Section Ins 1002.18 - Additional Requirements, Settlement of Jewelry Claims(a) In addition to any other requirements set forth in this part, every settlement made or offered by the insurer to replace or repair lost or damaged jewelry, watches, precious, or semi-precious stones, under applicable property insurance, shall also: (1) Be based upon an appraisal which reflects values of such property of like kind and quality found in the local market area; and(2) Include a notice to the insured or claimant that they may request an appraisal from an appraiser having no arrangement with the insurer, and of their choosing, in order to receive validation that the insurer's settlement offer reflects a fair market value and that the resulting repaired or replaced property will be of like kind and quality.(b) If the insurer provides the insured or claimant with the name of the seller or repairer as set forth pursuant to Ins 1002.16(a)(1), the insurer shall also provide a written disclosure as to the nature of any business arrangement between the insurer and the seller or repairer.N.H. Admin. Code § Ins 1002.18
Amended by Volume XXXV Number 45, Filed November 12, 2015, Proposed by #10962, Effective 10/26/2015, Expires 10/26/2025.