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

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