Commercial Lines Personal Lines Group Health
2) What exactly is covered in your policy? Are items listed separately in the policy or lumped in with all your other personal property.
3) What kind of losses are covered. For example: theft, loss, and mysterious disappearance?
4) How will you be compensated in the event of a loss. For example will the insurance company write you a check for the full value of the item lost at the time of the loss, will you be indemnified for the value for the item at the time of purchase, or will you be paid if an item is appraised later on?
5) If you move into a higher crime neighborhood, will your rates go up?
6) Are there measures you can take to lower your insurance premium. For example, store your property in a bank safety deposit box, install an alarm, or other security system.
7) If you lose a custom ring will the insurance company pay to have the item replicated, or will they want you to go with their preferred jeweler who will provide a similar ring.
8) Does your policy provide a pairs and sets clause?
9) Does your policy cover repair of the item, or partial loss?
10) What will you need in order to file a claim? Who will you need to contact, will you need a police report, pictures, receipts, or prior appraisals.
As with all types of insurance it can be daunting when it comes to making sure you are fully covered. To make your life a little easier we have come up with a few questions you may want to ask your Agent/Broker before purchasing an insurance policy on your jewelry, diamonds, or precious stones.
1) Should you consider purchasing blanket coverage for your personal property, or would scheduling your personal property be best?