Salvage and Recovery Services
JCRS’ outsource service
for third-party settlement estimates
JCRS Salvage and Recovery services have repeatedly demonstrated that companies overpay claims by failing to accurately ascertain the damage of recovered jewelry items or portions thereof.
Consider, for example, a pair of earrings. If one earring is lost, but the other remains, there is no need for the company to pay out the entire limit of liability, based on the word of a replacement jeweler who says that the item is "irreplaceable."
Indeed, many times a replacement or repair can be made by an accredited gem lab that has manufacturing capabilities. This is a two-step process: 1) the lab first examines the remaining earring, determines its characteristics, qualities, and properties; and 2) then manufactures a duplicate earring. This procedure is typically far less expensive and relieves the company from overpaying the claim.
There are other perils from which insurers could save thousands (per item) if they took the time to recover the remaining or damaged item:
- a missing stone from a mounting or setting,
- a fire-damaged piece that could be cleaned and restored,
- a broken prong from a mounting; and others.
In many cases there is simply no need to pay out the entire limit of liability when something of value — perhaps the larger proportion of value — obviously remains. Some times there is no damage at all; this is especially true in claims for damaged stones.
For more information about our Salvage & Recovery Services, including
procedures and fees, please contact