Poor insurance service on R50k ring claim

My wife’s ring was lost. It was insured with OMART for R50,000, with a valuation certificate obtained earlier in the year, and we have been paying premiums based on that amount. When it came to the claim, OMART refused to honour that value, referring to their policy wording which states they have the right to decide how to compensate a claim, whether by repair, replacement through a supplier of their choice, or cash payout. OMART then went to their preferred jeweller, who quoted just over 50% of the insured value to “replicate” the ring (including a claimed 30% discount). After weeks of disputing the matter, as I had insured the ring based on a valuation from the original jeweller, I escalated the claim to the Ombudsman. The Ombudsman ruled in my favour, recognising that the ring was a custom-designed, proprietary piece and that proper indemnification requires replacement by the original jeweller. Despite this, OMART still refused and maintained that the sum insured is only a maximum, and that replacement should be based mainly on the cost of materials rather than the craftsmanship and design of the ring. I even proposed solutions, either obtaining the exact design from the original jeweller with their approval for replication, or engaging directly with them to negotiate a reduced replacement cost. From my understanding, neither option was pursued. Instead, OMART attempted a “middle ground” settlement of around 75% of the insured value. Their position was that if I did not accept, they would withdraw the offer and escalate the matter further, even to court, knowing very well that most individuals would not realistically go that route. After almost a year of back and forth, I had no other choice but to accept their offer. I then proceeded to verify whether the last quotations I received from OMART’s preferred jeweller and from my jeweller were still valid. It turns out updated quotations were recently requested, which I believe was done by OMART. As expected with the delays, both quotes increased, and the cost to replace the ring at the original jeweller is now R65,000. Despite this, and knowing that the prices increased, OMART still was not willing to settle even the original insured amount, leaving me to cover a significant portion myself. Having been a loyal customer for almost a decade and paying premiums of around R5,000 per month, I have decided to move to an insurer that I feel will better support me in my time of need and provide a fair outcome based on the cover I have been paying for.