How to avoid a CASH SETTLEMENT from your insurer

I am currently preparing a replacement quote for a piece that was originally crafted in 2007 and recently lost.
At the time the independent insurance valuation was completed, the economic factors used were: NZD/USD Exchange Rate: 0.7400
Gold: US$758.00 per oz Platinum: US$1,410.00 per oz
Current economic factors are: NZD/USD Exchange Rate: 0.5890
Gold: US$4,462.90 per oz Platinum: US$1,910.00 per oz
These changes are significant. The combined effect is that the replacement cost of jewellery will be substantially higher than the original insured value.
This serves as a timely reminder of the importance of having significant jewellery items independently valued and individually specified on your insurance policy.
Doing so helps ensure that, in the event of loss, you receive an appropriate replacement rather than being exposed to the risk of a 'cash settlement' that will be insufficient to recreate the piece today.
Another important point is that, as the policy holder, you have the right to choose the jeweller you wish to work with when replacing a lost item.

This is particularly important where the original piece was custom made, involved specialist craftsmanship, or held significant sentimental value.
While insurers will recommend a preferred supplier, you are not obliged to use their chosen jeweller.
If the original piece was bespoke, the jeweller with whom you have an established relationship, and who originally designed and crafted the piece, will have an intimate understanding of its design, construction, and significance.
This will make a substantial difference to the quality, authenticity, and successful recreation of the replacement.
As the policy holder, you should not have to accept an approximation of what was lost. A true replacement should faithfully reflect the original piece, and the jeweller who created it is best placed to achieve that outcome. !