[Jewelry making - Article 00412] - Re: [Orchid] Woman Stole $42,000 Ring, Sold It For $140

[John Donivan]

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>     I have never understood an "Insurance replacement appraisal" as
>     opposed to a Regular true appraisal. That is out and out Insurance
>     fraud. 

    I'm not a certified appraiser, but many people misunderstand what an
    appraisal means - most people, maybe. The fact that appraisers are
    licensed is so that there is recourse against someone insuring
    something that doesn't exist - insuring a million dollar ring that
    you don't really have, claiming it lost, and collecting on it. Some
    of the same reasons as why contractors are licensed. Then, when an
    insurance appraisal is made for a piece, that appraisal is not the
    value of the piece. It is a budget for replacement, almost always
    with inflation built into it. Without some cushion, you'd have to
    redo the appraisal every year. Then you pay premiums based on that
    amount, and then if you do file a claim the insurance company will
    replace the item at the best price it can find. They will NOT cut
    you a check for a million dollars - if they can find the same thing
    for 1/2 the price, that's what they'll do. 

    A while back I had some involvement with a client working for a
    woman who took off her ring to put lotion on her hands, putting the
    ring in her lap. Then she got up and walked away..... It was an 11
    carat diamond insured for $600k. Insurance said, "You go find a
    ring, and we'll pay for it." She found something she liked more than
    the original, for around 30-40% less than the appraisal, and that's
    what she got, and that's what insurance paid. Plus she never saw the
    money - they paid the seller directly. There IS insurance fraud, but
    they're not stupid, either. 

http://www.donivanandmaggiora.com
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