We talked about what would be covered if you had a valuable piece of jewelry lost or stolen on this post. As a reminder, if you own something valuable that you would replace if it was lost or stolen, then you need to get a separate policy, usually called a Personal Articles Policy (PAP) or Inland Marine policy, as soon as possible.
I lost my wedding ring in the Atlantic Ocean near Bethany Beach in DE. Like an idiot, I didn’t have it on our PAP. So now I have a ring that cost half as much as my original ring. Not to mention a wife that wasn’t exactly thrilled with my mishap.
This post is about a different situation…
What if you were to lose a single diamond from your ring?
We recently wrote a PAP for a newly engaged couple. The soon to be husband emailed me and asked what would happen in this situation? I wasn’t 100% sure so I called a friend of mine who works as a Unit Manager in the Homeowners claims dept at Travelers.
On a Travelers Personal Articles Policy, if you were to lose a diamond in a ring Travelers would pay to replace the diamond with the same clarity, color and weight. This is assuming the ring is undamaged. If the ring were to be damaged then Travelers would pay to repair the ring if possible or to replace it if not.
Travelers will certainly pay what is needed to put you back to where you were before the loss (damage) occurred. However, they will look to pay as little as possible. Meaning they are not going to replace your ring because if it is scratched and you lost a diamond. They will only do what is necessary to put you back to the pre-loss condition of the ring.
Cost of a Personal Articles Policy
Personal Articles Policies are very inexpensive. The most recent proposal I gave to a client was $100 for a 12-month policy for 2 pieces of jewelry valued at $8,300. There is no deductible on this policy.
PAPs are good idea for many of your valuable items.
Again, if you have something that is valuable (jewelry, fine art, china, stamp or other collections, bicycles) than you should call your agent and get a Personal Articles Policy as soon as possible.
My name is Keith Laskey. My goal is to educate the everyday consumer and to help them make intelligent decisions with their insurance policies. Please contact me at my office, 610-948-4830, for any insurance related questions or concerns. You can also visit the Ron Black Agency website or like us on Facebook! Thank you for stopping by, have a great day!