Scheduled Jewelry

[JCK818]

Hey guys just wanted to double check on something. One of my clients has a renters policy and has a scheduled jewelry (engagement ring). While on a boat ride he ring falls into the ocean.
She is covered right? Because it is scheduled, it becomes open peril from my understanding.

 

[xrac]

Hey guys just wanted to double check on something. One of my clients has a renters policy and has a scheduled jewelry (engagement ring). While on a boat ride he ring falls into the ocean. She is covered right? Because it is scheduled, it becomes open peril from my understanding.

It better be covered or I am dropping my schedule jewelry from my policy. However, how does an insurance company keep from being scammed in this situation?

 

[JCK818]

that is my only concern, it seems too easy

 

[CaptiveGuy]

I assume most people with scheduled property that is backed by a receipt or appraisal wouldn't commit fraud. But an insurance company could be out a lot on a $150 renters policy paying out $20k in lost jewelery.

An attorney I network with lost a $3k Tag Heuer watch the company paid out but I haven't seen him wear it since so maybe most people with scheduled items are honest

 

[djs]

When you start scheduling jewelry, that renters policy is more than $150... but probably not a lot more.

Dan

 

[NCAgent]

Unless there is agreed value on the scheduled item then the company probably has the right to pay what you paid for it (at the max), the ACV of the item if less than appraised for years ago, or find you a replacement ring. You most likely won't get a check for 20k-25k, for example. Read the policy, there are a few ways that scheduling an item can be resolved that might not make the person who scheduled it happy. If you lost a wedding ring from your late husband, you might not want a replacement ring but the cash since there is sentimental value. Well, under most schedules, the client will have to take a replacement ring and then do something with it later.

Agreed value allows you to get a check for that amount.

Scheduling an item on a renters is going to be more than 150/year for a 20k item, though not by much as DJS said.

If you use the scheduled item more than once, IMO, you will probably be dropped.

 

[Guest]

If you scheduled it, you more than likely had to have a receipt or apprasal no older than 3 years old.

Why don't you call the company and ask?????????

 

[JCK818]

I'm going to call tomorrow, the guy asked me friday night.

 

[iiinycboi]

i hear jewelry scheduled insurance is the easiest and the biggest fraud in insurance,

why do companies still do it ? i can think of a million ways to claim jewelry stuff.

 

[Aram Fingal]

There's one reason and one reason only why they would still be doing it, it must be profitable even with the amount of fraud.

i hear jewelry scheduled insurance is the easiest and the biggest fraud in insurance,

why do companies still do it ? i can think of a million ways to claim jewelry stuff.