Making Sure Your Jewelry Is Insured

If you were recently married or you're busy making plans for what will be one of the most memorable days of your life, there might be one important action that many people forget yet it's vitally important. Studies show that one third of all brides will lose their wedding ring at some point, and since the wedding ring is one of the most valuable pieces of jewelry most people own, insuring it should be on the pre-wedding to-do list.
Even if it's not wedding-related, if you have jewelry that is valuable, it's important to have it insured, and your homeowners insurance policy may not be enough.

Who Insures Jewelry?

The first place to call for jewelry insurance is the company holding your homeowners or renters insurance policy. Often, there is a maximum amount of loss that will be covered through your homeowners policy. Some may go as high as $7,500 while others may offer no protection. One popular insurance company says that most policies cover between $500 and $2,000, but only if the item is stolen.

For jewelry more valuable than the maximum limit provided by the homeowners or renters policy, purchase a policy rider that specifically covers the loss of the item. Most insurance companies require a current appraisal before they will insure the item and quotes can vary widely. The first place to get a quote is the company holding the homeowners or rental policy. After that, get at least two more quotes. Go to your insurance agent who will contact more than one company on your behalf.

There are other insurance companies that offer specialized jewelry insurance. These may include policies that insure the item for more than its current full value so any appreciation in value is fully covered. Other policies may have no deductible and may not ask for regular appraisals that can quickly add up in cost.

If It's Lost

It's your wedding ring. The last thing you want to do is take it off on your honeymoon, but after swimming with the dolphins in some faraway place, you find out why you should have resisted the urge to wear it in to the water. Somehow, you lost the ring in the water. After wishing you would have left it in the hotel safe, you feel some comfort in the fact that your homeowners insurance will cover the ring once you get home. Sadly, most homeowner's policies only cover a stolen ring. A lost ring may fall back on you to replace. To get around this, check with your insurer to see if it's covered, and if it's not, you may need a supplemental policy.

How About Damage?

What if a diamond falls out or the ring slips in to your garbage disposal? Depending on your policy, damage, much like a loss, may or may not be covered. Making assumptions about your policy can be a costly mistake. When you ask about how the policy covers loss, ask about damage as well.

The Bottom Line

Your homeowners insurance might be fine for basic coverage, but for valuable possessions or lost or damaged jewelry, a supplemental policy rider or specialized jewelry insurance from another company may be the best way to protect those items that not only hold financial value, but sentimental value as well.

Let Insurance Be Your Peace of Mind 

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Looking To Insure Your Wedding Ring? Here's How

Shopping for insurance sounds about as exciting as doing your taxes, but when it comes to wedding jewelry – engagement rings and wedding bands – securing sufficient coverage can prove as essential as any other wedding-related task.

In 2014, couples spent an average of $5,855 on engagement rings. Add to that the cost of wedding bands for both the bride and groom and it’s clear that the average $1,500 to $2,500 of jewelry coverage available through renter’s and homeowner's insurance is insufficient for most couples.

ASSESS YOUR EXISTING COVERAGE

While renter’s and homeowner's insurance policies cover the value of items in your home, jewelry included, coverage only goes up to a certain dollar limit, and circumstances like loss and damage are usually not included.

Engagement and wedding rings can be covered more comprehensively with the purchase of a rider or extension to your current policy – also called “scheduling property.” Scheduled personal property goes over and above the typical renter’s or homeowner's policy so that the full value of the designated, high-priced item is covered in the event of a claim.

If you don’t have a renter’s or homeowner's policy, or the coverage through your existing insurance provider is insufficient, you can purchase a separate policy specifically for your rings. Ask your jeweler if the company offers or recommends a certain policy, or shop around to find an insurance broker with jewelry coverage that suits your needs.

READ THE FINE PRINT ON POTENTIAL POLICIES
When it comes to choosing a provider and policy for your ring insurance, the fine print matters. Here’s what to consider:

• Coverage. A good policy should cover all contingencies, from theft to damage to an accidental drop down the garbage disposal. Make special note of anything that isn’t covered.

• Replacement. How will the insurance company replace your rings? Will you have to obtain your replacement rings at a certain jeweler? Will you receive a check as compensation? Will repairs or partial loss be covered? Evaluate the replacement policy against your fiscal and sentimental concerns.

