Insurance Documentation FAQ – Everything you need to know about the documentation you’ll need to purchase an insurance policy.

What do I need to purchase a BriteCo insurance policy?

You just need two things. Documentation and a smartphone/camera.

What qualifies as Documentation?

In general, BriteCo accepts an appraisal, a detailed sales receipt, or a lab certificate.

What is an appraisal?

An appraisal is an expert evaluation and details of the contents of an item and the value of the item. In the case of jewelry, it should contain:

The name and contact information of the appraiser

The name and contact information of the owner

The date of the appraisal

A detailed description of the item

The retail cost to replace the item with like kind and quality

In lieu of an appraisal, we will accept a detailed sales receipt with key information about the piece or a lab certificate. Either may require additional proof of ownership in the case of a claim.

For watches, we will need the manufacturer, model number, and serial number of the timepiece.

What is a detailed sales receipt?

A detailed sales receipt contains key information about your piece, including but not limited to: price, stone characteristics, and metal characteristics.

What is a lab certificate?

Diamond Lab Certificates, or grading reports, are issued by accredited gemological laboratories, such as the Gemological Institute of America (GIA) and American Gem Society (AGS). The labs evaluate and grade a diamond based on carat, color, clarity, and cut, and issue a certification based on their findings.

Why do you need documentation?

BriteCo’s policies are repair/replacement only. When we replace a piece, we want to make sure you are getting “like kind and quality”. This way there’s no ambiguity around what’s being replaced. If you use a detailed sales receipt or a lab certificate, we may increase the limit to ensure that it meets our 100% insurance to value requirement.

What component details are required on an appraisal?

In general, the more details the better! For diamond engagement rings, we’ll need to know the shape, weight, color, and clarity of your center stone. For melee (small) diamonds, we must at least know the total weight of the diamonds. For other types of gemstones, we need to know the variety and the weight, although some type of descriptor of quality is helpful for our assessment purposes. We also need the type of metal and purity of the mounting/setting. If the piece is heavier than typical, we’d also like to know the total weight of the piece, especially for pieces made entirely of precious metals.

The appraisal should at a minimum have your name or the name of the additional insured, your contact information, the date, value of item, and the name of the business and appraiser along with his/her credentials.

What if my appraisal is older than 3 years old?

Send us a copy of your appraisal, and we’ll check the market prices of precious metals and gemstones to see if the value is still valid. If the value is still good, you can use that value to insure your pieces. If the value is outdated, in most cases we will contact you with an updated value and any premium change, however, in some instances we may require a new appraisal.

Can I use a sales receipt in lieu of an appraisal?

Yes, but your receipt needs to have a detailed description of each component of your piece in order to be accepted. In general, sales receipts do not contain sufficient information to insure your piece. Additionally, the jeweler who sold you your piece would likely provide you a gratis appraisal if you ask for it.

What details are needed for a watch appraisal?

At a minimum, your watch appraisal needs to include your name, the brand, the model number/reference number, and the serial number. A detailed description of the case, bezel, dial, and strap is also helpful. You may use a receipt to insure a watch if it contains the minimum details.

Can I insure my piece for less than the appraised value?

BriteCo requires all pieces to be insured 100% to value. If you have an appraisal, put in the appraised value. If you have a detailed receipt, put in the retail value including tax. If BriteCo’s underwriters find that the appraised value and insured value do not match, they may revise the policy to meet our 100% insurance-to-value requirement. We encourage customers to get an appraisal first before they apply for coverage.

Will you accept a detailed schedule from my prior insurance company?

No, these schedules are a great overview of the items insured, but don’t provide sufficient details on all the components of a piece.

Why do you require a photo taken with my smartphone?

When we insure jewelry, we need to ensure that the piece is both in your possession and in good condition. Requiring this photo to be taken through your smartphone satisfies both with the added convenience of going right into your application file.

Will you accept an old photo, screenshot, or the photo on my appraisal?

No, using an old photo, a picture of a photo, or a photo of the picture on your appraisal is not sufficient to verify the piece is in your possession and in good condition. Submitting any one of these will lead to a delay issuing your policy.

Is there another way to prove the item is in my possession and in good condition?

Yes, there are other ways to prove it is in your possession and in good condition. You can take a photo with today’s date and your initials on a piece of paper next to the item. Note, you should only resort to this if you are unable to take a photo with a smartphone.

I’m having difficulty with my phone camera, can you help me troubleshoot the issue?

Make sure your pictures are clear, well-lit, and your item is the only thing in your photo.

Once you are satisfied with your picture, click “Upload” and you are all set to upload your appraisal!

To do so, click on “Upload Documentation.”

What if my jewelry isn’t in my possession?

The jewelry must either be with you or the additional insured to proceed with coverage. If it is with the additional insured, you can send them the link via text or email to submit a photo. However, if the jewelry is not with either of you, it’s best to wait until it’s in your hands before insuring it. Once you have the item, you will need to provide a photograph to complete the insurance process.

How do I submit my appraisal and photo?

We need our customers to use a link that we text their phones that connects them directly to our application software. We request access to their camera, the customer SNAPS the photo, then scrolls down a little on their phone and then clicks UPLOAD to get it added to their application. Your appraisal can be uploaded or a photo can be taken.

Here's a video part of which shows the process of how to get those real time photos and appraisals submitted. Our marketing people are genius as they opted to title it, How to take a picture and upload an appraisal of your item.

How long do I have to submit my photo and appraisal?

You will have 14 days after purchase to submit a valid photo and appraisal to our underwriters. If there are any problems with either, the underwriter will contact you outlining the issues and remedies to fix them. If you do not submit your documentation or fix issues within 14 days, your policy will be canceled back to inception and you will be provided a refund. After that, you’ll need to apply for a new policy. BriteCo recommends having all your documentation in order before applying for insurance. BriteCo also recommends fixing any issues as soon as possible to avoid cancellation.

Please note that only one photo and one appraisal document can be submitted when applying so if there are multiple pages to an appraisal you’d like to share with us, please reach out to us via email at insurance@brite.co. The subject heading should be “Additional Documentation” and include the policyholder’s name in the email body.