Chubb insurance...very very happy customer!

[jewelgirl]

I am new tho this fabulous site, and had been reading back through the last few pages of topics.

I noticed there had been some questions about Chubb, and I wanted to put my 2 cents in.

My engagement and wedding ring were lost/stolen 5 months ago, and Chubb was THE BEST about the claims process. I had had my rings for 3 years, and when my husband bought them, the jeweler recommended Chubb for their ease of claims and cash value rather than replacement coverage. We paid about 10$ for every 1000$ of value. I left them unattended at my husbands desk at work, and when I went back to get them the next day they were gone.

Heartbroken, we called Chubb, they asked us to go have the cert reappraised because if the value was within 150% higher than the value that was insured for, they would pay the todays value. The value was higher by about 2000$ (insd at abt 12k, they paid us 14k), and we recieved the check 4 days post loss. the service was quick and efficient, and I was so grateful because losing my engagement and wedding band has been an emotional loss...at least it was not a financial loss, too. I will never use any other insurance for my personal valuables than Chubb.

I am just starting to look for another set of rings...every time I stepped foot in a jewelery store to look right after the loss, I was in tears. Being on this site and reading all the knowledgable threads and expert opinions has helped me get excited about getting new rings

 

[dib]

i just replaced a lost engagement ring too. It was very hard to get over the fact that my ring was lost, but i have to say it was fun shopping for the new one! Sometimes i still get sad, but as so many people told me, it''s just a material thing. Are you going to get the same shape and setting? I got something completely different and at first it was a little weird to look at my finger and see something different, but i love my new ring.

 

[jewelgirl]

I thought at first I would replace with a princess or a radiant, I had a beautiful RB before, but I just can''t bring myself to sacrafice the sparkle in the name of getting something for the sake of being "different".

I think I have decided to "upgrade" from a 1.44 to around a 2.5, and to put it in a setting that includes diamonds (prev setting was just in a platinum 4 prong band) to satisfy the urge to make it "different" from my original. I might not be so sad when I look at it if it is just fabulous!

My previous diamond was billed as a "near ideal" cut, I si1. As it was GIA ceted, I never had the crown and pavillion angles to really check out the cut quality, but it was at least good. I think the next diamond I am going for soemthing that rates a 3 or below on the HCA...what a great tool! Also, I might end up with an egl cert''ed diamond, because I don''t care who is appraising the thing, I only care what it looks like on my finger, and egl certed diamonds are much less expensive, and contain crown and pavillion angles to run through hca.

What was your original stone? What did you replace with? Were you happy with the change?

 

[dib]

My original stone was a 2.23 carat pear with baguettes on the side totally about .70. I had the ring for about 7 years and in that time i guess my tastes have changed. Of course i wished i had never lost my ring in the first place, but when i did, I decided to go for a change and got a 3.02 cushion cut. The band is a 3-sided pave with a split shank. I don''t think it would have been easy for me to replace my pear anyway - it was an awesome pear. Some pears are too thin, some too thick - this one was perfect. I am happy with the change. Here is the link to my ring. Good luck with your search - oh yeah, i''m glad everything went so well with your insurance claim. That really makes a hard situation a little easier.

 

[dib]

here is the link

https://www.pricescope.com/community/threads/my-new-cushion-is-here.30597/

 

[jewelgirl]

bbb---that is gorgeous, gourgeous, gorgeous! Hmmm...maybe I should consider a cushion It looks like it really sparkles!

 

[diamondlil]

Thank you, Jewelgirl, for your thread. I too have Chubb. I specifically decided on them because of their cash-out policy. I''ve never made a claim, but I feel very confident that if I did have to make one, all would go smoothly, and I''d be able to replace my item to MY satisfaction.