• Assessment of Value. How will the insurance provider assess the value of your ring for reimbursement? Will it use the current appraisal value or will it only consider the price at purchase?

• Documentation Requirements. Note all of the required paperwork for your policy so that should you need to file a claim, everything is readily available. This typically includes receipts, photos and up-to-date appraisals.

Speaking of appraisals…

KNOW THE VALUE OF YOUR RINGS

A professional jewelry appraisal can help you make sure your rings are insured at their proper value. Choose a gemologist-appraiser to verify facts about the ring while also assessing its value. The American Gem Society has a directory of qualified professionals that can be searched by zip code. Appraisal rates range from $50 to $150 an hour. Be sure to ask around for estimates before committing.

COST CONSIDERATIONS

It’s important to compare not just the cost of one insurance provider to another, but also the relative cost to the relative coverage, as both vary greatly from provider to provider and even from policy to policy.

The general rule of thumb for insuring wedding and engagement rings is $1 to $2 for every $100 of value, paid annually. A $5,000 ring, for example, would cost around $50 to $100 per year to insure. If you live in a city where the risk of theft is higher, you can expect to pay a bit more for your coverage. However, you can reduce costs by installing a home security system or by using a safe to keep jewelry protected when it’s not being worn.

In addition, some policies have deductibles, others don’t. Those without deductibles have higher premiums. In the case of a deductible policy, look to see what types of repairs can affect your coverage costs.

After you’ve combed through the policy fine print, assessed the value of your rings and compared relative costs, you should have enough information to choose an insurance policy that meets your needs. Don’t wait too long to secure coverage, though. You’ll want to make sure you’re protected in the event that anything happens in the days after your purchase or receipt of the ring.

ONCE YOU’RE INSURED…
• Keep all insurance-related documents in a safe place. By this point, you should be familiar enough with the details of your policy to know exactly what documentation you need to keep on file – a written appraisal, ring receipts, photos, gem certificates, etc. Also make sure that any policy details you’ve discussed with your insurance agent are included in the paperwork. All promises need written documentation.

• Consider having an appraisal done every two to three years – even if your insurance policy doesn't require regular appraisals – to ensure that your insurance coverage is still adequate. This is particularly important for vintage, antique and/or collectible rings. Values of precious metals and fine jewels change frequently. Bring a copy of your original or most recent appraisal each time so that your appraiser can work from that rather than starting from scratch each time. This can help reduce your costs.

• Make sure your ring fits. It might sound obvious, but getting your ring properly sized can reduce your chances of ever having to file a claim with your insurance company.

THE BOTTOM LINE

If, how and where you decide to insure your wedding rings will depend largely on your specific needs and assessments of value. By doing your due diligence in combing through the fine print of potential policies and comparing true costs and coverage, you can ensure you’ve made a proper assessment in protecting jewelry that has both monetary and emotional value.

See How To Insure Non-Traditional Assets and Making Sure Your Jewelry Is Insured.


Source investopedia

A Quick Guide on How to Insure Jewelry

Some of the most valuable assets in your home may be unprotected.

We're talking about your fine jewelry: your diamond engagement ring, the vintage Rolex Dad left you, the black-pearl necklace you picked up in Tahiti. Sure, you most likely have a comprehensive insurance policy covering your house and furnishings. But homeowners' or renter’s insurance doesn’t automatically mean every item under your roof is insured (if you’re a renter, you know of course that your belongings are not covered by the property owner’s insurance. See 6 Good Reasons To Get Renter's Insurance).

In fact, some policies specifically exclude jewelry and other valuables (musical instruments, artwork and furs among them). Other policies limit coverage to certain types of events and to a defined dollar amount. This level of coverage can be significantly inadequate, especially if you want to replace the sort of item that has substantially appreciated in value since its purchase.

WHAT YOU NEED

What's required, if you have substantial assets of this type, is additional insurance. Known as a rider or, more specifically, a floater (which targets small, moveable items), it takes over when traditional insurance coverage ends, and typically covers the insured item against fire, loss, theft or damage.

