Legal Question in Insurance Law in North Carolina

May we request a cash settlement from insurance company
My wife's engagement ring was stolen from her hotel room this week. The ring was insured for $9,000. A recent appraisal is on file with the insurance company for the $9,000. The insurance company wants her to pick out a ring at an "approved" jewelery store, where they (the insurance company) will get a discount price. What is our rights: do we have to accept the ring that the insurance company approves, or can we demand a cash settlement for the amount of the insurance. Thank you.

Asked on 10/08/99, 7:35 pm

Steven Murray Steven W. Murray, APC

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Re: May we request a cash settlement from insurance company

What does your policy say? If it provides for the insurer

to pay you the value of the stolen item, then you can

choose the cash. This is probably what the

policy says, since it is standard.

If repair or replacement are agreed to,

then you may have to take the replacement, but

you are not necessarily obligated to purchase it from

the store the insurer chooses. It is much like

repairing your car.

Answered on 10/08/99, 8:15 pm

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