It''s interesting that they had your cert reappraised and ended up paying the new value. Every year I get a form in the mail asking me if I want to upgrade my insurance on the items in my rider by 5% or more. I never have upgraded my insurance since, at this point, everything is covered for slightly more than I paid, but knowing that they would cover my loss for more is very interesting indeed. So it sounds like they will cover the loss for up to 150% of the insured value if need be. When I believe an item has increased in value more than 150%, then it''s time to get the item reappraised and up the insurance.

 

[jewelgirl]

diamondLil-that is an interesting thought...

I was accepting the 5% increase for every year, but according to your simple logic, you should not accept their 5% increases, but instead, just get it reappraised when you feel the worth is getting close to the 150% mark for what the original insurance is for.

I will contiunue to insure with Chubb when I finally find my new ring, as they exceeded my expectations in a rough time, and it is appealing to have the freedom to choose my replacement. I hope you never have to use yours, but if you do, feel confident in their claims process, I was so thankful for them when my rings were stolen!

 

[dib]

jewelgirl - thanks for the compliment. My cushion does sparkle, but not as much as a round. Also, i knew i wanted to be in the 3 carat range and rounds would have been much more expensive. I do love cushions now though!

 

[Lynn B]

Very interesting thread - thank you!

I have my diamond insured as an additional "schedule" (I think they call it?) through Erie Insurance (my homeowner''s insurance) and it costs about $10 per $1,000 of coverage as well. It''s irritating, though, because while I am expected to pay the premium based on the "appraised" cost (which is significantly higher than I paid and also even more than replacement value at this point, if I bought from an internet vendor again) but should I file a claim, they replace the stone at (their) WHOLESALE cost.

I have no idea how much "input" I would have on a replacement stone... I worry a little about that! But I gave them lots of documentation about my diamond... not only the AGS cert, but also H&A images, the IS image, photos, etc., to prove what a high-quality diamond it is. (That was Dave Atlas and Richard Sherwood''s excellent suggestion... it''s always better for the client if the insurance company has that documentation in their records BEFORE a claim is ever filed.)

I would certainly consider Chubb, though and would love to be able to compare rates Could someone please let me know how to get in contact with them (phone or internet site?) And also -- do they cover any type of loss OR damage? (Allegedly, my insurance covers any loss, even if it''s my own carelessness... as well as any damage.)

Thanks!

Lynn

 

[Mara]

It''s actually harder to get insurance through Chubb than it was a few years ago...I went directly to them 3 years ago, but now apparently you have to use one of their preferred people and also sometimes they make you try to have your homeowners policy through them etc. People have gotten around it but it''s not as easy as it used to be when I first got Chubb.

Also depending on where you live it could be expensive. We paid $200 for every $10k, double what this original poster paid.

Aljdewey also got a cashout policy from another company but it wasn''t Chubb. I want to get my insurance going again and want cash-out but I think I will do a bit of research to see who else is out there and what the rates and requirements are. I don''t want to pay alot for insurance on the off-chance something will happen...but I do want to keep it insured at least on the basic level.

 

[Lynn B]

Date: 7/10/2005 2:07:21 PM
Author: Mara

...I want to get my insurance going again and want cash-out but I think I will do a bit of research to see who else is out there and what the rates and requirements are. I don''t want to pay alot for insurance on the off-chance something will happen...but I do want to keep it insured at least on the basic level.

Thanks for the info, Mara.

Well, as you are my SAVVY VALUE-SHOPPING HERO (really!), please let me know what you find out from your research into insurance policies. I would really appreciate it. I am confident that if there''s a better value out there, my friend Mara will find it!

Lynn

 

[jewelgirl]

I think the important part of the Chubb policy is the "cashout" feature. As such, I would also be interestd to see what other policies are being rated at that have the cashout option. I live in a small towen in Virginia, and have heard that the Chubb policies are rated differently as far as premium paid per 1000 insd depending on your location. In other words, insurance would be higher in New York City than in my small town.