Most major insurers do not offer jewelry coverage as a stand-alone product (an underlying property insurance policy is required). But owners of valuables can purchase coverage as an add-on to their existing homeowners' policy. In fact, most of the more well-known insurers require additional handling for high-end valuables.

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Cases in Point

At USAA, for example, a typical homeowners' policy covers jewelry lost to fire or theft, but not to accidental damage or loss. The coverage limit for jewelry is $10,000 (no per-item limit) and is subject to the policy deductible (the amount you’ll have to pay before insurance coverage kicks in). For more jewelry coverage, a separate policy is necessary.

USAA’s Valuable Personal Property policy covers a broad assortment of accidents and incidents. It will, for example, pay for a replacement diamond if the stone falls out of your engagement ring, or for repair if the ring is accidentally broken. And the deductible is $0. This coverage also applies to musical instruments and fine art. No appraisal is necessary for any jewelry items insured for $15,000 or less, though a receipt or proof of ownership is required when making a claim.

Farmers Insurance has a similar approach. In a typical homeowners' policy, for instance, jewelry is covered up to $1,000 per item and $5,000 per incident (theft, fire). Damage due to accidents is not protected. Farmers offers riders to cover valuable items, and the deductible is chosen by the insured (starting at $0). In most cases, Farmers requires a receipt or appraisal for each item being insured.

Geico and Allstate offer comparable options. Standard policies limit personal property coverage to $1,000 to $2,000. Riders or floaters are available to increase the amount of coverage, and to cover loss and damage not covered by the main policy.

What To Ask

When you look around for the best policy, keep these questions in mind to ask the insurer:

How exactly claims are handled: Will you be required to purchase a replacement and then request reimbursement,or will the insurer send a check first?

Is the item's full replacement cost covered and how is that amount determined (especially if the item is antique or custom-made)?

Do coverage limits fluctuate with the price of precious metals or gems?

How often can/should you submit updated appraisals?

What proof of loss or damage will be required?

Which exclusions does the policy have? What types of loss and damage are not covered?

Additional Tips

Before buying your policy – and when making additions to it down the road:

Have your item(s) professionally appraised, to determine their value for insurance purposes.

Take photos of the item(s).

If you have the option, as with the aforementioned Farmers Insurance rider, consider increasing the deductible to lower the insurance premiums.

Once your policy is in place:

Keep all your items' receipts, appraisal paperwork and photos locked away in a safe (but easily accessible) place.

Store items securely when you aren’t wearing them.

Avoid traveling with irreplaceable or extremely valuable jewelry.

The Bottom Line

Most insurance providers offer discounts to customers who purchase multiple policies. If you purchase your home, auto, life and property insurance from a single provider, you are likely to get a better deal overall (see Making Sure Your Jewelry Is Insured).

If you don’t have homeowners' or renter’s insurance, you may be able to purchase stand-alone coverage from a provider that specializes in insuring jewelry. Some jewelers offer such policies, or can recommend a company that does.

Last, but not least: Protecting your property doesn't mean you can't ever wear it. On the contrary, if you insure your valuable pieces, you can use and enjoy them all the more, knowing they're adequately covered. For more information, see Looking To Insure Your Wedding Ring? Here's How.

Source investopedia

Tougher laws needed to regulate food industry

Only a few days back, the US government reached an out of court settlement with British Petroleum (BP) for a 2010 oil spill it had caused in the Gulf of Mexico. The oil major will pay $ 18.7 billion in damages.

Spewing 4 million barrels into the sea, the oil spill had caused 11 deaths and led to a massive destruction of the marine ecosystem. Instead of worrying about how the huge penalties will impact future investments, I remember US President Barack Obama saying soon after the oil spill happened: “Will make BP pay.”

And it did. This is how the world’s only superpower means business. 

While it may be perfectly right to feel outraged at the huge BP oil spill penalties when compared with the paltry compensation package of $ 470 million that Union Carbide was made to pay for the Bhopal gas tragedy, in which some 10,000 people had died, I thought over the past three decades India had learnt the lessons the hard way. The desperation of foreign investments will not be at the cost of human lives, food safety and the environment. After all, there had been heated debates on the questionable role of politicians, judiciary and the industry leaders in ensuring justice to the victims.  

