Ring claim query

[penmarine]

Hi caggers t

he wife cut her finger end off which resulted in a visit to a&e where she was asked to take her ring off to have the finger dressed and subsequently lost the ring.

 

 

Been through the insurance and they are happy to replace due to loss.

I won the ring on an auction for considerably less than the ring is actually worth.

They have said they will come up with a figure in relation to what I paid and what the valuation was so a figure can be given so I can go and search for a new ring.

 

 

Should the insurance company not be giving me the valuation figure so I can get the same ring or equivalent or can they change the amount because I won the ring at auction?

 

 

The ring cost 560 but is valued at over 3000.

 

 

Thanks in advance I don't want to be taken for a ride and the wife wants the same ring.

[dx100uk]

shouldn't matter a monkey's

 

for all your insurance co know

it could have been a gift from a relative

 

market value me thinks

[TSx]

Most likely market value - it's unlikely to be the value given on a valuation as these are always over-inflated.

 

You may find that if you want a cash settlement rather than them to replace then they will deduct a percentage to reflect the discount they get from their supplier (anywhere from 10-40%). This only applies if they can obtain something which is similar.

 

Out of interest, was the valuation from an independent jewellery valuer or was it done by the place you purchased the ring from?

[unclebulgaria67]

Most likely market value - it's unlikely to be the value given on a valuation as these are always over-inflated.

 

You may find that if you want a cash settlement rather than them to replace then they will deduct a percentage to reflect the discount they get from their supplier (anywhere from 10-40%). This only applies if they can obtain something which is similar.

 

Out of interest, was the valuation from an independent jewellery valuer or was it done by the place you purchased the ring from?

 

Agree. You will get the current value to replace the ring. Most likely the Insurers will put you in touch with their jewellery specialists who replace items lost. They will look at the description of the ring shown in the valuation and provide details of the rings they can supply which meet the description.

 

If you go for a cash settlement and try to replace at a local jewellers, because of the high mark ups they add, it would be difficult to replace with like for like.

[Old Cogger]

all rings etc need a valuation every year or so for Insurance purposed to use if a claim is needed

[unclebulgaria67]

all rings etc need a valuation every year or so for Insurance purposed to use if a claim is needed

 

Most Insurers suggest a regular valuation or at least every 3 years. Jewellery can increase by much more than standard inflation.

 

The other thing to point out is that some valuations for Insurance purposes can be at an inflated amount already. Therefore a commonsense approach is advisable as you don't want to spend money when it is not necessary. Most standard items of jewellery can be obtained through Insurers jewellery wholesalers at a much cheaper amount than any high street jeweller. Make sure the valuation contains full information and take pictures.

[ericsbrother]

depends on the terms your insuer offered for high value items. Mine has several listed items and any other piece of jewellery has to be worth less than £2k so if I bought a ring for £560 and it was valued at £3k then there is an underinsurance of £1k so they will likely pay you £1-2k If I told then it was a ring that had an emerald of a certain size and surrounded by diamons of a certain size they can then find another on on the catalogue of their preferred chain supplier. The big jewellers only pay 25-50% of the retail price so insurance so doesnt pay out the full amount and you get like for like.

[penmarine]

Hi I'd prefer a replacement ring not bothered about a settlement, something to pass onto the grandchild.

[ericsbrother]

then give the insurers a good description of the rig and proof of ownership. You can hide the purchase price on the invoice as that is not their business.

[penmarine]

Hi there got an answer back from the insurers supplier saying a settlement figure of 500 quid.

You can imagine my surprise

 

 

I rang the insurer who said the supplier had contradictory notes on my record and that either the valuation was fake or the ring in the picture on the valuation was not the ring on the description.

 

 

This was left as an answerphone message,

the insurer did say he has queried the settlement figure with the investigation team today and that he'd get back to me.

 

 

My question is

are they just trying their luck with a lower settlement figure because they cannot replace the ring and if so is there any action I can take to get the valuation total?

 

 

I can post all the info I have on the claim up here if it helps, they have me raging and I've not dared tell the better half yet.

