Experts

Boston Gem Lab

Serving Boston
North and South Shore,
Cape Cod and Providence, RI

By Appointment Only: 800.696.2522

 

BGL Brochure

 

BGL GOLD GOV'T
WARNING

 

f/book linked

Boston Gem Laboratory

Are You Sure You're Insured?

 

 

 

 

 

 

 

 

 

 

 

Insurance Coverage:

 

  • Homeowners/Renters Policies: no schedule required, policy limit usually $1,000 to $1,500 with deductible of $500; theft is covered, however, losing a diamond in a ring is not (unscheduled)
  • Unscheduled Upgrades: coverage is for fire and theft subject to a deductible, usually with a minimum per item of $1,000 to $1,500 up to the total limit of the policy; limits are generally $2,500 or $5,000.00
  • Unscheduled Limitations: coverage may exclude; mounting or stone damage, partial loss (diamond falls out from your ring) and mysterious loss
  • Named Perils: coverage occurs if a loss is in this category, such as theft, if you lose the stone in your ring, no coverage
  • Open Peril: coverage occurs for a loss unless the policy specifically states certain exclusions, more coverage than named perils
  • Scheduled Property: personal endorsement for jewelry items requiring an appraisal, usually with an "open peril" clause or "all risk"
  • Loss Valuation: insurance company owes you only the value of your jewelry or the replacement of like kind and quality
  • Retail Cost: insurance company does not owe you the retail cost or your perceived value, only the value of the jewelry; mark-ups may be high and jewelry appraisals are often inflated
  • Actual Replacement Cost: policies are generally for replacement which allows the insurance company the option of replacing the jewelry based on their cost to replace, not your insured value; detailed descriptions and photographs are essential

800.696.2522

The value of your jewelry items is determined at the time loss, insurance companies have the option of replacing the loss instead of making a cash settlement or repairing the damaged property.

List of Gemological Instruments

BOSTON GEM LABORATORY ~ rev.21June16

Privacy