I have an agent, and have (had) my engagement ring and my husband''s platinum wedding band insured on the policy. We do not have any other Chubb insurance, and did not even when we took out the policy. On the Chubb website, they specifically discuss insurance for personal property, so that leads me to believe that an agent who does not want to insure personal property without an additional home insurance policy, is just not wanting the relatively small commission as compared to what a home insurance policy would bring in.

I do not remember the name of the agent offhand, because they just wrote the policy but all of our payments and the entire claims process went through Chubb headquarters, not the agent. He was in the baltimore Maryland area because that is where hubby bought my e-ring

I will look into it and get back to ya''ll, as this agent did write for only the personal property.

 

[SquareCut]

It''s extremely easy to get Chubb. I called them before I even picked up my ring and I was insured the same day without an appraisel. Not only that! They were the same price as State Farm who I have my homeowner''s policy with.

 

[Mara]

Square Cut...please post who you used and phone # etc...many people have problems insuring with Chubb and get the runaround. Also, it depends on where you live what your premiums will be. My State Farm quote was about 20% less than Chubb''s quote.

 

[ringbling17]

I got Chubb insurance the same day I got my diamond ring from Whiteflash and decided to insure all my diamond jewelry with them that was of any significant value.
I wound up losing one of my diamond rings at work (left it in my scrub pocket and forgot it was there) and called Chubb to let them know.
They processed my claim ( I didn't even need an appraisal) and sent out a check within 3 days. They also told me that if I decided to purchase the same band and it cost more than what I originally insured my ring for, they would adjust the claim amount and send me another check for the difference.
It was the easiest thing I've ever done.

 

[1iceprincess]

Hello,
In response to Chubb Engagement Ring Insurance, I lost my engagement ring the day after newyears (January 2nd 06''). Now as devastating as this was I filed a police report and contacted Chubb. My ring is valued @ $35,000 I met with the Chubb investigator in my home (which was somewhat unusual, I guess he wanted to see how someone who owns a $35,000 ring would be living and also how they looked) he took a statement and I heard nothing else. I''ve initiated every call to them with following up on my claim. It is now March 5, 2006 and my claim is still open, everytime I call i''m being told my claim is still being investigated, 2 months. Now is this standard procedure for everyone, apparantly not, is it do to the value of my ring or does it have to do with something else. What exactly is being investigated for 2 months, i''ve followed proper procedures as well as complied to all their requests and I feel I''m not getting the best service. Should I consult an attorney at this point....let me know

thanks

 

[atroop711]

That is so unfortunate. From what I have read about them I can''t see why it is taking 2 months. I would call and speak to whoever is in charge. I have Chubb for my ring and chose them because of what I heard on PS.

I hope it gets resolved real soon

 

[msdarlinjoy]

Date: 3/5/2006 3:44:54 PM
Author: 1iceprincess
Hello,
In response to Chubb Engagement Ring Insurance, I lost my engagement ring the day after newyears (January 2nd 06''). Now as devastating as this was I filed a police report and contacted Chubb. My ring is valued @ $35,000 I met with the Chubb investigator in my home (which was somewhat unusual, I guess he wanted to see how someone who owns a $35,000 ring would be living and also how they looked) he took a statement and I heard nothing else. I''ve initiated every call to them with following up on my claim. It is now March 5, 2006 and my claim is still open, everytime I call i''m being told my claim is still being investigated, 2 months. Now is this standard procedure for everyone, apparantly not, is it do to the value of my ring or does it have to do with something else. What exactly is being investigated for 2 months, i''ve followed proper procedures as well as complied to all their requests and I feel I''m not getting the best service. Should I consult an attorney at this point....let me know

thanks

Even if it is because of the insured amount, I am thinking that you should be receiving more feedback than "It is still being investigated!" I think you should call Chubb, and get someone in charge so that they can "exactly" explain the reasoning, and details regarding "your investigation".

Please keep us updated, and I am also sorry for your loss and frustration re: chubb!

