Posted: 08 May 2006 05:08 Post Subject: Get the details !
Its quite natural that some of the insured would like to get the lost or stolen items replaced, while some would definitely request for a cash settlement. Incase you request for a cash settlement you might get a certain percentage of the replacement value of the item. But its better that you always get to the details of your policy or ask your insurer about the detailed information.
Posted: 08 May 2006 06:33 Post Subject: indemity
hi, I've come to know that the settlement for my lost jewelry would be largely dependant on the indemnity value of my jewelry. Now whats this indemnity value ? I just need this piece of information.
Posted: 08 May 2006 08:28 Post Subject: Expect what you can pay !
My friend, its better we understand that the value of a piece of jewelry diminishes with the passage of time. Hence indemnity value is calculated as the resedual value after deducting the depreciable value from the original value. So you may only expect to get reimbursed for an amount which you'd yourself pay to buy that same item second hand.