I think the retail price is their professional estimate of what it would cost you to buy a similar piece at retail in a b&m shop. What your particular insurance adjustor would allow for the pearls is another matter.
You've gotten some great advice from the others here while I was off dealing with car problems. Your daughter will treasure her very special pearls from you, and she will look magnificent in them with whatever color clothing she wears. You've made a great choice!
Well I didn't take your advice, but I am extremely happy with the pearls. I got a set, Hanadama 7.5-8.0mm 18" necklace and 8.0mm stud earrings. I wanted a Caddy not a Buick. What can I say. They really are beautiful. I think Pearl Paradise is a great place to do business.
There has been so much back and forth over Hanadama, which I feel needs a little defending. I wouldn't say that AAA = Hanadama without a certificate. It's possible with better sellers, but Hanadama is a tiny percentage of the akoya pearl crop. The difference between AAA and Hanadama is mainly nacre thickness. And nacre thickness is a beautiful thing.
On the other hand, you can get some wonderful pearls for a lot less money. Getting what you can comfortably afford is a better bet than going into debt for the best!
I didn't mean any criticism of Sea Urchin, who always gives great advice and is way too modest as far as I am concerned. Pearl Paradise definitely has the high-end AAAs, but a lot of businesses do not have AAAs that would pass for Hanadama and they are doing nothing wrong or misleading. We are a bit spoiled here!