Select an Independent Certified and Registered Jewellery Valuer.- HERE IS WHY…..?
A Certified Jewellery Appraiser, has been trained in the field of property valuations, has diamond grading qualifications and is a gemologist.
When you look for a Jewellery Valuer, require two requisites:
- Credentials and qualifications in the field of Jewellery Appraisal and Gemology. “One of the biggest problems is diamonds and gemstones, unless One has studied the subject, you don’t know how to grade a Diamond and to assess its quality accurately and also if colour gems are real, synthetic or imitation. A number of people valuing jewellery out there are calling a colourless stone a diamond, even though it might not be a diamond but a cubic zirconia. (You must know that modern enhancements carried out on jewellery will lessen an item’s value).
- And that the valuer is independent. She or he should not have a vested interest in how much your jewellery is appraised for. For example, If a valuation is done by the retailer (mostly not trained to do so) who is selling you the jewellery, it will most likely be biased. It might cause you problems when you have a claim. Your insurance company can pay you much LESS or get out of claims all together. “You never know when you might have to justify a particular value, whether that’s in front of a judge or with the Revenue Commissioners”.
JEWELLERY VALUATIONS PURPOSES
There are two types of personal property coverage: REPLACEMENT VALUE and ACTUAL CASH VALUE OR INDEMNITY VALUE.
REPLACEMENT VALUE.- Most contents policies today are “new for old”, this is a policy under which an Insurance company will replace a lost, thieved or destroyed item with a new one, or repair the item so it is as new as practically possible. The item is usually repaired or replaced. If you want the cash, you can only get the indemnity value of the item.
Important to notice that Replacement means with like kind and quality. It does not mean replication of the item, so a mass produced piece of Jewellery is replaced with a similar quality production item. And a handmade piece is replaced with an equivalent quality handmade item but not necessarily a facsimile of the original.
ACTUAL CASH VALUE or INDEMNITY VALUE.- An indemnity policy puts you back in the same position you were in before the loss, thief or damage occurred. The settlement is based on how much you would pay for the item second-hand. You will get this value in cash.
Notice that this indemnity policy defines it as replacement less depreciation. It is the retail market value of the lost item as opposed to the cost of replacing.
When you look at insuring your jewellery with an Insurance company, be aware about these 2 coverages and their limits. Better go to the higher limit or additional coverage to better protect your Jewellery.
FOR OTHER JEWELLERY VALUATION PURPOSES click on: “ VALUATION SERVICES”
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