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ASA to Help Insurance & Estate Planning Professionals Address Growing Challenges Through Better Understanding and Utilization of Gems & Jewelry Appraisal Reports

by Jennifer Aguilar | Dec 13, 2016

Today’s insurance and estate planning professionals face growing challenges pertaining to the appraisal of gems and jewelry.

Insurance professionals face increased loss claims and fraud by policyholders relating to gems and jewelry. Reports by Enservio and the U.S. Department of Justice on rising jewelry loss claims from weather-related events or theft, combined with growing statistics released by the National Insurance Crime Bureau 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 of concern to insurance professionals in western states like California where as reported jewelry loss claims and fraud are more prevalent.

Similarly, as reported by Deloitte, estate planning professionals face an anticipated increase in demand for new trusts, estate transfers and portfolio structuring, comprised of valuable assets including gems and jewelry, as more and more high-net-worth seniors over the age of 65 seek to minimize tax consequences and explore asset distribution strategies.

Seeking to help insurance and estate planning professionals, as well as professional jewelry appraisers better understand these challenges, the American Society of Appraisers is pleased to announce the offering of two unique courses titled GJ202 Appraising Gems & Jewelry for Insurance CoverageMarch 6-8, 2017 and GJ203 Appraising Gems & Jewelry for Advanced AssignmentsMarch 8-10, 2017 to be held in Carlsbad, California.

These courses introduce insurance and estate planning professionals to the most current jewelry appraisal terminology, methods and standards that professional jewelry appraisers use in preparing gems and jewelry appraisal reports for insurance coverage or estate transfers.

After attending these courses, insurance and estate planning professionals will:
  1. Recognize theories and methodologies relevant to gems and jewelry appraisals for insurance coverage or estate transfers;
  2. Comprehend basic concepts and vocabulary pertaining to gems and jewelry appraising for insurance coverage or estate transfers;
  3. Understand how jewelry is described and documented following ASA’s gems and jewelry descriptive elements;
  4. Evaluate markets and market levels and their relevance to the appraisal assignment and the subject property; and
  5. Better interpret an appraisal report for use in scheduling insurance coverage or estate planning that complies with the Uniform Standards of Professional Appraisal Practice (USPAP).
The courses were developed by Society designated, practicing gem and jewelry appraisers. Together the instructors bring more than a century of professional gem and jewelry appraisal experience into the classroom. Students will also benefit from the instructors broader experience within the jewelry industry including store management, merchandising, retail sales, jewelry design and jewelry fabrication.

As an added bonus, insurance or estate planning professionals attending the course will have the opportunity to network with gems and jewelry professionals taking the course as part of their designation or reaccreditation program through the Society.

Please note that insurance or estate planning professionals do not sit for the half-day course exam on Wednesday, March 8, 2017 or Saturday, March 10, 2017 and are not eligible for ASA continuing education credits.

Course registration is $1,095. A special $150 off registration price is available for insurance or estate planning professionals – use promo code: GJSAVE$ when registering.

To register or for more information visit ASA Online or by call (800) 272-8258.