Engagement rings are the special icons that serve towards the core traditions at the special occasion of engagement. This icon and the associated custom of exchanging the rings is predominantly western in its origin; although the wedding rings have been common through all the cultures since ages. The ring ceremony was first accepted in the cosmopolitan cities and towns of the eastern world. Now it is fully acceptable as a much cherished tradition all over the world.
The engagement rings have become more significant and people are buying very expensive ones; more particularly, the diamond rings have become the desirable choice of the seekers. So what if this expensive icon gets lost or stolen or is damaged? Ring insurance is now offered by the jewellery insurance companies and by the jewellers themselves also. This insurance is generally offered as a rider at the time of buying and could be had for some extra cost that is required to be paid yearly as the premium.
Buy insurance carefully!
Insurance is of course an objective financial instrument that cannot be bought just like that! There should be knowledge about the details and what is actually required; because most of the times the policy is tricky and could miss the desirable attributes. Only proper ring insurance could be useful in case the ring is lost. So what are the parameters that need to be looked into while buying ring insurance? Here are the vital questions that you should keep in mind and must ask the insurance service provider.
- What types of losses are covered?
This is the fundamental question! Always ask in clear terms as for the circumstances of loss under which the insurance could be sought as a legal demand. Try to cover the essential three aspects of ring getting stolen, damaged or lost by the wearer in anonymous conditions.
- How much cost is insured?
Next, information should be sought on how much of the original cost is being insured. Ideally, it should be for full cost support so that in case of loss, you are entitled for the full cost.
- How the information of loss is to be communicated?
This is always very significant as the service provider requires that they be notified of the loss in a specific manner and in particular time frame.
- How the loss is to be proved?
This could be the difficult aspect because the service providers generally require that the client prove the loss so that claim could be accepted.
- What will be the mode of replacement?
Does the service provider would facilitate the re buying of the same model or would pay in check?
- What if it is lost at some outstation away from the place where ring is insured?
Generally, the service providers require that if the person is moving to other location out of the city where insurance is had, then the intimation should be done! Inquire about such condition!
- What if the yearly premium is missed and the ring getting lost in that period?
This could be the typical situation but better is to remain informed!