[unclebulgaria67]

What supplier ? The jeweller who sold you the ring originally or who last valued it ?

 

Do you have pictures of the ring being worn ?

 

They have to pay replacement value of the ring that was subject to loss, providing you evidence details of the ring that you owned. Insurers are careful with such claims, as you do get attempted fraudulent claims and a low offer might signal that they are unsure about the claim, possibly due to your suppliers records.

[penmarine]

Hi uncle Bulgaria

 

 

the supplier in question is the insurance companies not who I bought the ring from originally.

 

 

When we had a house visit from the insurance investigator

we showed pictures of the better half wearing the ring and we've proven purchase etc.

the investigator was more than happy with all the evidence we had supplied.

 

 

I'm at a loss as to what they are playing at,

I even pay extra on my insurance for items valued over 500 quid to which we have a few items.

 

 

I was going to get back on the phone to the insurance to get it sorted rapid before the wife starts asking questions,

I just wanted to know if anyone had went through the same thing with some success.

[Guest]

I even pay extra on my insurance for items valued over 500 quid to which we have a few items

were you required by yr policy to list/value items over 500.

if so, was it applicable to jewellery and did you do it for the ring?

[unclebulgaria67]

If the ring was not specified, any claim would be subject to single article limit.

 

Previous replies were presuming the ring was a specified item with an Insurance sum capable of covering the value of the ring,

[penmarine]

Hi ford the ring was a specified item along with some diamond earrings rings, this experience has now made me wonder whether it's worth insuring other high value jewelry my better half has, it's just really frustrating when all you want is a replacement but they cannot do it.

[Guest]

edited -

[Guest]

Hi ford the ring was a specified item .

hi

ok. at what formal valuation at the time, if any.

[penmarine]

In November 2014 the ring was valued at 3150 by an independent valuation company to who I bought it off, I've looked online at the same size diamond, clarity etc and just for the stone itself you are looking at nearly 4000 pound not including being mounted on a gold band

[Guest]

as the guys say; if they then were aware of its value at the time of insuring, and accepted it, then they shld cover it thereabouts?

[unclebulgaria67]

This is what is happening here. The Insurers are not happy with the evidence provided for the value of the ring and are restricting the payout to £500, which is presumably the single article limit.

 

As Ford says, if Insurers were sent a valuation at the time the ring was specified and they approved it, then they should be paying out current replacement value up to value specified.

 

All you can do with this claim is persevere and follow the Insurers complaints process. If necessary, you can escalate to the FOS or if your case is strong enough consider court route, but both represent a delay in settlement. If your evidence of value for the ring is clear, then you should be able to get your Insurers to settle the claim properly, wothout any further delay.

[penmarine]

Hi uncle Bulgaria I'll persevere the valuation company are very well known, I'm in no rush for a settlement it's the principle of the matter now.

[penmarine]

Hi caggers,

I'm still preserving with the Company that is acting on behalf of my insurance company.

 

 

I got the below email reply yesterday which I've read as to be pretty much a final settlement offer.

I have replied to say I would contact the seller again which I have I'm just waiting on a reply from him. I

've removed any identifying names etc from the email chain.

 

 

My questions are should I be contacting the seller when they have all the information I have?

And is this just another stalling tactic?

 

 

On my email reply I did state that I would await a response from the seller before proceeding further and I hinted on contacting the FOS once my complaint raised has ran out of time.

 

 

I would seem that the valuation I supplied originally isn't good enough as they'd asked for a secondary one which I don't have.

Reason being the valuation I was given was authentic and original.

 

 

I've also let the seller know that he is more than welcome to a copy of the insurance email as it reads he is effectively selling dodgy diamonds which I'm sure is slander toward him and the valuation company he uses.

 

 

If you need anything clarifying please ask as I'm just prepping FOS paperwork as the 8 week complaint time is nearly up.

 

 

The company has really got my back in just because I bagged an expensive ring at auction for a lot cheaper than it should have been. Thanks PM

 

START OF EMAIL CHAIN

 

Good Morning Name Removed

Thank you for your email.

