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Help Tool for Online Purchases of Insurance for Valuable Personal Property

IP.com Disclosure Number: IPCOM000168347D
Publication Date: 2008-Mar-07
Document File: 9 page(s) / 32K

Publishing Venue

The IP.com Prior Art Database

Abstract

A web-based Help Tool for online purchases of insurance for valuable personal property is disclosed, as are related systems and methods. The facilitating of purchases online of insurance for valuable personal property helps to alleviate a common situation in which a homeowner’s policy or renter’s policy does not provide full financial protection for a valuable item of personal property.

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Help Tool for Online Purchases of Insurance for Valuable Personal Property Background

    Throughout the United States, if a particular item of personal property is to be covered to its full value by a property and casualty insurance company, an appraisal by a professional appraiser needs to be obtained in order to provide at the time of a claim a proof of value for the item. In most States or locations, appraisal information is not readily available. But when appraisal information is available, a property and casualty insurance company takes the information (e.g., a copy of an appraisal) and provides a quote for the specific item or article. The quote is based on the appraised value of the item to be covered. Items considered valuable and needing an appraisal may include musical instruments, weapons, fine jewelry, fine art, or other specialized items. This brief list is not all-inclusive of items that might be considered both "valuable" personal property and property in need of an appraisal in order for a property and casualty insurance company accurately to set an insurance coverage value for the valuable personal property.

Problem

    For insurance coverage for valuable personal property that may potentially be available under certain homeowner's policies or renter's policies, most people generally don't bother to obtain an appraisal for a valuable personal property item. Consequently, the typical homeowner or renter receives only minimal coverage. In the event of theft or damage to a covered item, the insurance company would not compensate the homeowner or renter at full replacement cost because the homeowner or renter did not obtain an appraisal. That is, the usual situation is that a homeowner's policy or renter's policy does not provide full financial protection for a valuable item of personal property.

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    Phone listings may not prove to be particularly helpful for selecting an appraiser. Consider the following excerpts from www.yellowpages.com for New York:

A & A Gem Lab 855 Central Ave Albany, NY 12206 (518) 438-8872

A & A Gem Lab Route 20 Sloansville, NY 12160 (518) 868-4845

A & F Silver Inc 1515 Avenue M Brooklyn, NY 11230 (718) 339-7600

A & F Silver Inc 1182 Broadway New York, NY 10001 (212) 689-2729

AJA Buyers
47 West 47th Street 1st Flr, Booth 21 New York, NY 10036
(917) 299-2440

Although the two "A & A Gem Lab" listings indicate that the appraisal services offered therein may have gems as a specialty, and the two "A & F Silver Inc." listings indicate that the appraisal services offered therein may have silver as a specialty, the two remaining listings (i.e., "A Plus Associates" and "AJA Buyers") require further investigation in order to surmise that "A Plus Associates" has as specialties appraisals of jewelry, watches, unmounted gems, and estate and vintage jewelry, and "AJA Buyers" has as specia...