home insurance jewellery claim loss adjustor advice

zoooooni

hope anyone of you can help and advice me here.our house for burglured in october and lots of indian gold jewellery was taken.we have insurance with high risk items covered till 12000 pounds.our insurance company passed it on to the lmg jewellery saying they deal with it .all details pictures receipts and valuation that was done in july was provided .the jewellery that i claimed was max worth 15000 and i understand that we will not be paid above 12000.now my insurance company says they have received valuation report and my jewellery is worth 26000pounds much higher than anticipated.they said due to high value we will need to appoint loss adjuster company to deal the claim in the end stages.
now i am getting very nervous as i have already waited 6 weeks and just when i was hoping for claim to be settled they have now added another hassle along the way.i am now thinking why do the insurance company has valued my jewellery almost double than what it was actually.will that affect my final payout ?all the jewellery that i lost had major sentimental value and all was gift to me from my parents and inlays with their hard earned money.i don't know why i keep getting these weird thoughts that i might not get paid although i have provided every possible evidence .has anyone dealt with the situation like this?what likely can happen?what role does the loss adjustor play ? do you think the process will still be delayed for really long time ?
kindly help me as i just can't stop thinking about it and get stressed all the time.
we plan to call insurance company to ask about reason for valuing our jewellery much higher but though should take advice on here first.
thanks a lot in advance
regards

FlameCloud

Gold is normally valued on two things - weight and carat. Asian jewellery tends to be both heavy and pure, meaning that it is expensive. Gold prices have recently receded, but are still way higher than even 5 years ago. Depending on when the items were last values, they could be correct.

InsideInsurance

FlameCloud wrote: »

Gold is normally valued on two things - weight and carat. Asian jewellery tends to be both heavy and pure, meaning that it is expensive. Gold prices have recently receded, but are still way higher than even 5 years ago. Depending on when the items were last values, they could be correct.

Its only valued on just weight and carat if its only considered scrap. Jewelry would be valued on how much it would cost you to buy it new here in the UK and if you go to any high street jewelers and weigh one of their bracelets etc you will find they are charging massively above the scrap value.

Who did the valuation in July? Was it someone "into" the Indian jewelry scene? Given the size of LMG I'd expect them to be fairly knowledgable in this area but wonder if they have over cooked the numbers not factoring in the fact you can get this style of jewelry with a much smaller markup compared to "western" jewelry on the high street

stator

If they think you were underinsured they might cut your payout. If you think their valuation is inaccurate you might want to get your own done so you can contest it.

zoooooni

thanks you so much for your kind replies.we spoke to them today and they said that the valuation papers are all from pakistan and in uk they have a different way of calculation.at this minute all i am bothered is to get the money back what i am due.my husband asked them (cunningham lindsay) who are the loss adjustor company about the fact we are underinsured as compared to value of claim amount so we should just be given the amount we are due . they said we have to follow the protocol that if the claim amount comes higher the insurance might still agree to pay over the cover value(i am not sure how thats possible ).they will visit us on wednesday to speak to us and they will prepare another valuation within two three days.after that.i don't know why but i am just getting nervous about all this. has any one got any experience about dealing with loss adjustors ?particularly the company we will be using ?if yes can you provided any guidance that might help.once again thanks you all for your replies .regards zunaira

zoooooni

InsideInsurance wrote: »

Its only valued on just weight and carat if its only considered scrap. Jewelry would be valued on how much it would cost you to buy it new here in the UK and if you go to any high street jewelers and weigh one of their bracelets etc you will find they are charging massively above the scrap value.

Who did the valuation in July? Was it someone "into" the Indian jewelry scene? Given the size of LMG I'd expect them to be fairly knowledgable in this area but wonder if they have over cooked the numbers not factoring in the fact you can get this style of jewelry with a much smaller markup compared to "western" jewelry on the high street

many thanks for reply.teh valuation done in july was done in pakistan and is in pakistani rupees(thats bc my mother in law get annual valuation done for us as by religion we pay a small percentage to needy ppl annually). acc to that value our jewellery is worth 15600 pounds. i have read the term and condition and also some internet stories that say that we risk losing our insurance and not being paid at all as we are under insured.(12000)sheila wheels terms state that we might cancel your insurance or they might agree to pay you only till the amount you are insured for . after reading some online reviews from ppl i have literally lost my sleep.the police found our car keys right after burglary from a persons house but didn't find any jewellery and closed enquiry in 7 days which is every frustrating.
cunningham lindsey will be coming on wednesday.hope he is cooperative as i am very very stressed bc of all this .we are going for holidays in two week back home to attained a wedding and i am without my jewellery and don't even have any cash on me to buy anything.
any tips or advice anyone can give on here?cunningahm lindsey said they take three working days to prepare report and then the decision is onto the insurance what to do .

rs65

When did the policy start?

rs65

... and what was the valuation in July 2013?

zoooooni

rs65 wrote: »

... and what was the valuation in July 2013?

We are with them since five years policy renews in dec every year and our valuation was done in July 2014 last but we also had valuation done in 2013 ( my mother in law must have it somewhere )

rs65

Try and find the one from 2013.

If it is less than £12k then the worst you have done is omitted to update it in July.

What would be the total of all high risk items (including the £15.6k) ?

zoooooni

rs65 wrote: »

Try and find the one from 2013.

If it is less than £12k then the worst you have done is omitted to update it in July.

What would be the total of all high risk items (including the £15.6k) ?

Good idea !! In the high risk category we only claimed two laptops which they billed at 1200 pounds .thanks a lot for your time.can you advise why insurance ppl are making valuation at 26000 and there is huge difference?