Here are 36 Questions to Ask Your Insurance Agent
1. What kinds of jewelry insurance are there?
2. Is my policy all risk?
3. Against what risks is unscheduled jewelry protected?
4. Against what risks is scheduled jewelry protected?
5. What risks are not covered?
6. What is the cost per thousand for full coverage?
7. What is the cost per thousand for partial coverage?
8. What are the limitations of partial coverage?
9. What is the deductible?
10. How much can I lower my premium by increasing my deductible?
11. What security precautions are required?
12. How much can I lower my premium by increasing precautions? (home security systems, special door locks, fire detectors, fireproof in-house safe, items stored in safety deposit box, etc.)
13. What proof is needed to justify a claim?
14. Am I still covered if there is negligence or carelessness?
15. Can I opt for cash instead of replacement?
16. Is cash out for full value? If not, how is it determined?
17. Is depreciation imposed? When, how and to what is it computed?
18. What types of property are not covered?
19. What exclusions are there?
20. Who is covered?
21. What is the difference in limitation between jewelry and silverware?
22. Can I replace a damaged piece or am I limited to repair?
23. What geographical limitations are there to my coverage? Is my children’s jewelry covered for the same risks when they are not at home? (college, summer job, travel in country, travel out of country, etc.)
24. What is coverage if an item is lost, stolen, or damaged while in another’s possession?
25. What is coverage if part of an item is lost, stolen, or damaged in another’s possession?
26. If I lose part of a set is coverage for full value or limited to the percentage of loss?
27. Is an appraisal needed for full coverage?
28. How often should an appraisal be updated?
29. Am I limited to the appraised replacement value if there has been an increase or is coverage for full replacement value at time of loss?
30. How is value determined if an item is irreplaceable?
31. Do any circumstances void my coverage? (flood, lightning, war, nuclear disaster, fire, earthquake, hurricane, tornado, etc.)
32. Can I use my jeweler for replacement?
33. Can I verify proper replacement with my jeweler if an insurance company source makes the replacement?
34. Will my claim and the replacement value be more readily accepted if an AGS Jeweler, Certified Gemologist, Certified Gemologist Appraiser does the appraisal?
35. If I have a lab report or laser identification on my diamond or gem will it enhance my coverage or improve my premium?
36. What is the actual language in the policy for each concern I’ve expressed?