Personal Possession Insurance CIS

brookwald

Hello all,
I'm after some advice as to where i stand with some personal possession insurance i'm having to claim against.

I recently lost a watch which i had down on a specified insurance claim on a new for old policy. But low and behold when i treid to claim against it CIS are saying that i have valued the watch at £1400 although this was the purchase price i stated (3 years ago), and the valuers are saying it would cost £2050 to replace. CIS are saying they would only give me £1350 as this was 'my' valuation of the product and that the 'New for Old' doesn't apply on specified items, although it does state this in the wording. Are valuables such as jewellery not index linked against current market prices?

The policy has a limit of £2500.

I'm pretty annoyed as all i want is a replacement.

Any advice

dogbot

they are correct, specified items are rarely index linked - you are responsible for making sure the sum insured is adequate for replacement. (£1350 includes deduction of your excess I assume).

The policy limit probably applies to items of contents not personal posessions (i.e. if you never took it out of the house).

brookwald

The policy has a limit of £2500 per set or item for possessions away from the home.

The unspecified part of the policy should be for valuables up to £2000, however this seems to have been deactivated once the specified items were detailed.

The specifed part of the policy is for valuables above £2500. Therefore my policy is a contradiction in terms. I have specified items that should be insured for more than £2500 actually valued below the acceptance threshold due to the original purchase price.

It also states New for Old on 'all' items. It would seem because something has not devalued they don't want to adhere to there own terms.

A purchase receipt or indeed there 'valuation' would be the price of that particular older model, however, New for Old defines that the same New Specification model should be sought.

Lets face it i'm going to get hamstrung on this anyway.