Not Accepting Santam Insurance Claim Offer

I have always received good service from Santam, and more especially, from my Santam broker. During this specific claim submission process my Santam broker was once again fantastic with submission, follow-up, and feedback. I am however very disappointed with Santam regarding the outcome of a claim for my wife's wedding ring that was ****** from our home.

I bought my wife’s wedding ring at Jack Friedman Jewelers in 2012, where I had a Jack Friedman Edwardian Ring made for her. I even have photos taken during the manufacturing of the ring that I provided to Santam. We have diligently provided valuation certificates obtained from Jack Friedman on an annual basis so that my wife’s ring is insured for the correct amount. Santam has also happily received the increase in premiums as the value of the ring increased each year. The ring’s valuation before it got ******, and as indicated on my policy schedule, is insured for an amount of R77 400.00. This is the valuation from Jack Friedman which is the only jeweler that crafts these Edwardian rings (this was confirmed in an email which I received from the CEO of the Jeweler). The Santam assessor went to a third-party jeweler and obtained a quotation to replace this ring at an amount of R48 500.00. I have a few major concerns regarding the quotation that we received.

Firstly, the quotation is not from Jack Friedman. It is only Jack Friedman that manufactures this specific Edwardian Ring (this was confirmed in an email which I received from the CEO of the Jeweler). So how do I purchase my wife’s ring from a third-party jeweler if only Jack Friedman crafts these rings?

Secondly, we provided a valuation certificate in 2021 from Jack Friedman where it clearly states that the ring’s valuation = R77 400.00. This was captured in my Santam policy schedule, and I have paid the monthly premium to insure my wife’s wedding ring to the value of R77 400.00. And Santam only wants to pay me R48 500.00 to replace the ring. This is the amount I paid for the ring in 2012. Why does Santam then require me to provide updated valuations and force me to pay more premium for this.

My broker has assisted in escalating this claim through the right channels with Santam and still they are standing by their decision. I do not want to take this matter to the Ombud as I feel it can be managed within the company – and this would be a last resort. In principle I am not accepting the settlement offer made by Santam and looking forward to their response.

Below is the email response from the CEO of Jack Friedman (which I can provide to Santam):

We do not have a patent on the Edwardian collection designs, however: • They are original designs by our founder Jack Friedman • They are stamped with the Jack Friedman Hallmark • The are hand made by a jeweller in our factory – and as a result copies by other jewellers are never the same • The engraving detail is hand carved by an engraver in our factory – no copies of this hand engraving are accurate or the same • Any copy by another Insurance replacement jeweller is ******* • A copy will not have the Jack Friedman hallmark stamp • The customer purchased an original Jack Friedman Edwardian ring and as a result must not accept an ******* "Copy" or lower standard and quality copy.