Diamonds and Insurance
Posted on May 26, 2007
Filed Under Insurance |
I discovered today that the price of diamonds has risen significantly over the last few years. Most affected are the larger stones.
About a year and a half ago, I wrote a high value personal inland marine policy. Included in the schedule of jewelry was a ring with one stone over 9cts. The piece originally appraised at 150,000.
I spoke with the jeweler at the insured's request, and he told me the ring might be underinsured. When he sent me a new appraisal, the value was 185,000. I forwarded this to the insurance company and requested endorsement.
If you are an agent, watch for creeping jewelry values. The HO form provides only minimal insurance for jewelry and furs. A client living in a house with 500,000 Coverage A (Dwelling) could easily have $20,000 in jewelry. Clients in $1,000,000+ dwelllings surely need a floater for jewelry, furs, musical instruments, or art pieces. There is both a sales opportunity and an E&O exposure here. Let your clients know that jewelry coverage is necessary and available, and ask for updated appraisals on your high-value inland marine policies.
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