Our Investigation team and suppliers were asking for a second valuation different to the one you originally supplied.

 

There are concerns that the valuation you have provided was not for the ring you had as the cost you paid for the ring is far less than that on the valuation document.

 

We believe the person/company you purchased the ring off had provided you with a far less costing ring than the ring specified on the valuation document.

 

Without any other supporting documents we can only offer a settlement for the cost you paid for the ring which would be £460 net of your policy excess.

 

A complaint has been raised and is currently with our Customer Relations Team, if you could provide further documents that shows evidence that the ring purchased was in fact the ring on the valuation please send this through.

 

Would it be possible to maybe contact the original seller who may be able to provide further documentation?

 

We note that the Ebay seller states that they sell treated and enhanced diamonds.

 

Please see below for the definition of Treated and Enhanced diamonds

 

“Advanced technology nowadays has enabled the jewelry industry to improve the visual appearance of lower grade diamonds by the process of laser drilling or fracture filling.

This practice is referred to as "clarity enhanced".

The cost of treated diamonds should be at least 50% less than a natural diamond.”

Kind Regards,

Name Removed

 

 

 

From:

Sent:

To:

Subject: Re:

 

Hi

 

I'm slightly concerned you ask for the valuation paperwork again, this was submitted to Insurance Company when I initially insured the ring.

 

 

Subsequently again as part of the evidence when I put the claimin it was also submitted and also when I had a house visit from one of your colleagues. I attach a photo of the valuation.

 

 

The valuation was completed by GIE Labs who have a website gielab.com, you can also input the reference number into the website to obtain a version.

 

Please let me know if you need anything else that has not already been submitted to Insurance Group Name Removed.

 

An update would be appreciated.

Thanks

Name Removed

Sent from my Samsung device

 

-------- Original message --------

From:

Date:

To:

Subject:

 

Good Afternoon Name Removed,

We are now in receipt of the further advices from our investigation team in relation to the above incident.

 

We understand from previous comments that you have previously had the watch valued, therefore can you please forward to ourselves a copy of the valuation in order that further consideration may be given to thie incident.

We await receipt of the requested documentation in due course.

 

Kind regards

Name Removed

 

Property Claims Technician

[Mwynci]

They're just clutching at straws, they don't like it, it doesn't tick the boxes and can't be bothered to use some initiative, plain lazy.

 

I'd get back to them right now just telling them you are pleased they have passed it to their customer relations team, you'll wait for them to review the file and get back to you as the handler is clearly not capable. In the meantime, as requested here's the valuers details, please let me know what the outcome of your enquiries with them.

 

The bottom line is the onus is upon you to prove your claim, however upon proof (which you have supplied), if they have queries, they are the ones to make them not you.

 

Obviously if they come back and have spoken to the valuer and he states it was wrong, then it all changes.

[ericsbrother]

Is there any culpability on the part of the hospital regarding the loss of the ring?

It may be prudent to start an action against them and tell your insurers that you are doing so if they (hospital) are culpable.

 

In the meanwhile tell the los adjusters to show what evidence they have that the ring was a lesser item than the GIE certified one and in any case you want a like for like replacement rather than cash.

 

 

they are currently accusing you of being untruthful so make them put this down in words where it can be challenged.

the rest of waht they say is just verbal garbage designed to stall things.

 

 

Let them contact the seller if they wish to accuse them of "uttering" (passing off fakes etc) and see how far they get.

 

 

Inshort, give up trying to be nice and force them to reach a decision and then put it to proof of how they arrived at it.

 

 

If you do accept £500 then it will look like you were trying it on all along and that will go down on the insurance database.

[unclebulgaria67]

Who got the GIE lab valuation ? You or the Ebay seller ?

 

If it was the Ebay seller Is it possible that they obtained a valuation on one ring which was of good quality, but this is not the ring that was actually sent to you.

 

For some reason the Insurers are concerned that something odd has happened. Generally people would not sell a ring at below the actual cost they could obtain.