Donate SIGN UP

loss of jewelery

Avatar Image
roger071149 | 18:46 Sat 26th Feb 2005 | Business & Finance
2 Answers

i have lost my watch on holiday- it is insured under seperate title on my policy for �19000.00- The replacement value is in the region of �10,000+ - valuations by the jeweler/agent on the manufacturer gave a valuation in 2002 of �11,150as new replacement value -- I increased the value of insurance as it is /was of sentimental value.


The loss adjuster is talking of replacing the watch like/for like-I ask the question why do i pay the premium cost for a value I placed on the item for them to reduce it--how do I stand regarding this or where do I go to obtain advise on this matter before talking to the loss adjuster. ( the item has been insured for 5 years)

Gravatar

Answers

1 to 2 of 2rss feed

Best Answer

No best answer has yet been selected by roger071149. Once a best answer has been selected, it will be shown here.

For more on marking an answer as the "Best Answer", please visit our FAQ.
Unfortunately, 'sentimental' value cannot be calimed out on as it is non quantifiable. The maximum you will be entitled to is �11,150 + any further amount it may have increased in value.

If your policy is on a 'new for old' policy then they obviously have the right to give you a replacement.

When you took out the policy, did you say that it was only worth �12000 but you wanted to insure it for more, or did you say that you had a watch worth �20000?

If you took the first option, then I suspect that the insurance company would be at fault (but proof is a different matter). If it is the second option, then there is no way the insurance company will knoww what the 'true' value is.

I am afraid that to get paid out on isurance, there must be a 'quantifiable' loss. I can't get myself insured for a �1Million pounds as I am not worth that amount - I may be to my wife, but not in any 'real' sense.
-- answer removed --

1 to 2 of 2rss feed

Do you know the answer?

loss of jewelery

Answer Question >>

Related Questions

Sorry, we can't find any related questions. Try using the search bar at the top of the page to search for some keywords, or choose a topic and submit your own question.