Source: Radio New Zealand
A woman who lost the ruby from her wedding ring had her claim turned down by her insurer. Supplied / Unsplash
A case in which a woman had her claim for a lost stone from her ring turned down by her insurer is a reminder to check your cover, Consumer NZ says.
The case was handled by the Insurance and Financial Services Ombudsman scheme (IFSO),
The woman had worn her wedding ring every day for 42 years until one day the ruby fell out and was lost.
She made an insurance claim but her insurer got a jeweller’s report that said the claws on the ring had worn over time, which cause the stone to fall out.
The insurer declined the claim because her policy did not cover wear and tear.
She complained to IFSO, which agreed with the insurer.
A Consumer NZ spokesperson said what was standard in one insurance policy could be a benefit in another, or might not be covered at all.
“This includes credit cards, jewellery, keys and locks, professional tools and equipment kept at home, and items damaged during cleaning. On the other hand, your policy may include cover for things you may not know about.
“That’s why it always pays to check the cover by speaking to your insurer to understand exactly what you’re paying for.”
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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand
