Claims Disappointment

Had my ring insured for R40 000 on my policy. It is specified and a valuation certificate has been provided. I had put in a claim on my lost ring on Monday, On Thursday evening the agent got back to me stating the have approved the claim and it will be remade or the option of a cash payout. When I asked him how much is the quote he did tell me R11 000. Which obviously sounds very sketchy as the ring is valued for R40 000. I pay a premium for R40 000. not anything more or less, nor is this item combine with my contents. When asked how many quotes he receives he says 1 however they work with 2 and no of them got back to him..... How can the decision then again be made on just that 1 quote, is it because it is probably a low amount as compare to what I was protected for. I then receive and email from Claims Operations stating they generally suggest clients insure the items based on valuation since valuations are 15% higher than the actual value to make the item. With that being said 15% of the valuation which is R40 000 is R6 000.

Generally special metals and diamond go up in value in most case. Our item that we specify are considered covered for the sum insured, and we are protected for the amount insured. Why do we have to pay a premium on the value the item is insured if we in fact we not being protected or insured for that amount.

Really disappoint with momentum and very skeptical of the type of Jewelers they have on board. Its a risk to have insurance and a risk to not have insurance.