Heartbroken- PerfectCircle Outcome

[baltneu]

Mrs. Whitney

Wishing you the best of health and speedy recovery

 

[danielxlin]

Plan of Action.

1) Forget litigation. Waste of time, money and effort.

2) Borrow the 65K from the CEO Dad.

3) Buy the new Tiffany ring and other insured jewelry.

4) Dad gets paid back by insurance in a few weeks.

5) You end up with a brand new Tiffany ring and other items instead of the used Tiffany items you used to own.

6) You win because you have the resources and the patience to work within the system.

Trust me, the insurance company doesn't want you to take this plan of action, which will lead to them making a huge payout, like next month. They'd rather tie you up in litigation while the $65k stays in their pocket for years.

 

[MrsWhitney]

Tmrrow- I am not shaming them; I am as all PS'rs sharing an outcome. Just as all of us have done for a decade. I do have legal counsel; and am told I am allowed to share my experience.

Do I think this has a good outcome? No. Do I think that we will find a solution? No.

I think everyone learned clearly though the policy of PC/JM. If it is any brand (whatever they deem a brand), they require the brand or any jeweler to submit their wholesale, and to justify UP TO A 15% markup, otherwise it is not replaced. Graff sent me their JM paperwork to see...and thus far no jeweler in NYC (I have called will do this.

I agree with everyone else, this is a good "lesson", and I will care about my cancer instead...

But again, my former Wharton classmates and I see this as a poor business model, and legally when you review your actual policy, forgetting branding, you still have to find a jeweler willing to only do a 15% markup.

 

[MrsWhitney]

Plan of Action.

1) Forget litigation. Waste of time, money and effort.

2) Borrow the 65K from the CEO Dad.

3) Buy the new Tiffany ring and other insured jewelry.

4) Dad gets paid back by insurance in a few weeks.

5) You end up with a brand new Tiffany ring and other items instead of the used Tiffany items you used to own.

6) You win because you have the resources and the patience to work within the system.

Trust me, the insurance company doesn't want you to take this plan of action, which will lead to them making a huge payout, like next month. They'd rather tie you up in litigation while the $65k stays in their pocket for years.

I will. Their last e-mail exchange was between my father and husband; and they want to amicably find a solution- if there is not one, I will do this. But what a shame.

 

[MrsWhitney]

HAPPY OUTCOME

I got a call; and they are settling my claim.

There is a God. And I get to go through cancer with my ring and less of a traumatic headache.

THANK YOU ALL.

 

[ame]

I am so relieved that they are handling it appropriately.

 

[noscrusir]

Thank God! I'm glad to hear that they are settling with you. It shouldn't be worth it for the bad PR hit alone for them to fight about this. They would loose tons of goodwill & business through the Pricescope community alone. Let us know how it turns out for you

 

[WinkHPD]

I, and I assume many other professionals, sent emails to headquarters with the link to this thread and the comment that they were taking a MASSIVE and stupid bad publicity hit.

As has Neil, I have recommended them thousands of times and was shocked at the apparent bad faith with which you have been treated. It relieves me greatly to see that they are coming to their senses, no matter what the reason. I have assisted in replacing dozens of claims, and never once have I ever had any qualm about doing business with them.

Hopefully, now you can rest from this ordeal and face your cancer with more concentration.

Wink

 

[chrono]

I am very happy for you; I hope that you will be able to focus on battling cancer better.

A bit of a threadjack perhaps, but JM/PC settling your claim does not mean that they will do so for others who are in the same shoes, correct?

 

[MrsWhitney]

All of you are amazing.

AND WINK. THANK YOU. I LOVE AND ADORE YOU


Now off to beat cancer, with my bling...

 

[emmebee]

You are very kind Wink! I guess if I may ask.. what did you feel PC/JM was misleading about? Is it that the branded jewelry would only be replaced once the customer replaced it themselves?

 

[emmebee]

I am very happy for you; I hope that you will be able to focus on battling cancer better.

