ASA to Help Insurance Professionals Address Growing Challenges through Better Understanding and Utilization of Gems & Jewelry Appraisal Report Writing.
Today’s insurance professionals face growing challenges due to increased loss claims and fraud by policyholders relating to gems and jewelry. Reports by Enservio1 and the U.S. Department of Justice2 on rising jewelry loss claims from weather-related events or theft, combined with growing statistics released by the National Insurance Crime Bureau3 on questionable claims pertaining to the suspicious disappearance/loss of jewelry, are forcing carriers, underwriters, adjusters, brokers and agents to take a closer look at how they handle this potential high-risk category of personal property. This is especially a concern for insurance professionals in western states like California where as reported jewelry loss claims and fraud are more prevalent.
Seeking to help insurance professionals, as well as professional jewelry appraisers, better understand these challenges, the American Society of Appraisers is pleased to announce the offering of a unique course titled Introduction to Gems & Jewelry Appraising—Intended Use, Insurance Coverage to be held April 30-May 3, 2014 in Carlsbad, California.
This course introduces insurance professionals to the most current terminology, methods and standards that professional jewelry appraisers use in preparing gems and jewelry appraisal reports for insurance coverage.
After attending this course, insurance professionals will:
- Recognize theories and methodologies relevant to gems and jewelry appraisals for insurance coverage;
- Comprehend basic concepts and vocabulary pertaining to gems and jewelry appraising for insurance coverage;
- Understand how jewelry is described and documented following ASA’s gems and jewelry descriptive elements;
- Evaluate markets and market levels and their relevance to the appraisal assignment and the subject property; and
- Better interpret an appraisal report for use in scheduling insurance coverage that complies with the Uniform Standards of Professional Appraisal Practice (USPAP).
Course will be presented by Society designated, California based independent jewelry appraisers and a professional gem and jewelry appraiser licensed as a personal lines broker/agent by the California Department of Insurance. Together the instructors bring more than seventy-five years of professional gem and jewelry appraisal experience into the classroom. Students will also benefit from the instructors broad experience within the jewelry industry including store management, merchandising, retail sales, jewelry design and jewelry fabrication.
As an added bonus, insurance professionals attending the course will have the opportunity network with gems and jewelry professionals taking the course as part of their designation program through the Society.
Please note that insurance professionals do not sit for the half-day course exam on Saturday, May 3, 2014 and are not eligible for ASA continuing education credits.
Course registration is $795 and closes Wednesday, April 23, 2014. A special 50% off registration price is available for insurance professionals – use promo code: InsProf50 when registering.
To register or for more information visit www.appraisers.org or by call (800) 272-8258.
An additional resource for insurance professionals includes ASA free “Find an Appraiser” Referral System, to quickly locate and hire designated members. Visit www.FindanAppraiser.org or call (800) 272-8258 to locate an ASA designated member.
1 Enservio (2012). Contents Claims Index. Retrieved from http://www.enservio.com/news-section/jewelry-overtakes-electronics-as-top-insured-loss-category-in-2011.
2 Walters, J., Moore, A., and Berzofsky, M. (2013). Household Burglary, 1994-2011. Special Report, NJC241754. Retrieved from http://www.bjs.gov/content/pub/pdf/hb9411.pdf.
3 Florian, A (2014). QC Referral Reason Analysis. ForeCast Report. Retrieved from https://www.nicb.org/File%20Library/Public%20Affairs/RR-ForeCAST-2010-2011-2012-1-23-13-FINAL.pdf.