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Well, you can try to get a policy like I did and see where it goes from there.
GemSafe insurance - very poor customer service
- Thread starter skypie
- Start date
Well, you can try to get a policy like I did and see where it goes from there.
If you are still interested in insuring your jewelry please reach out to me and I will explain the options and facilitate. You can contact me at [email protected]. I believe someone posted my mobile in an earlier thread, and that is fine to use, but you can also reach me at the office 847 897 5230 or via email. GemSafe is not, as yet, taking on new clients but should be capable of doing so very soon. There are a number of different, highly rated, underwriters that can insure you and can do so at a competitive cost. It all depends on what you want to have happen in the event of a loss. Generally speaking, repair and replace policies are very competitive but there are some cash value polices that are very worthwhile and comparable as it relates to premium cost, as well.
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When my policy was about to expire this year, I tried to renew it with GS. I was denied. I was told that the denial was because the amount to insure my engagement ring was more than GS would cover. I even asked if I could lower it to $30,000, then to $28,000 ($4000 less than I paid for the diamond), but was told no again, the rep saying that amount was also greater what they could insure.
I mentioned this situation here on PS to see if anyone else had experienced this type of denial. I'll try to find the thread, but I do remember that there was at least one PS member who said she was declined initially for the same reason, but was then able to get a policy via GS for coverage greater than what mine would have been... I can understand the underwriters having to be more strict, but I feel it reflects poorly on the company to insure some (for much greater valued items), but not others (for items of lesser value). FWIW, I have never filed a jewelry claim of any kind with any company... and hope never to do so.
So, I had to pony up the cash and just go back to JM. I couldn't take the chance of not having my ring insured.
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There are several insurance solutions to this type of problem. If you email me or call my office I will be happy to discuss alternatives that will solve this now or in the future. You can email me at [email protected] or call my office at 847 897 5230.
There are several insurance solutions to this type of problem. If you email me or call my office I will be happy to discuss alternatives that will solve this now or in the future. You can email me at [email protected] or call my office at 847 897 5230.
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I appreciate your willingness to help, although I have already gone with JM. Are other representatives not given such information... or maybe they aren't allowed to discuss other options? It would be very beneficial to other consumers (as well as the GemSafe company) if this information was offered once potential client have reached out after they received a denial. I may reconsider GS when my current JM policy expires, but that will be next August. Thanks for reaching out.
The issue with GemSafe is that the people that you would speak to are agents working directly for SterlingRisk, which is the agency that manages GemSafe. They are very good people (and will try to help where they can) but they can only do so much as they must sell the products they have been employed to sell. It is my understanding that the GemSafe agents have been directed to refer customers to me when there is an issue.
A broker (which is what I am) may have the ability to offer you different choices for different policies without pressure to sell any particular underwriter's policy. I would first be inclined to recommend a policy that I knew was economical, and provided good coverage, which should provide good service; but if the policy isn't right for the client due to any rule, restriction, type of settlement (perhaps the client has a preference for cash value, rather than a repair or replacement policy) then I would suggest other highly rated policies, which a captive agent may not be able to recommend, because they do not have access to those markets (and they don't know about them). I am independent, and have been in this space for many years.
A broker (which is what I am) may have the ability to offer you different choices for different policies without pressure to sell any particular underwriter's policy. I would first be inclined to recommend a policy that I knew was economical, and provided good coverage, which should provide good service; but if the policy isn't right for the client due to any rule, restriction, type of settlement (perhaps the client has a preference for cash value, rather than a repair or replacement policy) then I would suggest other highly rated policies, which a captive agent may not be able to recommend, because they do not have access to those markets (and they don't know about them). I am independent, and have been in this space for many years.
Thanks. I will shoot you an e-mail sometime today.
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I truly wish I had been given your information by the representative, but she did not, unfortunately... However, I do have your info now, so I won't hesitate to contact you when the time to renew comes around again. Thanks again!
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Years ago many people here recommended Ralph. He does have the advantage of offering policies from more than one company.
My daughter has insurance with JM with a ridiculous premium partly because she had an inflated appraisal. So I told her to go to a local jeweler to get an updated appraisal and gave her price comps for her stone and told her to tell them she didn't want an inflated appraisal. This is hard to believe, but when she called to ask them when it would be ready the second time, they told her they were going out of business!!! She was able to get a refund but wasted all that time and her premium was due due!
My daughter has insurance with JM with a ridiculous premium partly because she had an inflated appraisal. So I told her to go to a local jeweler to get an updated appraisal and gave her price comps for her stone and told her to tell them she didn't want an inflated appraisal. This is hard to believe, but when she called to ask them when it would be ready the second time, they told her they were going out of business!!! She was able to get a refund but wasted all that time and her premium was due due!