A bit of a threadjack perhaps, but JM/PC settling your claim does not mean that they will do so for others who are in the same shoes, correct?

Yes, that's what I'm wondering.. was this only settled because of bad PR? Can you give us the details if possible?

 

[emmebee]

Neil, let me say once more that under the terms of the policy-rider issued for name brand jewelry, the "like kind" MO does not come into play; rather, the insured is expected to first purchase the name brand replacement & then submit the sales receipt to PC for reimbursement.

MollyM - Do you have any further info on this name brand policy rider that you've alluded to in several posts? Specifically, where would I find it in my policy if I have it? According to the online FAQ, the same policy (being required to re-purchase and submit receipts for reimbursement) apparently also applies to non-branded jewelry: "If you choose to work with a jeweler that is not on our list of preferred jewelers, the claim process will be slightly different. You will be required to pay for repair or replacement up front and then submit the receipt to us for reimbursement." Thus, it seems that working with a non-preferred jeweler (including T&Co., et al.), and not the name-brand jewelry itself, is what triggers this requirement to submit receipts for reimbursement.

This begs the question: When you submit your receipts, is JM obliged to reimburse the receipts at 100% (up to the coverage amount)? Or will they only reimburse up to the wholesale price + 15%? If anybody can point me to the relevant language in the policy, I would appreciate it.[/quote]

Does anyone know the response to this bolded question??

 

[MrsWhitney]

I am very happy for you; I hope that you will be able to focus on battling cancer better.

A bit of a threadjack perhaps, but JM/PC settling your claim does not mean that they will do so for others who are in the same shoes, correct?

Yes, that's what I'm wondering.. was this only settled because of bad PR? Can you give us the details if possible?

I would like to think they did this, because it was the right thing, and kind thing to do----it saved me having to borrow, and go through additional channels and buy each piece individually, undergo my new treatement, and wait for. Instead, it was handled with them working with my husband/father- and the jeweler (I used Graff, 3 blocks away).

 

[WinkHPD]

I can not answer the questions being asked. I do not know why they decided to settle, and it is probably unprofessional to guess.

I will say this.

I have replaced many items for people insured by JM without EVER having any issues from the adjuster. In fact the adjusters I have worked with usually bent over backwards to make things right for the insured.

The JM policy is normally a replacement policy and the amount paid over my cost depended on the amount of the claim on each item. It is a sliding scale and large items are indeed at a 15% margin, but the % is higher on smaller items.

Clearly, there was some kind of issue between our OP and the adjuster. I have heard from others, that as I suspected, I was NOT the only trades person here to contact JM and let their management know what was going on. Management usually thinks longer term than the people in the trenches think and the only long term strategy that makes any sense whatsoever is to settle legitimate claims promptly and courteously.

Frankly, I expect no less from JM and this exception deeply disturbs me. I truly hope and desperately want to believe that this incidence was an aberration.

Losing a treasure that has sentimental value is already a great stress. I am so sorry to see how the settlement process caused you so much additional stress.

Wink

 

[rocks]

Mrs Whitney:

Sometimes you just have to be a squeaky wheel.....

glad you will be getting your treasures back.....and if it is any consolation, Graf jewels are devine. I would love to see your replacement ring.

Now, try to relax and get well.


Wink:

Thank,you for your intervention.

 

[ame]

The vendors here, Mr. Jones you are NO exception, are nothing but the best.

 

[Niel]

I, and I assume many other professionals, sent emails to headquarters with the link to this thread and the comment that they were taking a MASSIVE and stupid bad publicity hit.

As has Neil, I have recommended them thousands of times and was shocked at the apparent bad faith with which you have been treated. It relieves me greatly to see that they are coming to their senses, no matter what the reason. I have assisted in replacing dozens of claims, and never once have I ever had any qualm about doing business with them.

Hopefully, now you can rest from this ordeal and face your cancer with more concentration.

