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Appraisals Not Required for Insuring Jewelry Items Under $50,000.
I had the pleasure of meeting with a very professional representative from a large, well known insurance company last month called Chubb. Chubb insurance group has been underwriting since 1882 and is a multibillion dollar, global property and casualty insurance firm. I was meeting her to get on a list of independent qualified appraisers that they use for their in house agents to refer to. During our meeting I was surprised to find out that an appraisal and other important documents were not required for jewelry items under $50,000.00 to be insured with Chubb. Even to such a large company like Chubb, it seemed to me that $50,000.00 was a lot of money for underwriters to insure without some kind of proper documentation, picture, receipt, detailed description or appraisal. Now being an independent appraiser my first thought was how can Chubb insure their clients properly with this policy of not needing an appraisal or documentation? That quickly became an issue of less importance and the question that became apparent was how does Chubb replace items that have the unfortunate event of being lost, stolen, or damaged? This was something that left a lot of individual scenarios in question. How often do items valued around $50,000.00 fluctuate and how does that affect the insured? I took a look at an average diamond with a market value two years ago of $42,500.00 and looked at what that same diamonds market value would be today. I found a significant increase in price and from my calculations it would be impossible for the insured to replace the same diamond in today’s market. After finding the same situations with several different items I spoke with the representative to let her know what I had found. What was stressed to me was their efforts are to make it as easy and reliable for their clients as possible to get their items insured. The representative told me there is always the strong recommendation for an appraisal however, it is just not required. In the end I look at this policy as either the best customer service a company can provide or potentially a very dangerous situation if prices of items with no documentation get lost, stolen, or damaged.
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