Poor Appraisals - What is Your Responsibility?

by Admin 15. April 2014 18:04

When you get an appraisal and it has an attractive gold seal on it, it looks good, right?  Then you forward it to your insurance agent, and they think it looks good, too.  So, you get it scheduled on your insurance and everyone thinks it’s all good.  Unfortunately, it’s not until you have a loss that you may find out that perhaps the seal was the best part. 

Poor appraisals may result in you not being able to replace your jewelry in the event of a loss.

I am a third generation jeweler specializing in insurance replacements.  In order to replace an article, I (or someone like me) need to know what it is that you had.  My commitment to you and to your insurance company, as well as their commitment to you, is to put you in the position you were in prior to your loss. 

But what if we don’t know what you had?  A photo is wonderful and very helpful in recreating the design.  However, we also need items like descriptions, grading, weights and measurements to adequately replace.

Our job is to establish a current replacement cost, and/or to replace or recreate your article. 

I remember sitting across from a client trying to determine the size of a lost diamond and somewhat kiddingly asking if it had been the size of a small pea. 

Our industry has enough challenges trying to communicate color when we do this full time.  Without something on your document, imagine trying to describe the color of your missing ruby. 

It’s not your job to know if you have a good document.  It is the responsibility of the person providing the appraisal.


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