difficult to go back asking for more.

We could do with some help from you.

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