Insuring loose stones

[chagall]

My plan is to buy a loose stone, ship it to an appraiser, and then ship it to the settings place.

Once I buy it, I figure I have to insure it right away. How do you do this, have the stone shipped to the appraiser and call the insurance right away when the appraisal is done? I hate to be rob coming out of the appraiser .

 

[denverappraiser]

It will depend on your selection of insurance companies. Some will allow you to submit the appraisal and bind the policy while it''s still in the posession of the appraiser as long as you own it (and pay their fee of course). Others won''t insure loose stones at all. The appraiser, the jeweler and the shipper probably all have their own insurance against loss, theft and the like but you should specifically ask about breakage risk while the stone is being set. The jewelers insurance doesn''t usually cover this and some setters are unwilling to assume this risk for the fees they charge.

Neil Beaty
GG(GIA) ISA NAJA
Professional Appraisals in Denver

 

[jaz464]

Almost all insurance companies will not insure loose diamonds. What I recommend is to have the diamond sent directly to the appraiser from the diamond seller and then directly from the appraiser to the setter. This way the diamond is always insured because the appraiser will have insurance, it will be insured during shipment (fedex, registered mail, etc) and the setter will insure it while working on it (assuming you have chosen a setter who is willing to take full responsibility for the diamond while it is in his possession and while he is setting it). Get it in writing!!!