Evaluating Damage Calims

A few years ago, a client chipped her diamond and needed a damage claim appraisal. I provided what appeared logical, namely an appraisal based on: The stone’s value before damage. The hypothetical stone’s value after recutting. I judged the amount of the client’s loss to be the difference in value between the two and added the cost of cutting, resetting and polishing. The insurer rejected the appraisal. It said it would not pay off on a hypothetical situation because the client was not going to recut the stone. My client just wanted the amount of money that equaled her loss. Finally we agreed that the purest measure of loss was the difference between the original stone’s value and the value of the existing damaged stone. The insurance firm accepted my appraisal based on those numbers. In hindsight, I agreed this was the purest measure o
JCK PRO

This content is exclusive to JCK Pro subscribers. Subscribe now to access this and much more with discount code GOPRO21 for $199 for an entire year of access (reg. $249).

SUBSCRIBE TO CONTINUE

Already a JCK Pro? Log in

A JCK Pro subscription is your all-access pass to people and resources on the
cutting edge of the retail jewelry industry, from the industry authority you
know and trust

Learn about the Perks of JCK Pro

Log Out

Are you sure you want to log out?

CancelLog out