Wink

i will say that they wouldnt have changed their tune because of this thread, as it would open them up to lawsuits to everyone else who has had a similar claim but did not get a similar pay out

it may have brought attention to someone who actually knew what they were doing, but you cant pay out one claim different because its causing a bad review on the internet

 

[motownmama]

I'm just happy it's resolved. I was laying in bed thinking about this last night! PRETTY PLEASE post a pic with the replacement items - a POX on the person(s) who stole your stuff - bad karma for them!

 

[tinsure]

Hello, I am in the business of insuring fine jewelry. The issue you have had is one that all repair and replace insurance underwriters face. They need an agreement with the jeweler (whether that be Tiffany's or any other branded, high end, jewelry company) to replace the jewelry should the client have a loss. I'm sure Jewelers Mutual did not have that agreement in place when they bound your policy. Many of the extreme high end branded jewelry companies won't sign that type of agreement with an insurer. They feel that their clients will be covered by cash value policies and that their customers will run back to the stores, with money in hand, to repurchase that which was lost. Repair and replace policies are very acceptable to most jewelers. Typically, compensation to the jeweler is significant. It isn't necessarily full retail value, but if the policy states you are insured up to the full retail value, then you should be completely covered. The reasoning behind why an insurer doesn’t pay full retail is that the insurance company gets a break from the retail cost because they are constantly in the market, and the jeweler is getting a second sale (assuming it is your jeweler). Insured's with certified diamonds and gemstones should get exactly the same replacement as stated in the appraisal, and Repair and Replace policies should cost the insured less than cash value policies. I don't know what your policy reads, but I'm fairly certain you would not have insured your jewelry for less than the invoice, or appraised value. In your case, the policy failed to state what happens if your jewelry company will not work with the insurance company to replace your jewelry. The vast majority of insured's are very well protected by repair and replace policies, however there are other types of coverage that would have been better for you (that is why it is important to have an insurance agent helping you). You are not without recourse. Your policy should tell you exactly how much your coverage is worth. Telling you to work this out on your own is not acceptable. Jeweler's Mutual should be able to either direct you to a very high quality manufacturing jeweler to recreate your jewelry according to very high standards, or they should offer you a cash settlement (unless the policy states that it will only replace the jewelry and prohibits a cash settlement). In the future it will be important to know your rights. There are excellent policies that offer the option of a cash settlement. Remember to keep your policy for your jewelry separate from your residential policy. If you were to have a claim against your residential policy for a loss of this nature, and then perhaps a second loss, it is very possible to be cancelled or non-renewed. You are a victim of poor communication. Jeweler's Mutual should help resolve your problem.

 

[pfunk]

I can not answer the questions being asked. I do not know why they decided to settle, and it is probably unprofessional to guess.

I will say this.

I have replaced many items for people insured by JM without EVER having any issues from the adjuster. In fact the adjusters I have worked with usually bent over backwards to make things right for the insured.

The JM policy is normally a replacement policy and the amount paid over my cost depended on the amount of the claim on each item. It is a sliding scale and large items are indeed at a 15% margin, but the % is higher on smaller items.

Clearly, there was some kind of issue between our OP and the adjuster. I have heard from others, that as I suspected, I was NOT the only trades person here to contact JM and let their management know what was going on. Management usually thinks longer term than the people in the trenches think and the only long term strategy that makes any sense whatsoever is to settle legitimate claims promptly and courteously.

Frankly, I expect no less from JM and this exception deeply disturbs me. I truly hope and desperately want to believe that this incidence was an aberration.

Losing a treasure that has sentimental value is already a great stress. I am so sorry to see how the settlement process caused you so much additional stress.

Wink

Wink (and all other professionals who remain unnamed):

Just want to say thank you for taking the time to advocate for MrsWhitney. It is so very refreshing to see people looking out for each other. It is nice to know we have people like you "in our corner".

 

[MissGotRocks]

I am delighted for you! Please come back and share your new jewels with us!

Hats off to Wink and others that contacted this company regarding your claim. Proof positive that these vendors have a vested interest in not only the products they sell but in the integrity of the products they promote. Clearly they are highly regarded; their voices would not be recognized otherwise. We are indeed fortunate to have them as participants in this forum.

