Insurance Lawyer recommendation?

[calgaryblood]

Originally Posted by Flames_Gimp

they are willing to replace the lost jewelry, and yet you feel like they are getting the short end of the stick?

Willing? They paid insurance with them for 25 years and have 8 properties all with Wawanesa. This is why they paid insurance for they aren't getting any favours. The policy states $10,000 for jewelry and no where in the policy do I see a note of where it says there will he a 50% depreciation for a cash settlement on freakin gold that hasn't depreciated in ever.

[RW99]

Originally Posted by calgaryblood

Willing? They paid insurance with them for 25 years and have 8 properties all with Wawanesa. This is why they paid insurance for they aren't getting any favours. The policy states $10,000 for jewelry and no where in the policy do I see a note of where it says there will he a 50% depreciation for a cash settlement on freakin gold that hasn't depreciated in ever.

Here's a question. Why should their history with the company affect the result? This is a contract and not a customer service decision like with your cell phone bill. If an insurance company paid out more they they are required to every time they need to keep a customer, they would either be out of business or everyone's rates would be much higher. Would you like to pay double your premiums so that all jewelry claims are paid out this way?

I agree nowhere in these policies does it say 50%, just actual cash value. If you have a piece of old family jewelry and you were to try and sell it, how much would you get? Unless it is a well known maker or design, it would get the same price as any other old piece of jewelry, the amount to break it down, sell the used diamond, melt the gold, etc. If you can prove the used value of that old jewelry is more, good on you. But there isn't some amazing old of date jewelry market, most people want modern pieces.

Sorry to hear about your situation. I think a lawyer would not be beneficial to you in this situation. I think you can go the route some are suggesting here. But getting 50% actual cash value would be within the policy wordings if the jewelry is not able to be replaced.

[GoinAllTheWay]

Originally Posted by calgaryblood

Willing? They paid insurance with them for 25 years and have 8 properties all with Wawanesa. This is why they paid insurance for they aren't getting any favours. The policy states $10,000 for jewelry and no where in the policy do I see a note of where it says there will he a 50% depreciation for a cash settlement on freakin gold that hasn't depreciated in ever.

When you say "now where in the policy", where are you looking exactly? Because if you are looking at the declaration page they send you each renewal, it won't be in there.

[Frequitude]

Replace it, get full value, then sell/return it?

[FlamesKickAss]

Originally Posted by calgaryblood

Willing? They paid insurance with them for 25 years and have 8 properties all with Wawanesa. This is why they paid insurance for they aren't getting any favours. The policy states $10,000 for jewelry and no where in the policy do I see a note of where it says there will he a 50% depreciation for a cash settlement on freakin gold that hasn't depreciated in ever.

Grab a policy wording and look under basis of claim settlement. It describes that it is ACV unless replaced.

[GullFoss]

Yes...this is fairly standard policy. I know intact and td both do this.

You get acv unless you actually repalce the items. Not sure what the big deal is. You have a year to replace the items.

Another idea would be to buy jewlery that you know someone else wants and then sell them the jewelry afterwards. For example, i might be tempted to go buy 10000 of jewelry i have no immediate need for if you wanted to give me 15% off .

Theres a lot of ways to make the world go round.