Help - Insurance Claim for lost diamond from engagement ring

Roarer

Hi there

My fiancee lost the main diamond out of her engagement ring. We have made an insurance claim. The ring is less than 4 months old.

I want to ensure we don't get turned down as it is an expensive ring (and therefore diamond).

The jeweler tells us the clasps / setting were correct for the nature of the ring. From a quick assessment they also say there is no apparent stress / movement of the clasps. This to me suggests faulty setting of the diamond in the ring (ie if no movement of the clasps, why did the darn thing fall out??).

My concern is that the insurers will say it was a faulty product (ie set wrong) and therefore the loss of the diamond should be covered by the jeweler (and under their insurance policy, if they have one).

While we have not had an examination done yet, would it be better in the insurance claim to say there is some stress to one of the clasps and perhaps that led to the loss of the diamond? Ie a genuine accident leading to the loss. Perhaps the insurers would then say that is wear and tear and we are not covering the claim?

I would be interested to hear the experiences of others who have had to make an insurance claim for lost diamonds.

Naturally, very distressing for my fiancee and, therefore, me !

Any advice / thoughts greatly appreciated.

Ben

rs65

Sounds like it was faulty from day 1 and the jewellers problem.

Not a good idea to lie to insurers.

Roarer

Thanks for your post.

As noted, we are still to have a detailed examination of the clasps done to see if there is any stress / movement.

Everything in the insurance claim would be accurate and never any intention to lie to an insurer.

My question was more general - Has anyone had any experience of insurers turning down claims for lost diamonds from engagement rings either because :

a) there is no sign of stress on the clasp indicating the setting was sub-standard and so won't pay out and we would have to pursue the jeweler; or

b) there is a sign of stress, that is wear and tear because you have caught the clasp on something and so we won't pay out.

Many thanks

rs65

Roarer wrote: »

a) there is no sign of stress on the clasp indicating the setting was sub-standard and so won't pay out and we would have to pursue the jeweler; or

b) there is a sign of stress, that is wear and tear because you have caught the clasp on something and so we won't pay out.

Do you have accidental damage cover?

If so, the second of your examples would be covered, you may need personal possessions cover too.

In your first example they may suggest its a manufacturing fault. ie the setting couldn't hold the stone so it fell out. Its in your interest for it to be a fault as it means you can return a faulty item rather than make an insurance claim, have an excess to pay and have it on your claims record.

You asked if it was better in the insurance claim to say there is some stress to one of the clasps. The point I was making is that its best to say whatever is correct. If there is signs of damage then say that.

I doubt they could claim wear and tear on a ring that is 4 months old.

dacouch

What ball park figure is the ring and how much is a replacement diamond likely to be.

Which Insurer are you with?

hugoshavez

Roarer wrote: »

Thanks for your post.

As noted, we are still to have a detailed examination of the clasps done to see if there is any stress / movement.

Everything in the insurance claim would be accurate and never any intention to lie to an insurer.

My question was more general - Has anyone had any experience of insurers turning down claims for lost diamonds from engagement rings either because :

a) there is no sign of stress on the clasp indicating the setting was sub-standard and so won't pay out and we would have to pursue the jeweler; or

b) there is a sign of stress, that is wear and tear because you have caught the clasp on something and so we won't pay out.

Many thanks

As RS says, catching the clasp on something is accidental damage, not wear and tear, and is covered under the personal belongings extensions to home contents policies.

A "sign of stress" does not suggest to me though that the ring has been knocked. A competent jeweller should be able to tell whether the setting has been damaged by a "knock" or has failed due to gradual deterioration (wear and tear).

A loss arising from the first failure is likely to be covered.

A loss arising from the second may not be, though depending on the insurer and value of the ring, they may not look closely enough at the claim to determine this, and may just pay.

Dacouch is right, an indication of the insurer and type of policy will help anyone trying to give advice...

Also, it sounds as if the ring is new. How new?