You are sending a link to... Insurance claim & Kim Kardashian!
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
"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!
Many of our customers don't realize that I personally review each policy that renews in my agency annually. I block out several hours to review how a customer's rates have been over time and what they can expect in premium on their next renewal. Sometimes, it's painful to see some of the increases that are caused by an event that involved the customer. There are a number of reasons a rate can change from excessive claim activity to at-fault accidents, traffic citations and many other premium affecting...
As the spring season gets fully underway, families gear up for spring break car trips or college visits. With better weather, more drivers take day trips or plan weekend getaways. This all adds up to more drivers on the road, and more potential for distracted driving – which also increases the odds of traffic accidents with bodily injuries.
April is Distracted Driving Awareness Month, the time of year when the National Safety Council and other organizations join forces to heighten awareness of...
You buy insurance to protect your finances from life's surprises. But unless you know the finer points of your policies, you could be left with another surprise -- no coverage where you thought you had it. We get questions almost daily asking is this covered? We do our best to give the most accurate and easy to understand answers we can offer. I thought it might be good to share some of the more common questions (and one not so common) that we get here in the agency! Hopefully, this will help...