A MORI poll into jewellery claims could have far-reaching implications for insurers...
Jewellery claims specialist Loss Management Group (LMG) has warned insurers that consumer expectations of the way jewellery claims are settled could have far-reaching implications.
In a recent survey commissioned by the company, 1037 people were asked how they thought their insurer would settle a claim if their jewellery was stolen.
LMG's managing director Tony Le Fevre, said: "The poll revealed that while 60% of people expect jewellery claims to be settled in cash or by cheque, only 5% believe that their choice of replacement goods will be restricted to one particular shop."
Le Fevre said it was imperative that insurers give policyholders a choice. He added: "Insurers are obviously keen to reduce their settlement costs. Rather than settling in cash, it can seem more cost-effective for them to buy replacement jewellery and negotiate discounts with national suppliers. But they do need to take their customers' preference into account."
