Do You Give A Value to Merchandise Left on Premise for Repair?
My store’s repair envelopes ask for a description of the customer’s item and customer stated value—the reason being—the item is insured while it’s here and if anything were to happen to the store while the customer’s item is on premise my insurance would replace the item.
At first, my staff felt uncomfortable to ask the stated value of a customer’s piece—then they began to understand the kind of items that came through the door for repair—from a 3 carat diamond solitaire ring to fracture filled and enhanced stones.
The conditions above the customer’s signature state the following and require a signature:
I agree to the description and values listed above. Any damage or loss will be limited to the cost of the repair or replacement of the items, not to exceed the declared value above. If no value is listed, it will be assumed the value is les than $75.00. We are not responsible for items left over 90 days. We are not responsible for damage during repair of mounted Fracture Filled or Enhanced stones not disclosed to us by the customer.
While at the store—has a customer’s repair ever been lost, stolen, or misplaced? What did you say to the customer? How did you handle the situation? Did your insurance replace the item—for the same quality and type of piece? If so, did the customer specify the stated value of the item?
Shanu S. Guliani commented:
John-I'm really glad you haven't had any problems--sometimes we
jewelers get a little to comfortable though. The customer tells us
the stated value--we specify to them the purchase price not the
appraisal. We have not had a situation in which we do not agree
with the value but I'm sure that will come up. The only way I can
think to handle a situation like that would be to say--While the
item is on premise it is insured with us and we have to put a value
that equivalent to what we would sell a product like this at our
store. Boy--I hope I don't have to deal with a situation like that.
I'd really have to think of a better response but at the moment
that is all I can come up with.
John commented:
We don’t fill out that section nor have customers sign the
bottom. I wish we did, we have been very lucky in the past 34 years
not to have had a problem. I guess it’s just our specific
clientele. We know and have great relationships with 95% of our
customers. Are you supposed to evaluate the piece and put what you
think it should be covered for? Or does the customer tell you what
it’s supposed to be worth? So many times I talk with
customers that think they have something of value that I know is
worth very little. How do you handle a situation where you do not
agree on the value of an item?
