Insurance Documentation for Items Sold

We may wish to provide insurance documentation for our customers as a customer service so that the customer can add their jewelry to their existing homeowner’s insurance policy, or purchase a new insurance policy from Jewelers Mutual. Some insurance companies require an appraisal by an appraiser. We are not appraisers and do not provide appraisals. We refer the customer to Thom Underwood for an appraisal.

Some insurance companies will accept replacement value documentation when signed by a Graduate Gemologist. For items over $2000 in value, we can prepare an insurance replacement document for the customer that is signed by one of our GGs on staff.

The salesperson would use the description provided in the Inventory Detail View from the stock ID. The replacement value used will almost always be the price at which the customer purchased the item. In the case of watches, it can be the current retail price. In the case of a deep discount, the replacement value may need to be adjusted to what would have been our standard retail markup.

We do not provide inflated replacement values at the customer’s behest.

Sequence of events to produce the insurance documentation

1. The salesperson makes a sale.
2. The salesperson fills out an insurance documentation form with all the information. The forms are located in K:\STAFF\Div 4a\Insurance Documents\TEMPLATES. Guidelines for which forms to use are as follows:
   
   
   
   • Jewelry Items $2000 and above – insurance_documentation_2000+.doc
   
   
   • Jewelry Items below $2000 – insurance_documentation_less.doc
   
   
   • Watches – insurance template watches.doc
   
   
   
   

   { } – indicates areas that need to be filled. See example below marked with a highlight in yellow.

   
   
3. The salesperson saves the form to a file on the computer using the customer’s name as the file name in (last, first mm-dd-yyyy) format. They are to be saved in K:\STAFF\Div 4a\Insurance Documents\(YEAR) in the appropriate folder by the first letter of the last name.
4. For items $2000 and above: A certified GG opens the same form, modifies it however they see fit while examining the item, prints and signs it. The GG will have the item in hand in order to sign the document and certify to its description.
5. For items below $2000: The salesperson can sign, print, and provide the document to the customer. For watches: The salesperson can sign, print, and provide the document to the customer.
6. The completed document is saved in the yearly alphabetical folders in case the customer loses their copy so that we can replace.

If the customer does not have time to do the documentation on the spot, and it is a piece of jewelry valued at $2000 or more, he or she may make an appointment with one of our GGs to bring the item back in for the documentation. We do not do documentation for items valued at over $2000 without having the item in hand for inspection by the GG.