clear

Subscribe

Thursday, 6 October 2016
Insurance claim & Kim Kardashian!
Share
clear

Not that we've had questions about this .... and honestly, not that we have a tremendous interest in this story.  However, there is ALWAYS an insurance angle that many don't consider.  When there is $10Million in jewelry stolen in a robbery in a foreign country, many questions have to be answered before a claim could be paid.  I thought this article from Billboard Magazine was interesting enough that we should share it.  It's interesting reading!

This comes from an article entitled: HOW MUCH INSURANCE MONEY WILL KIM KARDASHIAN RECEIVE FOR HER STOLEN JEWELS? THAT DEPENDS / 10/6/2016 by Lauren Indvik, Billboard

Jacopo Raule/Getty Images

"A multi-million dollar claim like this one is going to be difficult, both to investigate and to resolve," says Heather Perkins, head of underwriting at L.A.-based jewelry insurance specialist Lavalier.

A few hours after midnight on Monday morning, Kim Kardashian West was robbed at gunpoint in her Paris hotel of what is now estimated to be more than $10 million worth of jewelry - a story that has captivated the media, both in Europe and the U.S., in the days since.

As there is little chance the jewels will be recovered, Kardashian is now presumably about to enter into a complicated claims process with her insurance company - most likely Lloyd's of London (which specializes in insurance for multimillion-dollar gems), according to Scott Andrew Selby, co-author of Flawless: Inside the Largest Diamond Heist in History.

But how much Kardashian West will receive for the loss (assuming, of course, that each piece was insured) depends on a number of factors, including the category and conditions of her coverage. "It all depends on the type of jewelry coverage the customer purchased," Janece White, North American vice president of underwriting and jewelry specialist at Chubb Personal Risk Services, a multinational property and casualty insurer, tells Billboard. "Was it worldwide coverage? Was there a maximum amount of coverage provided while traveling? Were there any restrictions with regard to the security required while traveling with the jewelry? In some instances restrictions are placed on the policy, which require that when traveling the jewelry be kept in a secure hotel safe - not the room safe."

The conditions of Elizabeth Taylor's insurance on the famous, 69.42 carat Taylor-Burton diamond, for example, specified that Taylor should only wear it in public 30 days per year and when protected by security guards, according to Lloyd's. If anything had happened to the diamond while violating those conditions, she would not have received the full value of her claim.

Assuming Kardashian West is indeed insured, and was following the dictates of her policy to a T, the claims process will still be complicated. "Very high value, unique and rare items can be tricky to replace with pieces of 'like kind and quality,' which is the standard for most insurance companies," Heather Perkins, head of underwriting at Los Angeles-based jewelry insurance specialist Lavalier, tells Billboard. "So a multi-million dollar claim like this one is going to be difficult, both to investigate and to resolve.

"It is common for those who own jewels as pricey as Kardashian West's to wear imitation jewelry while traveling - something White strongly suggests for other owners of high-ticket items. And if an imitation set is not an option, storing the jewels in the hotel security safe when they aren't being worn is a must. "I would also be wary of making my whereabouts known, as individuals who could wish me harm could use that information," she adds. "And lastly, because even when all precautions are taken, sometimes bad things happen. I would want to make sure I had the best insurance coverage in place to protect my valuables."

We insure jewelry, music instruments, sports equipment and many other personal type articles.  And yes, if you have $10,000,000 to insure, we have companies.  So let us know if we can help!  Contact any of our staff at info@BentonWhite.com or call us at 615.377.1212.  We're always ready to earn your business!

clear
Posted on 10/06/2016 12:22 PM by Benton White
Comments
No comments yet.

Benton's Blog

Does Homeowner's Insurance Cover Your Home Based Business?

If you’re one of more than 38 million people working from your home in any capacity, beware: your home insurance may not provide adequate protection for your business, no matter how small. Thanks to the digital revolution, it’s never been more convenient to earn a living from your living space – but with each reward comes risk, and without the right coverage, that extra cash flow can turn from positive to negative. Unfortunately, too many at-home earners aren’t aware of the gaps in their coverage...

Mobile Apps for your Convenience!

Having convenience in the palm of your hand - 24/7 - is one of the big advantages of today's computer / mobile phone technology.  Our companies understand this and are offering some excellent mobile apps to help you navigate your insurance portfolio you have with us. Advantages of having the mobile app readily available: Pay your bills Set up and manage automatic payments Check the Status of a claim and/or view your claim history View your insurance ID Cards View your actual policy...

Do you Need a Personal Liability Umbrella policy?

We get this question alot!  For the coverage's afforded and the comfort level it could give to you and your family by spending about $200 per year for the policy, we think it's one of the easier policy decisions that our customers make.  And MANY are taking advantage of this affordable - extra layer of protection. I saw this video this morning that does a good job explaining how a Personal Liability Umbrella can help you protect your hard-earned assets for just pennies on the dollar: We...