But I was wrong. Following the recall of Nestle’s maggi noodles, Food Processing Minister Harsimrat Kaur Badal has accused the food regulator – Food Safety and Standards Authority of India (FSSAI) – for inculcating an “environment of fear” in food industry. Her ire was obviously aimed at the food safety organization which had imposed a ban on maggi noodles in June. Addressing recently the regional CII office in Chandigarh, and later in a detailed interview with a newspaper, she criticized the spurt in food safety tests which she believes is hampering more investments to come in. Her man argument was that there is no testing protocol for quality check on processed food. She also blamed the return of ‘Inspector Raj’ that is haunting the food industry.

Mrs Badal’s outburst against FSSAI comes at a time when a US study has found sugary drinks responsible for 184,000 deaths globally every year. Considering that the consumption of sugary drinks has multiplied in India over years, and knowing the damming health impacts, including fatalities, it leaves behind, I expected the Food Processing Ministry to launch a massive nationwide campaign to educate people about the dangers of consuming colas, and at the same time directing the manufacturers to ensure that the sugary drinks being sold are completely safe for human health. For instance, the well-known food writer Vir Sanghvi has in a recent tweet asked Pepsico to explain why the beverage company is using Aspartme in sugary drinks in India whereas  completely blacking it out in America?

The Diabetes Foundation and the Centre for Nutrition & Metabolic Research has pointed to the continuous rise in consumption of sugary beverages, including energy drinks. With per capita consumption of sugary drinks rising from 2 lit in 1998 to 11 lit in 2014, these sugary drinks are being blamed for an increasing number of deaths and disabilities.  Considering that Swami Ramdev has been repeatedly warning people against using these sugary drinks claiming that these sodas as good as toilet cleaners, I had expected the Food Processing ministry to be extra vigilant.

The task to ensure processed food is undoubtedly safe becomes more onerous and urgent in the light of the report submitted by the US President’s panel on cancer. It estimates that 41 per cent of Americans living today will suffer cancer in their lifetime. The report warns against the pervasive use of chemicals in processed food – including pesticides, insecticides and synthetic ingredients in the processed food. Fighting cancer therefore requires tougher laws and strict implementation of food laws. If the US food industry was responsive enough, the country wouldn’t have faced a cancer epidemic. But still, the food industry does adhere to the quality standards in US/Europe. Much of the problem in the developed countries is because of lax quality standards in view of the aggressive lobbying by the industry.

Following the maggi noodles ban, the FSSAI has drawn samples from some of the major brands like Hindustan Unilever, Britannia, Nestle India, Heinz India, MTR, Haldiram and others. Quality test of food products for safety certainly warrants urgency considering that food adulteration and contamination has become rampant over the years. With nearly 80,000 food processing companies in operation, including Big Food, and with hardly any quality laboratories to check what goes inside, manufacturers have had a field day so far.

It took 16 months from the day the first maggisample was drawn to the final test report. Woefully lack of adequate testing laboratories all these years has therefore been an easy escape route for the food companies to manage getting Scott free. A Zee Business report showed how 75 per cent companies, whose samples were drawn, escaped being penalized because of gaps in quality testing. In the past five years, only 25 per cent of the 53,406 companies whose samples had failed to conform to quality standards, could be penalized. The penalties of course are too low which does not provide any deterrent.

It is alright to decry ‘Inspector Raj’ but unless the inspectors draw samples regularly how will the food processing industry be made to clean up its act? In China, there exists one food quality laboratory for 0.2 million people. In India, one lab is available for 88 million people. The thrust therefore should be to increase the number of quality testing labs at a phenomenal rate. And I am sure the Chinese labs are not only for decorative purposes but for testing food samples. If the food industry is perfectly comfortable with regular food testing in China why it should cry foul in India?

The need for investment therefore should not be compromised in the name of tougher food safety laws as well as environmental norms. India needs responsive business, and all investments must respect the rights of the people. The food industry must be asked to adhere to the safety laws, and if it is unable to do so, be directed to pull down the shutter. #

Food industry must sticks to safety laws. Hindustan Times. July 16, 2015.

http://www.hindustantimes.com/chandigarh/food-industry-must-stick-to-safety-laws/article1-1369661.aspx