Help with Contents Insurance Claim

mrdiesel

A couple of months back we were burgled, during which some of our property was damaged and my mother's jewellery stolen along with a few watches.

There was a cash settlement paid out last month for repairs.
But we are still waiting for the claim on the stolen jewellery to be settled.

The majority of the jewellery stolen was Asian 22ct and 24ct gold.
This had to be validated by an independent jeweller.

We received the report back and under the settlement route for each item, some are listed as either "Asian Weight" "Signet" or "Gemcard".
Could anyone explain to me what these terms mean exactly.

Secondly, we are hoping for a cash settlement for the majority, if not all of the stolen items.
The majority of it is, as I mentioned, gold bought from overseas.
Some of it were bangles and necklaces given to my mother at her wedding by her in-laws.
She feels that these cannot be replaced as the sentiment has been lost, therefore would prefer cash payment so that she can choose other pieces that would have more meaning to her.
Would this be an unreasonable request to make to the insurer?

Finally, regarding the watches that were stolen, is it a requirement to go for the same model? I was thinking maybe to go for a different model, and if it costs more than the stolen one, would I be able to pay cash on top to make up the difference?

Any advice regarding how to go about a cash settlement would be much appreciated.

InsideInsurance

Most insurers will appoint a preferred supplier or send you gift vouchers for their preferred supplier. You are free to spend the money how you want with them and in most, but not all, cases can top up the money if you are wanting something better.

Insurers are entitled to make deductions on cash settlements to represent the discount they get from their suppliers, the only major exception to this is when their preferred supplier cannot supply anything similar to what was stolen. Given your saying the stolen jewellery was asian I suspect this is a stronger argument for you to use for getting cash as H Samuels or Beaverbrooks etc arent exactly awash with asian style jewellery

Buzby

InsideInsurance wrote: »

Insurers are entitled to make deductions on cash settlements to represent the discount they get from their suppliers, the only major exception to this is when their preferred supplier

I would substitute 'prefer' than 'entitled'. The insured is not party to any commercial arrangement the underwriters may arrange with their suppliers.

There is an element of kickback and where the profit element of a new sale is rebated to the insurer, but, as the insured is not party to these arrangements there is nothing to state they must agree or even accept this type of arrangement. (Although many are bullied into doing so). If the insured is getting exactly what they lost, there is no issue - but if there is no comparable product available, there is no question the arrangement is detrimental and should be rejected.

InsideInsurance

Hence the comment, where they cant give comparable items then the discount cannot be applied to a cash settlement