Heartbroken- PerfectCircle Outcome

[MrsWhitney]

As some of you know, I lost my jewelry when I took it off for a doctors visit (cancer, it blows). Jewelers Mutual and their Perfect Circle were going to replace; as many know, they are known for replacing with like brand for branded pieces...After I month I got the news....none of the brand jewelers (Tiffany, VCA, Harry Winston, Cartier, Graff) will work with them. So my claims manager just told me to have a "local" jeweler make similar items to my Tiffany one, because they only pay wholsesale and up to 16% extra??????

Nowhere did I see this...in my policy...

So I think, sadly, I just have to assume the jewelry is gone...and really is not being replaced... with a branded one. My claims adjuster just told me "Well, Tiffany is your preference not necessarily similar"????

 

[proto]

sorry to hear about this.

do you have the policy and if not, have you asked them to send you a copy?

ask them to refer you to the section on replacement value/quality.

 

[chrono]

I am sorry to hear this; I've always thought that PC/JM will do a comparable replacement if it is stated as such with the details in the policy. I don't think replacing a branded item with a non-branded item is considered a comparable replacement.

 

[proto]

I have no experience with PC/JM (I live in the UK) but my appraiser indicated that I may wish to slightly inflate any insurance value precisely because you get screwed on the replacement value.

 

[MrsWhitney]

I know, my policy states "branded with like-branded"....anyway off to the doctors....in tears

 

[kmarla]

Here's the link from their coverage section.

http://www.perfectcircleinsurance.com/Jewelry-Insurance/Our-Coverage.aspx

Under "same kind and quality" it does seem to imply that they do replace with like kind and mention Harry Winston etc.

 

[MrsWhitney]

kmarla- thank you, I know---but when you ask the jewelers like HW, they say they do not work with the insurance company....

 

[proto]

looking at their sample policy [get a copy of YOUR policy, or ask for one]

http://www.perfectcircleinsurance.com/PerfectCircle/media/MediaLibrary/Images/content/PL-00-03-06-14-Personal-Jewelry-Insurance-Policy-SAMPLE.pdf

page 4 - conditions - extracted text

Appraisal – If “you” and “we” do not agree on
the amount of the loss, the value of the “covered
property”, or the cost to repair or replace the
“covered property”, either party may demand that
these amounts be determined by appraisal.
If either party makes a written demand for
appraisal, each will select a competent,
independent appraiser and notify the other of the
appraiser’s identity within 20 days after the
receipt of the written demand. The two
appraisers will then select a competent, impartial
umpire. If the two appraisers are unable to agree
upon an umpire within 15 days, “you” or “we”
may request that the choice be made by a judge
of a court of record in the state of “your”
residence.
The appraisers will determine and list separately:
a. the amount of the loss,
b. the value of the “covered property”, and
c. the cost to repair or replace the “covered
property”.
If the appraisers submit a written report of an
agreement to “us”, the amount agreed upon will
be the amount of the loss. If the appraisers fail to
agree within a reasonable time, they will submit
only their differences to the umpire. Written
agreement so itemized and signed by any two of
these three, sets the amount of the loss.

Each appraiser will be paid by the party selecting
that appraiser. Other expenses of the appraisal
and the compensation of the umpire will be paid
equally by “you” and “us”.

not sure the value of the item, but this may be an avenue you may wish to explore.

 

[noscrusir]

That is extremely disappointing to hear and if true, would caution anyone with high-end branded jewelry to insure with Jewelers Mutual/PC. I hope that you're able to find a better solution soon!

 

[kmarla]

Why are these high end jewellers refusing to work with Perfect Circle? What are they telling you? I was about to switch coverage from my homeowner's policy to Perfect Circle, but your experience is making me rethink this.

 

[MrsWhitney]

My father, a lawyer just spoke- they are not replacing it nor anything---------

 

[MrsWhitney]

except I can buy a lesser item...

from Blue Nile. Per them.

 

[Resonance.Of.Life]

I thought Graff said they would work with JM?

 

[ame]

Why are they not paying you cash out then? I thought the policy was if they don't replace it, as in you can't agree, then they pay you and you replace it.

 

[MrsWhitney]

They just yelled at me...

 

[MrsWhitney]

@ame- The Director just said NO CHECK EVER is issued....

