loss of jewelery

[roger071149]

i have lost my watch on holiday- it is insured under seperate title on my policy for �19000.00- The replacement value is in the region of �10,000+ - valuations by the jeweler/agent on the manufacturer gave a valuation in 2002 of �11,150as new replacement value -- I increased the value of insurance as it is /was of sentimental value.

The loss adjuster is talking of replacing the watch like/for like-I ask the question why do i pay the premium cost for a value I placed on the item for them to reduce it--how do I stand regarding this or where do I go to obtain advise on this matter before talking to the loss adjuster. ( the item has been insured for 5 years)

[Oneeyedvic]

Unfortunately, 'sentimental' value cannot be calimed out on as it is non quantifiable. The maximum you will be entitled to is �11,150 + any further amount it may have increased in value.

If your policy is on a 'new for old' policy then they obviously have the right to give you a replacement.

When you took out the policy, did you say that it was only worth �12000 but you wanted to insure it for more, or did you say that you had a watch worth �20000?

If you took the first option, then I suspect that the insurance company would be at fault (but proof is a different matter). If it is the second option, then there is no way the insurance company will knoww what the 'true' value is.

I am afraid that to get paid out on isurance, there must be a 'quantifiable' loss. I can't get myself insured for a �1Million pounds as I am not worth that amount - I may be to my wife, but not in any 'real' sense.