Professional Jewelry Appraisal Documentation
All appraisals are done on the premises by a trained professional certified by The Gemological Institute of America in Diamond Grading, Colored Stone Grading and Identification.
A proper professional appraisal should have the following elements present:
- Description: A description of the item that clearly describes the piece of jewelry in sufficient detail that someone reading that description can recognize the item. Simply stating “One ring with diamonds” for example is not sufficient. In fact, today, many insurance companies will not accept an appraisal without an adequate description.
- Photograph: While not always required, it makes it much easier to identify and replace the item once it no longer exists.
- Value: The value conclusion should reflect the market. It should not be inflated, nor undervalued, as these would be detrimental to the client and could greatly affect premiums and settlements. The appraised value should be an amount that can adequately cover the jewelry should it be lost. Having a high value may make you feel good but generally will only increase your premiums while providing no additional coverage in a loss. It is not the dollar amount that protects your insured interest it is the thoroughness of the description that will be relied upon by an adjuster should a claim be made.
Many customers ask our advise on jewelry insurance. We have composed a list of questions that are helpful to discuss with your insurance agent.