 

[MrsWhitney]

@resounance.of.life- they did say they would; they never said Graff only gets wholesale plus a max of 15/16%?????

 

[MrsWhitney]

@Proto- it is not the appraisal that is the problem; it is appraised for the amount of $49,900 (just the ring). BUT they only want to per their words

"THEY ARE UNWILLING TO PAY AN UNFAIR MARKUP SO IT IS WHOLESALE IN DOCUMENTS FROM THE JEWELER PLUS NO MORE THAN 15%"

 

[MrsWhitney]

@kmarla- yes, go with CHUBB. This is a joke. I am crying. WITH IVs in my arm.

 

[MollyMalone]

There is a proviso re "name brand" jewelry pieces that's not part of the sample policy on PC's web site: the insured must repair or replace the brand item(s) first and then submit the purchase/repair receipt(s) to PC for a reimbursement check.

But as MrsWhitney explained in her earlier thread, it's a financial hardship to shell out the big bucks to first replace the items herself, so that is why she was hoping for another, happier resolution

 

[pfunk]

MrsWhitney,

You may have already stated this earlier so forgive me if you have and I missed it. I know you lost several pieces, but whar was the purchase price and appraisal value of the tiffany engagement ring? Also, what value did you have it insured for? I'm trying to figure out how they can refuse to replace it unless you had it under insured.

Edit: Nvm. I see some of that info is now listed.

 

[ame]

They just yelled at me...

Uh what?!

@ame- The Director just said NO CHECK EVER is issued....

The Director is full of it. They have in multiple cases issued a check when a worthy replacement of "like kind" cannot be reached.


I'd contact the media at this point. Sorry, this is unacceptable.

 

[MrsWhitney]

@ AME they claim they refuse to write a check, or settle. That they do not ever, per them...

I am heartbroken. Like, as you know, of all my cancer- this is all I needed. This is a shock...from Jewelers Mutual and Perfect Circle.

My total was roughly $65,000----

So my cousin a lawyer at Kirkland and Ellis is looking over it, and my Dad is a CEO in London, and they are reviewing, and all I want is to DIE WITH MY RING. CAN I DIE WITH MY RING????

 

[Niel]

They just yelled at me...

a claims rep should not be yelling at you regardless of the situation, call back, calmly as for a supervisor.

They may not be able to resolve this to your exact satisfaction, but they will explain it to you clearly. Or at least, they should be

if you are too emotional to call them, call them and give the rep authorization to speak with someone else and have them discuss it.

 

[MrsWhitney]

@Neil- my father spoke on my behalf; a lawyer and my husband....

They said they will "find me a diamond" and that is what I get....

 

[MrsWhitney]

And I spoke to the Director of Claims, Don Elliot. So no higher except the CEO.

 

[MrsWhitney]

YOU GUYS I AM SORRY, DON ELLIOT THE DIRECTOR OF CLAIMS IS SAYING I AM INACCURATE!

HE ASKED I WRITE THIS TO YOU ALL Everything I say is "MY OPINION OF THE EVENTS" (looks like my attempts at a replacement may get this 29 year old cancer patient ALSO sued at the same time? because my coverage of about $66,000 is not really the coverage amount)

"He works with Tiffany all the time"....

You just pay yourself, and get reimbursed IF THEY AGREE to the wholesale plus 15% mark-up....

Now I have to sue them...

 

[msop04]

OP, I'm so sorry you're going through all of this -- it is completely unacceptable!

Okay... I'm confused. What does it matter if the company doesn't want to pay a premium to replace your jewelry? YOU pay their premium to have insurance to do just that! This is extremely upsetting, as I have a custom piece from a brand name vendor that I would never be able to "replace" without using that same vendor again.

I had the understanding that, as long as the brand was specifically listed on my appraisal, it would be replaced. Can someone please explain this to me, because I pay an unreal amount to insure this dang ring...

 

[MrsWhitney]

Cancer + Perfect Circle = sad outcome...

I am not sure how this happened. They all seemed so kind and nice at the beginning---they also said my Tiffany Diamond Cert is not valuable like a GIA cert....not even comparable...

Even us jewelry buffs know AGS is the King....

 

[proto]

@msop

you pay your premium for an insurance policy

what you get is what is stated in your policy

read your policy, preferably before you purchase it