Jewelry Replacement Services
Offering cost-saving alternatives
to paying out questionable claims
In settling jewelry claims, claimants are typically presented with one of two options — a cash settlement up to the limits of the policy or a suitable replacement of the item lost. Should the claimant desire a replacement instead of a cash settlement, additional factors need to be considered. In addition to its other services, JCRS provides replacement services that facilitate customer satisfaction.
Can an item truly be replaced?
Ultimately, the success in offering a replacement depends on two factors: 1) the claimant’s desire to have a suitable replacement (most often the insured’s choice is cash), and 2) adequate information about the item so that a suitable replacement can be created and offered.
Jewelry estimates are a function of the item’s component parts (gold, diamonds, labor, etc.); however, the look of the finished item can vary greatly even though the dollar amount is the same. Personal choice and tastes vary. Experience indicates that insureds often do not want the same item as styles change as do the personal economics of the insured. For example, the owner of a lost engagement ring might now be a successful professional who prefers to upgrade the size and quality of the diamond. (Note: JCRS will provide the same substantial insurance discounts to any upgrade.)
Our estimates are usually matched by local jewelers — not the selling/appraising jeweler who is committed to defending his high valuation.
Sometimes an item of jewelry is described as irreplaceable. But is that always true? Certainly, a single, one-of-a-kind piece (e.g., handmade) about which very little descriptive information is available will probably present difficulties. However, the chances of providing a suitable replacement are greatly increased when a detailed description is provided, and especially when an accompanying photo/sketch is available.
In the case of a pair of earrings in which only one of the earrings is lost, a replacement is relatively easy, simply by duplicating the remaining piece. This option may be preferable if significant sentimental value is attached to the pair of earrings.
Similar replacements could be preferable if part of an item is lost, but a significant portion of the item remains intact. For example…
- A replacement stone could be mounted in the remaining setting. Vice-versa, a new setting could be manufactured (to varying degrees of reproduction depending on available information) into which the remaining stone could be mounted.
- Or, missing pearls from a graduated strand could be replaced by examining the remaining pearls. Once suitable replacements are found, the entire strand can be restrung, restoring the strand to original condition.
For more information about our procedures and fees for handling replacement
items, please contact