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@diamondseeker2006 sorry to hear about the trouble that your daughter had to go through. Who is going out of business?
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Allow me to say that I"ve found Gemshield, and Ralph in particular, to be excellent to work with. That said, I do want to comment on something above. An appraisal is NOT proof of ownership. Normally the report will include the name provided by the client, and this is often the owner, but there is no standard of proof beyond that the client made a claim. One thing it is testifying to is that claim. On some date (listed), someone who gave me this name showed up with the item, I personally inspected it and made the following observations. That's useful information for the underwriter, but it's not the same as evidence of ownership.
rockhoundofficiando
Shiny_Rock
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Thanks to Neil for the kind words. I know that when speaking about appraisals Neil has a wealth of knowledge, education, and experience. Speaking from an insurance standpoint I see appraisals becoming more integral to the insurance process today in order to prevent fraud, and give realistic valuations. Some insurance companies are asking for USPAP compliant appraisals which is a step in the right direction for setting minimal standards for appraising. USPAP is a fairly low baseline for appraisals that ASA, ISA, and NAJA (and others) educate to a much higher standard in their teaching methods. My experience (and please Neil comment on this) is that there are many questions within the text of a professionally written appraisal that should be included as standards for writing appraisals. One of the questions is that of ownership. ISA asks that the question be answered in the appraisal.
It should be understood that when a jewelry store sells jewelry, and writes a valuation document, that what the jewelry store considers an appraisal, generally should be viewed by anyone using that document for valuation purposes, as "retail replacement document for insurance purposes" and should be stated as such.
An appraisal is a far more detailed and professionally written document; written using certain cost analysis comparisons, containing highly detailed descriptions, supporting documentation, a CV regarding the education and experience of the appraiser, text that addresses an exposition of the details about the valuation, methods and reasons for the valuation, and many more details that Neil can probably explain better than I can. An appraiser writes an appraisal based on an educated discipline and experience that is far different than an insurance valuation that incorporates a few sentences of description, a retail value, and a disclaimer that disavows responsibility for the information contained therein. Appraisers take responsibility for their work.
Jewelers, in the business of selling jewelry, many times provide retail replacement documents for insurance purposes. They are providing documents that mostly relate to their markets of business, which are provided to the consumer to help acquire insurance. Often, they are given as a service without charge after a purchase has been made. As a general rule the values contained therein should reflect something very close to what was paid for the jewelry rather than an inflated price. An inflated price might make the jeweler and the client feel good about the purchase, but ultimately cost the customer more for insurance, as the valuation impacts premium and costs the insurance companies more should the insured sustain a loss. This kind of "overvaluing" costs all of us more money when insuring valuable articles.
Consumers should understand the difference between an appraisal and an insurance replacement document. If you they do, they then can acquire both a valuation document, and insurance, in a better, more informed manner.
It should be understood that when a jewelry store sells jewelry, and writes a valuation document, that what the jewelry store considers an appraisal, generally should be viewed by anyone using that document for valuation purposes, as "retail replacement document for insurance purposes" and should be stated as such.
An appraisal is a far more detailed and professionally written document; written using certain cost analysis comparisons, containing highly detailed descriptions, supporting documentation, a CV regarding the education and experience of the appraiser, text that addresses an exposition of the details about the valuation, methods and reasons for the valuation, and many more details that Neil can probably explain better than I can. An appraiser writes an appraisal based on an educated discipline and experience that is far different than an insurance valuation that incorporates a few sentences of description, a retail value, and a disclaimer that disavows responsibility for the information contained therein. Appraisers take responsibility for their work.
Jewelers, in the business of selling jewelry, many times provide retail replacement documents for insurance purposes. They are providing documents that mostly relate to their markets of business, which are provided to the consumer to help acquire insurance. Often, they are given as a service without charge after a purchase has been made. As a general rule the values contained therein should reflect something very close to what was paid for the jewelry rather than an inflated price. An inflated price might make the jeweler and the client feel good about the purchase, but ultimately cost the customer more for insurance, as the valuation impacts premium and costs the insurance companies more should the insured sustain a loss. This kind of "overvaluing" costs all of us more money when insuring valuable articles.
Consumers should understand the difference between an appraisal and an insurance replacement document. If you they do, they then can acquire both a valuation document, and insurance, in a better, more informed manner.
Past, Present, Future: The Meaning of Three-Stone Engagement Rings
Past, Present, Future: The Meaning of Three-Stone Engagement Rings - 04/14
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