Insurance Question?

[nrvus]

The E ring is finally complete.

I would like to thank Jonathan, Tim and Christen and everyone else at Good Old Gold for their ourstanding service and one hell of a diamond. I would also like to thank Debbie at Matthews Jewelry for helping me with the Michael B setting. The ring is beautiful! If I can pry the ring away from my fiance i will try to take some pictures and post them.

The next step is to get some insurance for the ring. It seems that most people recommend either Chubb or JewelersMutual. I callled JM and it seems straight foward. Complete the application, send the full apprasial and payment and you are covered? With Chubb you have to go through an agent? or should I call Chubb directly? Can anyone recommend an agent in the NYC/Brooklyn area?

The other question is regarding the apprasial. I have a FULL apprasial from Jonathan on the stone and a simple one page apprasial from Matthews on the whole ring. Do I send both?

 

[oldminer]

Since you likely got a very specific diamond with great cut and performance, I''d suggest sending copies of both and make a record of it. Keep the originals. When the policy is issued, read the text on the policy that describes your specific ring. It probably will be a shortened version. Be sure that if a claim arises you can show that you sent them a very detailed description. The accuracy of any replacement depends on the detail with which it was initially described by your appraisers and not how the insurance company described it in their generally abbreviated manner. Just don''t take chances with this.

JM or Chubb will probably never be a problem in this regard at all. Both are super companies to work with. Just as a habit, keep the detailed reports on file with your insurance policies and proof of what was sent in any application.

 

[aphisiglovessae]

I just got Chubb coverage a few months ago. Although I had to jump through hoops to get it, I chose Chubb because of it''s cash pay-out policy and all the wonderful claim stories I''ve heard concerning them. However, from my experience I learned you cannot get the policy directly through Chubb. You need to find an agent and that''s the hard part. Most agents I contacted did not write stand alone engagement ring policies. They all required an additional homeowners or auto insurance policy through them, which I did not need. I would recommend my agent (who was highly recommended through this forum), but I was informed that he moved to a different department or something and does not do this type of policy any longer. Another agent did replace him, but I do not know his contact information. Sorry. All I can really tell you is: I think Chubb is the best insurance choice (just my opinion though), but I''ve heard of many people getting frustrated trying to locate an agent to write them a stand-alone policy. Don''t give up though, when you find one it''ll be worth it.

 

[laney]

Hi -

Congrats on the ring!

We insured my GOG ring under our homeowners insurance - Allstate - with a separate rider policy. I broke my stone about 4 weeks ago - so I''m intimately familar with the replacement process.

We also had 2 appraisals.. the one from GOG and one from our independant apprasiser. Jonathan''s apprasial was much more detailed - so we decided to sent that. Good thing we did - as it did help us get the same type of stone in the end. Allstate is a replacement policy - so they have the "right" to find a replacement first. It was easy to show that the stones that they selected didn''t meet my criteria with Jonathan''s paperwork.

In addition, I was able to prove that they didn''t have any stones that were close - and they cashed me out "i.e. gave me a check" to purchase a new stone. The whole process, from claim to check was Mon - Fri.

Anyway - my experince is - use the apprasial with more detail - Jonathan can make a copy - so that you can keep one for yourself.

Good luck!

 

[ame]

When we wrote my Chubb policy for my rings I made sure it was noted on my policy everything on my paperwork and send a copy of everything. If the agent didn''t have that info on there I noted it on the paper before I faxed it back to her. I wanted it to be very obvious if I have to claim something that these are branded stones and worth more because they are so well cut.

 

[nrvus]

I was told that when i send in the application I must send in the payment as well? How does this work with getting the correct policy and what is stated in the policy?

 

[aphisiglovessae]

With Chubb, once my agent had my policy written, he sent me the premium bill and then once I paid it I received all the information on my policy. My agent was very good at explaining EVERYTHING before writing my policy so I wasn't afraid. Their policy is very straight forward and most of it is explained on the Chubb website at:
Engagement Ring Program
Jewelry Protection

 

[RockDoc]

Agent that writes Chubb Engagement Ring Standalone coverage in NY

William Castro
www.totaldollar.com

Hope this helps.

Rockdoc

 

[1stdiamondbuy]

After struggling to find a local Chubb agent who would insure without having other policies through them, I found a different RockDoc posting with William Castro''s information last week. I called him and within 2 hours of leaving him a message I was insured. The Chubb policy ran me about $1.35/$100 appraised value, I''m in Columbus, OH. I highly recommend him as someone who is fast and professional for anybody looking for just the Chubb policy. He didn''t bother me at all about other policies.