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Jewelry Depreciation

Discussions relating to Personal Injury Law

Jewelry Depreciation

Postby Reade » Sun Dec 04, 2016 3:15 am

John,

I recently had jewelry(among other items) stolen from my home. Today I have received the adjusted claim report from my insurance. Could you please explain why silver jewelry would depreciate at a rate of 25 and gold at a rate of 75. Obviously I would not expect to get full value of precious heirlooms, because they're PRICELESS, but a gold ring that is 60 years old, now worth $65 is more like adding insult to injury.

Do I have any options?

Thanks.
Reade
 
Posts: 41
Joined: Sat Jan 04, 2014 4:41 pm

Jewelry Depreciation

Postby Orell » Sun Dec 04, 2016 8:22 pm

Bryan,

Depending upon the "type" of jewelry(costume v. "real" v. heirlooms, etc.) neither of the two referenced commodities(gold or silver) ever depreciate, per sey. How the claim should be adjusted, according to "Best Practices," is to determine the replacement cost, of the same or similar pieces, at the time of the loss, and "adjust" the value, of the individual piece, to reflect any depreciable elements, such as scratches, chips, wear and tear, etc., which MAY be, but not necessarily is, the basis of the Adjuster's depreciation. A "priceless heirloom," to one person, may not be a priceless heirloom, to another, or have the "appraisal or ACV(Actual Cash Value)" to another person, that the other person believes it has. If you can provide additional information, on the referenced "gold ring(weight of gold 10k 14k, 16k, 18k, 24k, which is "usually" the "value" driving factor, and not any "numismatic" value.

If you and your Insurer are not in agreement, you may file for Appraisal, which will entail you retaining the services of your own appraiser and their retaining the services of their own appraiser. If the two appraisers cannot agree, on the ACV Loss and Claim, they then will select an Umpire, with the claim being settled by the Umpire agreeing with one of the appraisers or convincing one or both appraisers that his "valuation" is, in fact, correct. Hope this helps you and good luck. If you need anything further, please feel free to write back.

John R. Koenig, CPCU, AIC, ARM, AIM, SCLA

Property/Casualty General Adjuster

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Orell
 
Posts: 45
Joined: Wed Mar 12, 2014 2:38 am

Jewelry Depreciation

Postby Beale » Mon Dec 05, 2016 4:08 pm

John,

I recently had jewelry(among other items) stolen from my home. Today I have received the adjusted claim report from my insurance. Could you please explain why silver jewelry would depreciate at a rate of 25 and gold at a rate of 75. Obviously I would not expect to get full value of precious heirlooms, because they're PRICELESS, but a gold ring that is 60 years old, now worth $65 is more like adding insult to injury.

Do I have any options?

Thanks.
Beale
 
Posts: 42
Joined: Fri Mar 14, 2014 6:50 am


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