Your client should be advised that the Australian Jewellers Consortium will be handling the jewellery component of their claim and someone from that company will be calling to discuss aspects of the claim.
If a client has a preferred/family jeweller, the Australian Jewellers Consortium ALWAYS looks to discuss and negotiate a settlement with that named jeweller to facilitate a positive resolution to the claim.
In the case of a watch being claimed for and that watch has been superseded, the reported FCR will reflect an equivalent model and the client is always notified of this.
FCR – Fair Cost Replacement
This is the competitive figure – calculated for an item of jewellery – in the market place today.
Insurance Settlement Figure
The settlement amount AFTER policy limits have been applied.
Why do you require the policy limit details?
Prior knowledge of policy limits allows us to eliminate exaggeration and false expectations of policy holders as to their entitlements during discussions with them.
Why do you require valuations, receipts, etc.?
The more information we have at our disposal ensures an accurate assessment. Having this information at the outset of the claim enables us to report our finding in a timely manner and supports the term ‘putting the client back in the same position prior to the loss’. Receipts show dates and allow historical comparisons for exchange rates and diamond prices. This is important when explaining why your client’s diamond ring can be replaced for a lesser figure.
What claim information do you require?
– Claim number and Case number (and in the case of assessing companies, we require your internal reference number)
– Claimant contact details
– Policy limits: per item limit and the overall jewellery limit
– Specified items and the specified amount
– Excess if applicable
– Special instructions – elderly, requires translation, or do not contact the insured etc…
– Any and all documents pertaining to the items being claimed for. This includes receipts, valuations, diamond certificates, photos and quotes if already obtained. (Please note it is preferred that the insured is not instructed to acquire any quotes).
How do we send a claim to you?
This can be sent to us via email to firstname.lastname@example.org
What if the claimant wishes to change jewellers during the replacement?
This can be arranged. However it is imperative that we obtain confirmation that no goods have been released by the original jeweller before issuing a new go ahead.
Can more than one jeweller be used for replacement?
Yes. Generally, we can work with up to three jewellers and the claimant is told this.
Do you manage the replacement process?
Yes. We require a written confirmation of:
– Insurance settlement figure
– Excess if applicable
Jewellers are aware that if a claim is initiated by ourselves, it will be concluded by us.
What is the timeframe for reporting your findings?
Currently the average is a 2-3 working day turnaround.
Do you provide us with progress reports?
If the report is not completed after 5 working days, an update is sent.
What about your fee?
Our fee for service invoice is sent at the time of our report. This invoice should be referred for payment at the time of receipt unless alternative contractual arrangements apply.
Who receives the jeweller’s invoice?
We do in the first instance. It is checked for accuracy, which can be a time consuming task for your claims consultant. Once validated, AJC sends it on to the insurance company for payment.
Do you discuss cash settlements with our clients?
Under NO circumstances do we discuss this aspect of a claim with your client.
We make a notation of this request in our report as we believe it is important for your claims consultant to be fore warned.
What if the claimant wished to replace overseas?
We can facilitate this. We check the jewellers bona fides and arrange telegraphic transfers etc. A fee for service is charged for this aspect of replacement.
How long after receipt of the claim do you contact our client?
Our objective is within 24-48 hours. Prompt contact with your client is paramount – research has shown that the sooner contact is made with your client, the better the result for the insurance company.
Why do you discourage the claimant from obtaining a quotation prior to your involvement?
We believe this to be an invitation for the claimant to go ‘shopping’.
If the claimant obtains a quote prior to our involvement, the claim can be considered ‘tainted’, and as such, creates an unrealistic expectation in the claimant’s mind.
Why do you need to know the claimant’s contact details?
To validate a claim accurately – critical information may not have been previously noted at the initial stage by the insurer. No discussion with the client means guessing.
However, if the claim is based solely on a detailed valuation, validation is possible without customer contact.