|
|
Questions To Ask Your Insurance Agent
Jewelry Information
Before
you call up the agent who insures your home or your car and simply have your
jewelry covered, there are some questions you should ask. Jewelry insurance is a
specialized field. If you don't like the answers go elsewhere, shop around until
you get the answers you want; but be prepared to pay for service. Remember,
insurance is a product that you buy with your hard-earned money. You should be
happy with what you buy. Listed below are some questions that you might ask an
insurance agent. Use some or all, as the need arises, but do read through them.
Here is a link to Jewelers
Mutual Insurance Company. They insure business like mine and personal
jewelry.
1. Is an appraisal necessary for full coverage?
2. What is the difference between scheduled and unscheduled coverage?
3. Is there a deductible? If so, how much? Do I have the option to increase the
deductible and thus lower the premium?
4. Is my policy all-risk (partial loss, damage, mysterious disappearance, etc.)?
5. Am I still covered if there is negligence or carelessness involved?
6. Is the item covered if lost, stolen or damaged while in the possession of
someone else? What if only a part is lost, stolen or damaged while in the
possession of someone else?
7. If there is a loss, do I have a choice of a full cash-out or will I have to
accept less?
8. Can I go to whomever I wish for the full replacement?
9. If a loss has been replaced through an insurance company source, will I be
allowed to verify proper replacement by an independent firm or accredited
appraiser?
10. How much will it cost per thousand for full coverage? Partial? What do I
sacrifice for the limitations?
11. Is depreciation ever imposed? To what and how is it computed?
12. How often should I have an appraisal update?
13. Am I limited to the appraised replacement cost should there be a sizable
increase in the value?
14. If there is damage to a piece, can I replace it or will I be limited to
repair?
15. What if the lost item is irreplaceable, like an antique?
16. Is there any security precautions required? If not, would there be a premium
savings if special precautions were taken, e.g., the items were kept in a home
safe or in a safety deposit box when not being worn?
17. What proof is needed to justify a claim?
18. Are there different kinds of jewelry insurance available?
19. Are there any exclusions?
20. What is the pair and set clause? Will the insurance cover an additional
amount for matching a missing item in a set if it hasn't been computed and
stated?
21. What types of property are not covered?
22. Will you show me the actual language in the policy which addresses each
concern I've expressed?
