Insurance Before Whiteflash Project? Help Wanted!

[BWise]

I started to contact Whiteflash to have my tsavorite (cut by Gene from PG) set. This is my first project with Whiteflash and they have been very pleasant to work with. When I asked about the process, they told me that I would need to insure the stone before they can start the mounting project.

Has anyone done this before? Can you please share some experience? e.g. which insurance company is good? Thanks in advance for all the advice.

 

[Cind11]

Hmm, that is interesting. I had them set my first engagement diamond into a pendant and they did not make me insure it beforehand. I wonder if Chrono had to insure her Mahenge spinel before it was set. I guess I can understand this, but it seems like a little bit of a hassle?

 

[T L]

Date: 3/16/2010 12:55:17 AM
Author: Cind11
Hmm, that is interesting. I had them set my first engagement diamond into a pendant and they did not make me insure it beforehand. I wonder if Chrono had to insure her Mahenge spinel before it was set. I guess I can understand this, but it seems like a little bit of a hassle?

I also think that's rather odd, and adds to the expensive of something that's already expensive. My jeweler doesn't make me insure my stones before I have them set it. I also never heard Chrono once mention insurance when she was having her Mahenge set, and that's a very valuable stone. Maybe she'll chime in about this.

 

[Pandora II]

It''s very normal.

If the vendor supplies the stone then they will normally cover the risk. If you supply the stone and something happens then it is your responsibility.

There are three ways to insure the stone:

a) See if the jeweller will insure it on their policy and just charge you the premium.
b) Take out insurance on the stone itself - I think Jewellers Mutual in the USA do this
c) Have the stone vendor set the stone loosely in a very simple mount, insure the piece of jewellery and then have it ''reset'' by the final jeweller.

 

[chrono]

Hello Yingh!
In return for my answer, you''ll have to tell us what''s your project about with WF.

Yes, WF did ask me about insurance for the Mahenge and of course, I did not at that time on a loose stone. What I did was to provide Swala''s receipt showing the value of the stone and they were satisfied with that. The receipt also provided information for WF to correctly ID that the stone is one and the same as the one sent (gem type, carat weight and measurement).

 

[BWise]

Ladies, thanks for your advice! I promise that I will share the details of the project once I can get it started!

Here is the funny situation that I am in:

1. Whiteflash needs insurance on the loose stone in order to start the mounting project.

2. Insurance (Jeweler Mutual) requires sales receipt of the mounting, and the appraisal of the loose stone to insure it.

3. Appraisal with an indepandent appraiser cost $200 per hour. I have been going to Martin Fuller in McLean, VA. He is very good but expensive.

I really don''t want to spend $200 before I get the stone mounted, since I would need to have it appraised again once it is finished. I will try to ask Whiteflash to see if they will take my purchase receipt of the tsavorite. Will keep you all posted.

 

[pierreone]

I went through the same thing when I had my sapphire set by BGD - they required that my stone be insured before I could send it to them. I used Jewelers Mutual and had to give them a copy of the appraisal on the stone, plus proof that the stone was going to be set and a price for the mounting. They accepted the email quote from BGD, so yingh, maybe you could just send them your WF quote.

I''m working with another PS vendor on setting my tsavorite and going through this exact same thing again. I''ll have to see if the vendor will take my purchase receipt from Swala. Good luck.

 

[Cind11]

Date: 3/16/2010 6:06:47 PM
Author: pierreone
I went through the same thing when I had my sapphire set by BGD - they required that my stone be insured before I could send it to them. I used Jewelers Mutual and had to give them a copy of the appraisal on the stone, plus proof that the stone was going to be set and a price for the mounting. They accepted the email quote from BGD, so yingh, maybe you could just send them your WF quote.

I''m working with another PS vendor on setting my tsavorite and going through this exact same thing again. I''ll have to see if the vendor will take my purchase receipt from Swala. Good luck.

BGD set my Malaya garnet in a ring and one of my spessartites in a pendant. They did not make me insure either stone. Must be something new they''re doing, or maybe it is over a certain value that they want you to insure the stone.

 

[Arkteia]

I know it is pretty normal for some jewelers - Trisko wanted me to do the same with my garnet. It does make sense especially if the stone is expensive or soft (and expensive). To me it shows consideration and high level of professionalism.
Jewelry Mutual is very easy to deal with and later you can upgrade insurance to a ring.

 

[Babyblue033]

This is interesting to know, as when I set my stone with WF at the end of 2008 they didn''t ask me to insure my stone. Like someone mentioned, maybe it''s a new policy or applies to soft or expensive stones. But it''s good thing to keep in mind for possible future projects

 

[Jim Rentfrow]

It also probably has to do with the fact that a lot of jewelry wholesalers may not stock Demantoid very often. If it is something that is easily replaceable then they may not worry about it as much. I agree that it shows professionalism and wanting to protect your investment as much as possible.

 

[enbcfsobe]

I had my ER diamond appraised loose, and then re-appraised after setting. There was no extra charge for the second appraisal -- it was a very short meeting and it seems that most of the work goes into getting down the dimensions and identifying features of the stone, then once its set they just get down a description of the setting and make sure its the same stone and not damaged. I agree that I can''t see paying $200/hr for that but I might check with him on whether he does something similar.

Lots of other good suggestions here to think about, though.

 

[Arkteia]

It just came to my mind that some customers may accuse a jeweler of "switching" a stone. I know it has happened before and there have been articles about it - so appraisal and insurance may be also a way of protecting a company against unjust accusations. It would probably refer to a diamond more than to a tsavorite, but it may be a universal policy now used by big jeweler houses.

 

[PrecisionGem]

I think the issue isn''t switching a stone, but what happens if the stone is damaged while being set. Many jewelry stores will have a sign posted to the effect that they are not liable for any damage to a stone of yours that they set. These things do happen. So if you take in a $2000 stone, and it gets chipped or scratched, what do you expect? Would you expect the jeweler to pay you for the stone? Try to replace it? Or say "Sorry"? The insurance does make sense on stones that you paid more than a few hundred dollars for.

 

[T L]

Date: 3/18/2010 10:17:04 AM
Author: crasru
It just came to my mind that some customers may accuse a jeweler of ''switching'' a stone. I know it has happened before and there have been articles about it - so appraisal and insurance may be also a way of protecting a company against unjust accusations. It would probably refer to a diamond more than to a tsavorite, but it may be a universal policy now used by big jeweler houses.

This is actually more commonplace for white diamonds. It''s difficult to switch a colored gem. They''re too unique looking among each other.

 

[sfritz]

Jewelers Mutual will insure a loose stone that is in the process of being set. To do that, you would submit the insurance evaluation/appraisal for the stone and the setting. When the policy is in force, instruct the setter to proceed. (The policy needs to be in place before the work begins.) If you have an insurance appraisal for each component, that works just fine. We do not REQUIRE a second insurance appraisal/report after the setting is complete, but we recommend that you have one completed within the first year for your protection. If you choose to obtain a second appraisal after the stone is set, be sure to send us a copy. If you go to the same appraiser, the charge for updating the appraisal is usually nominal.

Sue Fritz
Jewelers Mutual Insurance Company