Re-appraise it: Your ring is an investment, and so it should increase in value every few years.Appraisal: You can find an appraiser through the American Gem Society.So a $9000 ring would cost $90-$180 to insure per year. Cost: Expect to pay around $1-$2 per every hundred dollars the ring is worth.These are often the most valuable, and sentimental, pieces of jewelry a person owns, making their loss exceptionally difficult. It’s important to insure engagement rings and wedding bands soon after you buy them. Pawn shops: These are stores that loan or pay money for valuable items such as jewelry and keep the items as collateral.Jewelry repair: Jewelry repair businesses specialize in the care, maintenance and restoration of fine jewelry.Retail jewelry: These businesses sell new or used jewelry.Jewelry business coverage is useful for these types of enterprises: It can also provide coverage for theft, loss or damage to jewelry that belongs to your clients while it's in your possession. This insurance covers your stock if you own a business that deals in jewelry or repairs. Untimed loss: This scenario covers situations where the jewelry was supposedly in a safe place but has disappeared, and you aren't sure of the time frame in which the disappearance occurred.Disappearance while traveling: This coverage applies when you take a piece of jewelry with you on holiday or a long trip and don't know when or where it was lost.Baffling loss: In this instance, an item is lost under confusing circumstances that don't equate to theft or negligence.As with theft, with stand-alone policies insurers will generally take policyholders at their word since the onus does not rest with the policyholder. The definition for this type of coverage differs between insurers, but generally, adjusters will determine if the piece was lost or misplaced based on simple questions about when the owner last saw the gem, whether anyone else had access to the home and where the jewelry was kept. It happens to everybody you lose something but don't know exactly how, when or where it happened. Client's choice from insurer's list: Another common way to decide on a repair professional is for the client to choose from a list the insurer provides.Insurer's choice: In many cases, the insurer is the one to choose the repair professional because they have a relationship with the chosen person already.Client's choice: In this scenario, it's your decision, and you can choose any repair person to fix your jewelry.When it comes time to repair insured jewelry, there are a few ways the insurer can proceed in finding the right professional for the job. Partial theft: This happens when one or more parts of an insured item or pair are stolen.Robbery: This coverage comes into play if your property is stolen from your car or a location away from home.Home invasion: This coverage is for any items stolen as a result of a break-in.Because the burden of proof does not rest with the client, an insurer will settle the claim unless investigators uncover evidence of fraud. Theft coverage for engagement and wedding jewelry should also be taken into consideration. Theft can happen anywhere at any time, so it's important to be prepared. Cash value, or the dollar amount a policyholder might expect if the item were sold in the market today, is equal to the replacement cost of the gem minus depreciation due to age, wear and tear. Actual cash value: Receive the actual cash value of the lost item, which may differ slightly from the cost of replacement because of depreciation.Replacement value stands in contrast to cash value, or what a buyer would pay a seller in the open market. Replacement: An accurate appraisal including gem weight, identity, grades and brand - a Tiffany jewel, for example – affects what it will cost an insurer to replace the item of like kind.Pair or set: If one item in an insured set is lost, you receive the value of both.This type of coverage entitles you to recover the value of any lost jewelry that has been insured. Loose gemstones: Loose gemstones will wriggle free of their casing in time, which means they should be repaired as soon as you notice the problem.Bent prongs: The prongs that hold in diamonds, emeralds and other gemstones are quite thin, making them susceptible to being pulled out of place.Broken clasp: Clasps on fine necklaces, bracelets and earrings can be bent or pulled apart accidentally with just a little force.It's a valuable addition to jewelry insurance that only focuses on theft because of the greater likelihood that precious metals or jewels are susceptible to damage over time. Coverage for accidental damage means you don't have to worry if your jewelry breaks.
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