Which Iinsurance Company?

[tinman1412]

Hi All,

I''m looking for a policy to cover my newly purchased engagement ring. I called Chubb and they require you have home and auto with them in order to write the policy. Can you all let me know which insurance company provides an all-loss coverage with cash-settlement value based on the appraisal value of the ring.
Thanks in advance

 

[mrssalvo]

Chubb does have a stand alone policy, apprently though it depends on which agent you talk to. Check out this thread a highly recommended Chubb agents info is in the thread. He''s the one you should talk to.

Jeweler''s Mutual is also recommended often on this site.

 

[gemmy1]

Jewelers Mutual Insurance Company

www.jewelersmutual.com or call toll free 1-888-884-2424

GREAT company to deal with.

 

[tinman1412]

I called David Stone but he no longer does that. I also called Jewelers Mutual but they only do replacement. Is there a recommended list of companies?

 

[mrssalvo]

Do you have renter''s or homeowner''s? I schedule my jewelry as a rider on my home owners policy. Some offer cash out policy''s. Mine offers to replace with like kind. I just include a detailed appraisal making it pretty much impossible for them to replace and they cashed me out when my stone was damaged last year.

 

[tinman1412]

what do you mean by "detailed". I got my appraisal at an indepedent appraiser. I got a folder with pictures and basically the appraiser''s opinion as to the value

 

[mrssalvo]

Date: 4/4/2006 12:54:56 PM
Author: tinman1412
what do you mean by ''detailed''. I got my appraisal at an indepedent appraiser. I got a folder with pictures and basically the appraiser''s opinion as to the value

that''s what I mean. There should be all the details of your stone, measurements, idealscope images etc. That makes it hard for them to just replace with another stone that just has the 4 c''s listed.

 

[tinman1412]

I guess I don''t understand why companies like Jewelers Mutual only does replacement if they have people with detailed appraisal. I''m sure all of us who buys an engagment ring has a similar appraisal which doesn''t make sense to me. I would like to hear from someone that have made a claim and the insurance told them that it couldn''t be replaced and had to give them a check for the appriased value

 

[Gonzodogg]

I would call a few more Chubb agents until you find one that does the engagement ring/valuble articles policy. I use Chubb and they are great.

just my .02

 

[jetmal]

hi,

I just purchased a new ring too, and I called my home/auto insurance company, and Jewelers Mutual, and Will Castro at Chubb.
here are the prices:

home/auto incurance co.: $274.00 per yr, with replacement with like kind
Chubb- $270.00 per yr- cash out, no questions asked
Jewlers Mutual- $362.00 per yr, replacement with like kind

So, it looks like it will be Chubb. Castro will do a stand alone policy, as well as some other agents I beleive.

good luck

 

[Small]

I looked into Chubb with Bill Castro but I''m still waiting. I sent all of my info over and called a few times. He told me congrats and that I was insured but I don''t have any final figures, a policy, or anything yet. I have my original e-ring with state farm but I was planning to move that to Chubb at the end of the year. I have a stand alone policy but they do not do cash out and it''s just like kind. I was also going to look into Jewelers Mutual. I''ll have to see. I plan to call Bill and send him an email one last time. It''s been 1 week since I contacted him last and a month overall. Some people have said they have been insured by the end of the day and others have said he didn''t give them a call back. I found him very quick to call the first time but he also told me he''s been getting LOTS of requests for stand alone policies so he''s been busy.
Good luck!

 

[tinman1412]

I just found an agent that will do the stand alone policy via Chubb. I asked her if there''s a cash-out option like you have and she says it''s basically a scheduled policy. How do I know for sure, b/c I do not want a replacement policy if there is a loss. Is there a contact # for Will Castro at Chubb. I need to verify this.

Thanks

 

[Small]

He''s with totaldollar.com so if you type that in and then search for employess you should find his direct line. That''s how I get a hold of him anyway! Good luck!

 

[mrssalvo]

Date: 4/4/2006 1:06:31 PM
Author: tinman1412
I guess I don''t understand why companies like Jewelers Mutual only does replacement if they have people with detailed appraisal. I''m sure all of us who buys an engagment ring has a similar appraisal which doesn''t make sense to me. I would like to hear from someone that have made a claim and the insurance told them that it couldn''t be replaced and had to give them a check for the appriased value

this happened to me last year. I had my ring was appraised for 8K. that is what I "overpaid" on insurance premiums for 5 years. When my stone was damaged they could not replace with like kind b/c it was a rare Old European cut and they couldn''t find one even close, so they offered to cash me out. I got a check for the cost it would cost them to replace which was only 5K. Next time, i''ll only insure what it would cost to replace and save the $ on the premiums. but AllState was great and i had my check in about 1 weeks time. The insurance Company will not give you a check for the appraised value, only what it would cost them to replace it. that''s why a cash out policy is worth the little bit extra for those who have them.