BP Oil Spill Claims Chief Braces for Surge in Filings
N.Y. Regulator Issues ‘Cease and Desist’ Order to Car-Sharing Firm RelayRides
Tornadoes Spin Through Texas Towns After Dark, Killing Six
U.S., European Retailers Divided on Safety Plan for Bangladesh Factories
Government to Share Cyber Security Information with Private Sector
50 Top Apps for Independent Agents
Medical Liability Market Profitable But Deteriorating Results Expected: Fitch
Three Insurance Companies Placed in Liquidation in IllinoisFree Newsletters
Sign up to receive insurance news alerts!Most Popular
Current Issue
Editors and Contributors
-
Andrea WellsAgency Compensation Playbook: 2013 Agency Salary Survey -
Andrew G. SimpsonHow Process Improvement Drives Agency Profitability -
Stephanie JonesThe Acquisition Cycle -
Don JerglerIndustry Predictions -
Chris BurandReasonable Compensation -
Andrea WellsPersonal Lines: How Technology is Changing the Way Agents Do Business
Just what size diamond does this Broker consider to be a “big diamond?
Thank you.
Unless they’re written on an IM stated value policy, gem owners may still have a problem in the event of a loss. Property insurance coversg “property”, not it’s cash equivalent. Here’s the rub. Let’s say somebody buys a 1 carat diamond ring and gets a GOOD appraisal from a GIA certified jeweler for $20,000. If the ring is stolen or lost, the insurance company has the option to replace the item with one of “like kind and quality”. If a replacement can be had for $15,000, the insured has been returned to their “pre-loss condition”. However, if the insured doesn’t want to replace the item and wants cash, the settlement will be$15,000, not $20,000.