 

[belle]

Date: 3/5/2006 3:44:54 PM
Author: 1iceprincess
Hello,
In response to Chubb Engagement Ring Insurance, I lost my engagement ring the day after newyears (January 2nd 06''). Now as devastating as this was I filed a police report and contacted Chubb. My ring is valued @ $35,000 I met with the Chubb investigator in my home (which was somewhat unusual, I guess he wanted to see how someone who owns a $35,000 ring would be living and also how they looked) he took a statement and I heard nothing else. I''ve initiated every call to them with following up on my claim. It is now March 5, 2006 and my claim is still open, everytime I call i''m being told my claim is still being investigated, 2 months. Now is this standard procedure for everyone, apparantly not, is it do to the value of my ring or does it have to do with something else. What exactly is being investigated for 2 months, i''ve followed proper procedures as well as complied to all their requests and I feel I''m not getting the best service. Should I consult an attorney at this point....let me know

thanks

you need answers. i would call and insist that you speak to someone that can give them to you.
best of luck 1iceprincess. let us know how everything works out.

 

[Kaleigh]

Date: 3/5/2006 5:22:26 PM
Author: belle

Date: 3/5/2006 3:44:54 PM
Author: 1iceprincess
Hello,
In response to Chubb Engagement Ring Insurance, I lost my engagement ring the day after newyears (January 2nd 06'). Now as devastating as this was I filed a police report and contacted Chubb. My ring is valued @ $35,000 I met with the Chubb investigator in my home (which was somewhat unusual, I guess he wanted to see how someone who owns a $35,000 ring would be living and also how they looked) he took a statement and I heard nothing else. I've initiated every call to them with following up on my claim. It is now March 5, 2006 and my claim is still open, everytime I call i'm being told my claim is still being investigated, 2 months. Now is this standard procedure for everyone, apparantly not, is it do to the value of my ring or does it have to do with something else. What exactly is being investigated for 2 months, i've followed proper procedures as well as complied to all their requests and I feel I'm not getting the best service. Should I consult an attorney at this point....let me know

thanks

you need answers. i would call and insist that you speak to someone that can give them to you.
best of luck 1iceprincess. let us know how everything works out.

Yikes, I agree. Go find someone who will give you real answers. We have Chubb also. That isn't right to make you wait so long. Good luck and be sure to let us know what happens.

 

[fire&ice]

The exact same situation happened to me in a round about way. It was nothing I personally owned - long story short. They wanted to "investigate" it. They made it seem like we had some complicancy. I don''t want to go into detail; but, fine - let them hire an investigator. They finally settled several months later when their investigation turned up nothing. My parent had a horror story w/ Chubb as well. They get touted often on this board and I just shake my head.

My only thought is cooperate, be forthcoming, keep in contact with the police & the adjustor. We finally turned it over to attorneys. We were paid VERY shortly after that. I don''t know if that made the difference or not. So Sorry about your loss.

 

[RockDoc]

Chubb suggestions to make things easier..............


First, I would suggest you use an agent rather the Chubb direct.

In the event of a claim, the agent will "go to bat" for you with the company.

As far as settling claims quickly, most insurance companies feel that claims under a certain threshold are "nuisance claims" i.e not worth investigating.

A claim for more than say 10K to 20K will probably be scrutinized a bit. Part of the decision to investigate claims is made in several ways. The location were the item is insured. How the claim occured. Claim history with other insurance companies. Claims history of the agent. Volume of the agents sales vs. their claim from their office. Possibly credit ratings that have changed recently may also have a bearing.

Most insurance companies to have internal investigative in house department that randomly select which claims to check out.

For the most part Chubb is stellar in the way and timeliness that they settle their claims. But because Chubb''s policy is so liberal about the way in which their claims are paid, that they can be victimized by people who will submit a claim. They payouts, are very large as compared to the premiums paid. This is true for every company writing jewelry coverage.

