custom made ring...What if it chips during setting?

[scarleta]

Ok , perhaps I have been reading here too much, but how does one deal with the custom made jewels and be reassured that something can be done if the stone chip or break in the process? I have met with few jewelers ( all very reputable and experienced )and none would actually pay for a new comparable stone should something like this happen.The conversation always goes like this: "diamonds are very hard stones and they don''t break"
I go:" well what if"?
Then " we could polish it or re-cut.
I go " would this not decrease the value of the stone" I hear : " not really" They ( the cutters / polishers)know how to do it " etc..
I am told that no jeweler would replace the stone.
Loose stones are not insurable , only set.
As mentioned above I only contacted experienced high end ones with a good reputation, so perhaps they are right nothing should happen, but I know better ( mostly from reading here )that it could happen.Do I accept their reassurance/answer ?
I suppose I can keep the stone as is in a box and just look at it from time to time? (Just joking here)
Wondering what your thoughts/ experiences on this topic are? Many thanks for your help....

 

[Dee*Jay]

Scarleta, I was recently considering a yellow oval diamond and had the same dillema. The insurance company told me (or rather I weasled out of them, LOL) to get my stone set in the simplest cheapest setting possible from the original vendor, insure it as "a ring" with the appropriate appraisal, and then the stone would be covered when I had it reset. I''m sure this varies from insurance company to insurance company (I have Travelers) but it''s worth looking into.

 

[Skippy123]

I have state farm and they insured it before it was set.

 

[turtledazzle]

Date: 7/6/2007 9:20:47 PM
Author: Skippy123
I have state farm and they insured it before it was set.

Really? I have a State Farm policy as well ... and they told me they would not insure a loose diamond. So, I wasn''t able to get it insured until after it was set. DJ''s plan might have worked, though ...

 

[scarleta]

Thanks I like Dee Jay''s solution, but if I have it set temporarily and insured how do I deal with the insurance after its re-set? If something should happen to the stone as it was beeing set, do i then claim that the stone got chipped ? In re-setting? Or what does one say/claim? Thanks

 

[scarleta]

Skippy, just keep that insurance...you were very lucky .Maybe they changed their policy since then?

 

[Skippy123]

Date: 7/6/2007 10:46:36 PM
Author: scarleta
Skippy, just keep that insurance...you were very lucky .Maybe they changed their policy since then?

that is what they told me; then after the ring was set I had to policy. I don''t know; I guess I lucked out if that isn''t true.

 

[Dee*Jay]

Date: 7/6/2007 10:45:19 PM
Author: scarleta
Thanks I like Dee Jay's solution, but if I have it set temporarily and insured how do I deal with the insurance after its re-set? If something should happen to the stone as it was beeing set, do i then claim that the stone got chipped ? In re-setting? Or what does one say/claim? Thanks

Scarleta, definitely check with *your* insurance company but mine said that if the stone was damaged during setting I was entitled to the full insurance value as long as I turned in the stone and the setting to them (as if I would want to keep the temp setting, LOL). Then, once you have the ring reset, have a new appraisal done and have your insurance update the value on the item. Make sure they understand they are updating the value on an item that is currently covered on your policy (rather than insuring a whole new item) and ask them if there is any time lag needed to update the paperwork before you are fully covered at the new amount. God forbid you wear the new ring out of the house and something happens before they have a chance to process the new paperwork. It should only take a day or two at the most, but better safe than sorry!

Note that I'm giving you information based on MY insurance coverage; check with your carrier on all of this before you go down the path of any reset.

 

[scarleta]

Thanks DE Jay: I will look into it and double check with them..

 

[scarleta]

Scarleta, I was recently considering a yellow oval diamond and had the same dillema. The insurance company told me (or rather I weasled out of them, LOL) to get my stone set in the simplest cheapest setting possible from the original vendor, insure it as "a ring" with the appropriate appraisal, and then the stone would be covered when I had it reset. I''m sure this varies from insurance company to insurance company (I have Travelers) but it''s worth looking into.


Dee Jay: I asked about this and they said would insure the ring ( temporary cheapest setting)So far so good, but then I asked what If I wanted to change the setting at some point.So far so good I would just have to mail new appraisal.So I asked and what if it got chipped in the process...Well she said then the person who is doing the job is responible for it and not my insurance. Any ideas? Thanks

 

[tulip1]

I just went throught this a few months ago. I bought a loose stone from GOG and my setting through a local jeweler. I had it insured through Jewelers Mutual. I had to provide them a copy of the appraisal for the diamond and a "work order" from the jeweler. The work order described the setting and listed the cost of the setting. I was then insured for not only the ring once complete, but the diamond while it was being set. I was very concerned about this issue so I had them confirm in an email that the diamond was going to be insured while it was being set. The loose diamond was even insured before the setting process while it was in my possession, with the understanding that I would have it set within the next few weeks after the inurance becoming effective.

 

[scarleta]

Thanks Tulip I will have to ask more questions and make sure its covered..

 

[Dee*Jay]

Date: 7/11/2007 9:22:29 PM
Author: scarleta
Scarleta, I was recently considering a yellow oval diamond and had the same dillema. The insurance company told me (or rather I weasled out of them, LOL) to get my stone set in the simplest cheapest setting possible from the original vendor, insure it as ''a ring'' with the appropriate appraisal, and then the stone would be covered when I had it reset. I''m sure this varies from insurance company to insurance company (I have Travelers) but it''s worth looking into.


Dee Jay: I asked about this and they said would insure the ring ( temporary cheapest setting)So far so good, but then I asked what If I wanted to change the setting at some point.So far so good I would just have to mail new appraisal.So I asked and what if it got chipped in the process...Well she said then the person who is doing the job is responible for it and not my insurance. Any ideas? Thanks

Scarleta, it sounds like your insurance operates differently than mine if they require that the setter be responsible for the stone during the resetting. Not sure I have any good advice to give you on that point. Honestly, I would call back and hope you get someone different and ask the question again and see what the answer is. If you do get a different answer make sure you write down the date/time/name of the person you talk to. Or you might ask to talk to a superviser or underwriter because sometimes going up the chain to a person who is more intimate with the technical details of the policy has been useful to me.

 

[scarleta]

Thanks Dee Jay good plan will follow up...

 

[scarleta]

Date: 7/6/2007 8:36:40 PM
Author: Dee*Jay
Scarleta, I was recently considering a yellow oval diamond and had the same dillema. The insurance company told me (or rather I weasled out of them, LOL) to get my stone set in the simplest cheapest setting possible from the original vendor, insure it as ''a ring'' with the appropriate appraisal, and then the stone would be covered when I had it reset. I''m sure this varies from insurance company to insurance company (I have Travelers) but it''s worth looking into.

Thanks Dee*Jay: finaly after so many calls I did get an answer that is exactly as you said..Thanks again...

 

[Dee*Jay]

Scarleta, I''m glad to hear you got this worked out. Now I''m waiting (not so) patiently to see this new project!

 

[scarleta]

You are not waiting for my project I hope... I m "digitally and computer impaired" Seriously I admire all pics here and I don''t know when I get to be that good...

 

[Dee*Jay]

Oh no -- you can't tease us like that! *Telling us* about a project and then not *showing us* is pure TORTURE!!!

 

[scarleta]

I agree with you ... So in due time, in due time.... it will show up.that I promise..I just ask for patience..It will be here one day..just can''t tell you when..

 

[Dee*Jay]

OK -- a promise of seeing it some day is one I can live with!