LMG insurance claim

toddie33

Hello,
Looking for some advice please...we were broken into whilst on our honeymoon and all my jewellery stollen among other items. The rest of the claim has been settled though More Than and they have been very good. They have referred me to LMG regarding my jewellery and I am not happy with the options. Most of my jewellery came from the Far East-parents lived there for 10 years and among the items were a diamond ring designed by my dad, various rings/bracelet from Asia, great grandmothers engagement ring and other sentimental items. LMG have offered to make me jewellery but their selection is very generic, none of my jewellery was. The other option is a cash settlement, for 40% less than our settlement value or high street vouchers-again generic jewellery which means I cannot have individual pieces to reflect my stollen jewellery. I do not want to settle for 40% lower value but do not want generic jewellery. Does anyone have experience of a similar situation and a satisfactory conclusion? Any suggestions very welcome! Thanks in advance!

paddyandstumpy

You should be entitled to a reasonable replacement on the items as like for like as possible. Where they are unable to offer a match, they should offer you cash settlement with no deduction.

A cash settlement deduction should solely be used where you opt for a cash settlement, but they can replace the item cheaper. This is because the insurers "limit of liability" is to reinstate you to the pre-loss position, and if you opt for cash but they could replace, it shouldn't cost them more for your decision.

Tell LMG you are not happy with their offer, and explain clearly why. You need to substantiate your case, with photos and/or valuations and detailed descriptions of the items lost. If you cannot do this then they are under no obligation to increase their offer.

Nearlyold

Don't think I've ever seen "Stollen" jewellery but I'm not a great fan of marzipan anyway.;)

FutureGirl

What most people don't realise with jewellery claim is that (on most policies I've seen) you're required to provide evidence if the insurer asks you for it. If, for example you had an 18 carat gold item, but have no paperwork, then the insurer can value is at 9 carat gold. The FOS also agree with this stance (I've had many FOS decisions agreeing with the insurance on this issue).

Your policy will likely stipulate that if you want a cash settlement, you'll only get what the insurer would have paid to their supplier, in this case LMG, as they get hefty discounts.