Unless you really have had some experience with insurance claims, it is hard to comprehend that "inventing" a lost jewelry claim is pretty easy. Consider homeowners policies for instance. Here in So. Florida there is a percentage deductible which is chosen by the insured. Commonly, that is about 4-5%. But the deductible is NOT based on the amount of the claim, it is based on the insured value. In Hurricane Wilma, my neighbor across the street lost the screened in pool enclosure. The cost to rebuild it is about $ 33,000.00. His house is insured for about $ 400K. At a 4% deductible, he has to pay the first $16,000.00 of the repair. For this his premium is about $ 3000.00 per year at best. Here the Chubb rate is about 2.3% for jewelry, so if he insured a $ 33,000.00 diamond ring, he''s be paying Chubb about $ 750 per year. The cause of loss for a homeowners claim would generally necessitate a fire, hurricane, burglary or the like in order to make a claim. For jewelry, their liability to pay a claim could be caused by something as simple as " I took it off to wash my hands in a public restroom, and forgot it on the counter."

A number of times I''ve posted the names of really good Chubb agents. The premiums are the same through Chubb direct as they are through their agents. So PS''ers thinking about insurance coverage, should strongly consider using an agent that will go to bat for you if there is a problem.

If someone does have some problems with Chubb, perhaps I can be of help in getting an agent to assist in solving the problem. I know that Dave Stone, Michael Sauer and Bill Castro are good guys and will do what they are able to do even if they did not write the policy with Chubb.

Rockdoc

 

[f0rbidden]

ok, wait, quick question. i contacted a CHUBB broker and they told me the didn''t think I could get coverage for JUST my ring without having any other policy with them. I don''t really want to move my renters policy, because I get a great discount on my auto policy by having those two together - has anyone had this problem and if so, is it a problem that can be worked around?

Thanks!

 

[sistagrl2004]

I thought there was a time limit a co. had to process your claim? How did you lose your ring? (only asking because I recently lost my ring

)

 

[RockDoc]

Date: 3/5/2006 7:10:06 PM
Author: f0rbidden
ok, wait, quick question. i contacted a CHUBB broker and they told me the didn''t think I could get coverage for JUST my ring without having any other policy with them. I don''t really want to move my renters policy, because I get a great discount on my auto policy by having those two together - has anyone had this problem and if so, is it a problem that can be worked around?

Thanks!

Not all Chubb agents are able to write the standalone policy.

What state are you in (or what state will your fiance be wearing it if different than where you live) ?

I''ll get you the appropriate agent who CAN write the standalone policy for you.

Rockdoc

 

[RockDoc]

Date: 3/5/2006 7:22:50 PM
Author: sistagrl2004
I thought there was a time limit a co. had to process your claim? How did you lose your ring? (only asking because I recently lost my ring

)

I believe generally the time limit to settle a claim is 90days ( from date of the proof of loss being submitted ). This however can vary depending on the state that the policy is written in.

It is possible that in some states they have longer if for some reason they are investigating the claim.

Some insurance companies are really unreasonable, some are very cooperative, but a lot depends on the type of policy you have. If it is a replacement policy, and you have an adjuster to settle the claim where they are making the replacement, things can vary because of "personality clashes."

Sometimes it might be advisable to get an appraiser to help you with the claim if you feel they are being unreasonable in the amount or the time it takes.

Rockdoc

 

[atroop711]

Hey Forbidden...I got a Chubb policy this past October with no pressure to buy into anything else. I called up the agent and he took my info, I emailed him copied of the paperwork and I had coverage. Very easy.

I used Bill Castro 800-962-5659..I am postin his name and info. for whoever needs a good Chubb agent.

I hope this isn''t against pricescope policy...I apologize if it is....

 

[cymbrie]

Wow JG et all, thank you for such valuable information. JG please keep us posted as to what you replace your original set with I''m sure it will be beautiful whatever you decide!

 

[f0rbidden]

Thanks to those who replied to my question - RocDoc, I''m in CT (no fiance, the ring is one my husband and I are buying for me), so it''ll be worn in CT, too