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Thinks s/he gets paid by the post
Has anyone worked with a company called Jewelers Mutual (https://www.jewelersmutual.com/) to insure jewelry? MIL has a policy for her jewelry with them and her Rolex watch was recently stolen. She is insured for $5,000 with zero deductible. A local jeweler is offering to sell a used replacement for $6,500.
She is currently in assisted living and rarely leaves the complex so she really doesn’t want a new watch. But it appears this company insists on reimbursing the jeweler directly for a replacement rather than issuing a check. I have tried logging in to her account but they don’t have the policy details online. However, they distinguish themselves as specifically being replacement insurance vs reimbursement insurance.
Is it possible for a company to refuse to reimburse for a loss unless she purchases a replacement, even if the replacement is either not available or is more expensive than the amount of coverage?
She is currently in assisted living and rarely leaves the complex so she really doesn’t want a new watch. But it appears this company insists on reimbursing the jeweler directly for a replacement rather than issuing a check. I have tried logging in to her account but they don’t have the policy details online. However, they distinguish themselves as specifically being replacement insurance vs reimbursement insurance.
Is it possible for a company to refuse to reimburse for a loss unless she purchases a replacement, even if the replacement is either not available or is more expensive than the amount of coverage?