Answers - Insurance

An engagement ring is usually a very large investment for most of us. Therefore, it is recommended that the ring be appraised and insured. The appraisal can be done by a competent and

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

qualified appraiser who works in the personal property field. This appraiser does not have to work independently of a jewelry store. They can be employed by a jewelry store and still

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

perform appraisals for customers of the store and non customers. However, they must deliver an appraisal that represents the true market value of the jewelry and not necessarily the

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

price paid in the store. Example: The store gives a customer a 10% discount on an item. The appraiser would then value the piece at the current market value (what a comparable item wo

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

uld sell for in the most common market) and not at the discounted price.

Some jewelers will sell a piece of jewelry for one price and then give you an appraisal for a much higher val

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

ue. This practice, if not illegal, is certainly unethical and is frowned upon by all appraisal organizations. Anyone receiving an appraisal with a value that is extremely higher than

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

what was paid for the piece should question the jeweler as to why this was done. If you buy insurance based on an inflated value then you will be over paying for your insurance. Most

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

jewelry insurance is for Retail Replacement Value. This means that the insurance company is obligated to replace the item in like kind and quality. This does not mean that the insuran

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

ce company will write you a check for the value stated on the appraisal. If you have a jewelry loss and choose to cash out, the insurance company will usually only pay you an amount e

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

qual to what they can replace the item for through their sources.

Most insurance companies do not require that an appraisal be from an independent appraiser although this is thought

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

to be true by some in the industry. Assuming that you are insuring a diamond engagement ring the important factor for the insurance company is that it be accurately and completely des

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

cribed with the current market value. The appraisal should contain a reference to any Diamond Grading Report that might accompany the diamond, along with a complete description of the

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

mounting into which the diamond is set. The insurance company will decide if they will insure the ring based on the description in the appraisal. Many insurance companies are now req

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

uiring that an appraisal be performed by a Graduate Gemologist with additional training in appraisal theory.

Most homeowner’s policies offer a jewelry coverage policy. You should che

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

ck with your agent and ask what their requirements are. You should find out what they cover, and equally important, what they don’t cover. If you rent your home or apartment, it is po

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

ssible to purchase a renter's policy which can also include jewelry coverage. It is not necessary to have a homeowner’s policy. If you rent a home you can still get insurance.

Also,

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

Jewelers Mutual offers a jewelry policy. This policy is not connected to your home or your apartment. This company offers Replacement Value only (meaning that they will replace your

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

property with like kind and quality). You can replace your items anywhere you choose, but it's usually done with the jeweler who you purchased the item from. You can speak to this com

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

pany directly at 800-558-6411 and they will give you all the information that you need. Chubb Insurance Company also offers a jewelry policy. They offer insurance through independent

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

insurance agents and some retail jewelers. Chubb allows for you to cash out with the amount shown on the policy. No deductible. You can get more information by calling 1 908-903-2000

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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Answers - Diamond Engagement Rings: Should They Be Appraised And Insured?

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