Lastly, best wishes in your recovery. I hope that having this stressful part of your saga behind you provides a much needed boost in your treatment and recovery. We are glad that you are back with us - please keep us posted on your progress!

 

[tmorrow]

I think everyone learned clearly though the policy of PC/JM. If it is any brand (whatever they deem a brand), they require the brand or any jeweler to submit their wholesale, and to justify UP TO A 15% markup, otherwise it is not replaced.

I thought you could still purchase at retail and submit the claim that they have to honor.

I agree with everyone else, this is a good "lesson", and I will care about my cancer instead...

I am glad your outcome will be good hopefully the same for the cancer.

 

[eirwen]

Yay! That's fab news.. Also, more importantly, just wanted to wish you a speedy recovery and I sincerely hope you win your battle with cancer. Hugs.

 

[chrono]

Another crazy threadjack - will JM/PC now increase your premium as you are considered "high risk"?

 

[ame]

Another crazy threadjack - will JM/PC now increase your premium as you are considered "high risk"?

That is a very legitimate concern.

 

[Texas Leaguer]

Mrs. Whitney,
Very glad to see this is working out. I was alarmed to read some of your reports along the way. I cannot say exactly where or why the process broke down but I was confident from the outset that you would ultimately be taken care of by JM.

As someone else mentioned, I do not feel that your good outcome was based upon calculations of the bad press that JM/PC recieved here. My guess is they were trying to work through the issues but circumstances were complicated and perhaps some of the people in their chain did not perform well. That is not to make any excuses because they are in the business of providing some fairly complicated service. They most probably have learned some things as a result of your ordeal as well.

I am gratified that you were able to get some helpful guidance and moral support here. Good luck with your treatments. We all look forward to seeing your posts and you beautiful jewelry in the months and years ahead.

 

[MrsWhitney]

I just have to say thank you to all of you- especially the professionals who took time out of your busy day to make it so I received a ring...

I am pretty certain JM will cancel my policy, but that is alright, I will find another if they do----I am aware this is the worst case scenario...for anyone. Patient loses jeweler at doctors office after being required to take all of it off- then struggles to replace just one of the 4 items...during the awful process of cancer. At 29, this is not where I saw myself. Especially for all of those who knew me back in the early 2000s as UCLABelle

WINK...especially, you are the kindest of kind. And all of you, for the support and prayers. I look forward to sharing my bling and getting more active again, especially given I will not be working as I go through treatment, I have LOTS of time to sit and post

 

[partgypsy]

I can not answer the questions being asked. I do not know why they decided to settle, and it is probably unprofessional to guess.

I will say this.

I have replaced many items for people insured by JM without EVER having any issues from the adjuster. In fact the adjusters I have worked with usually bent over backwards to make things right for the insured.

The JM policy is normally a replacement policy and the amount paid over my cost depended on the amount of the claim on each item. It is a sliding scale and large items are indeed at a 15% margin, but the % is higher on smaller items.

Clearly, there was some kind of issue between our OP and the adjuster. I have heard from others, that as I suspected, I was NOT the only trades person here to contact JM and let their management know what was going on. Management usually thinks longer term than the people in the trenches think and the only long term strategy that makes any sense whatsoever is to settle legitimate claims promptly and courteously.

Frankly, I expect no less from JM and this exception deeply disturbs me. I truly hope and desperately want to believe that this incidence was an aberration.

Losing a treasure that has sentimental value is already a great stress. I am so sorry to see how the settlement process caused you so much additional stress.

Wink

Wink (and all other professionals who remain unnamed):

Just want to say thank you for taking the time to advocate for MrsWhitney. It is so very refreshing to see people looking out for each other. It is nice to know we have people like you "in our corner".

Ditto. Hats off you Wink and others who have helped Mrs. Whitney on her behalf!

 

[tinsure]

The chances are pretty good that JM will drop you but they may wait to do that due to the negative PR they have gotten on this. If you have issues with insurance there are a few good options available to you. I'm happy that you got the result that you were looking for.