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More on Insurance.....

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baltneu

Shiny_Rock
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Feb 28, 2004
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I have posted on this topic before but here is a new thread.

I am probably, and I say proably, going to stay with my SF policy on the ring. I realize the benefit of Chubb and getting a check in hand and having the flexibility of doing what you want with it. But, I have found the premiums to be much higher. My State Farm premium is $86, while Chubb wants $140 for the same ring. That is a sizeable difference.
I would pay the difference if it was not for the following: I asked my SF agent to have the Declaration page upadated with both the stone color from the AGS lab and that it says the stone is a "Branded stone, Hearts & Arrows".
He thinks he will be successful, if not I will probably go with Chubb.
 

aljdewey

Ideal_Rock
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Baltneu, a suggestion if you go with SF: the more information you provide on your stone, the more likely that their "like" replacement will fit your needs.




If it were me, I'd describe my diamond this way: "1.24, H, SI2 (no dark black/inclusions), eyeclean, AGS0, H&A, branded "A Cut Above" diamond. Diamond rank is 1A on the AGA cut grader. Depth 60.5, table 56, crown angle 34.6, pavilion angle 40.7, ideal polish, ideal symmetry, no fluor, accompanied by AGS grading report."




Declaring my diamond this way defines "precisely" what it takes to replace it with a "like" diamond.




My insurance agent explained to me that they didn't have to replace with the "same" thing, they have to replace with "comparable". That means I could get a non-branded diamond instead of branded. She noted that I could argue it out if it ever came down to a claim, but I am not comfortable with that notion.




EDITED TO ADD: I decided it was worth the slightly higher premium to get the "agreed value" cash payout option. We poured a lot of effort in picking *just* the right diamond, and I don't want to worry about whether I will like the diamond *they* feel is "comparable". To me, it's worth paying a slightly higher premium (paying $130 instead of $88 annually) to retain control of finding my own replacement.
 

PMR

Rough_Rock
Joined
Feb 8, 2004
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My new diamond is currently insured with State Farm. I called them yesterday after reading your thread. As long as I send them a detailed appraisal and the certificate, if they could not find a replacement that does not meet all the specifications of the diamond, I would get the cash. They assured me that they were not going to just go out and get a 2.09 ct diamond. Mine is a AGS000, 2.09, G color, eye-clean SI2. As long as all this is stated on the appraisal and certificate, I should be fine. She said the more info on the stone they have, the better. I feel comfortable staying with them.
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cmcwill

Shiny_Rock
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Feb 25, 2004
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Is it true that if the guy insures the ring on his homeowner's insurance and then gives it to the girl, this nullifies the contract because she does not live in the same home?

Colleen
 

Heel_Yes

Rough_Rock
Joined
Apr 1, 2004
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25
Yes, that is true based on what my insurance company (Travelers) told me. If the girl is not living with you then this nullfies the insurance policy.
 

fire&ice

Ideal_Rock
Joined
Jul 22, 2002
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7,828
----------------
On 4/1/2004 1:38:14 PM aljdewey wrote:


Baltneu, a suggestion if you go with SF: the more information you provide on your stone, the more likely that their 'like' replacement will fit your needs.


If it were me, I'd describe my diamond this way: '1.24, H, SI2 (no dark black/inclusions), eyeclean, AGS0, H&A, branded 'A Cut Above' diamond. Diamond rank is 1A on the AGA cut grader. Depth 60.5, table 56, crown angle 34.6, pavilion angle 40.7, ideal polish, ideal symmetry, no fluor, accompanied by AGS grading report.'


Declaring my diamond this way defines 'precisely' what it takes to replace it with a 'like' diamond.


My insurance agent explained to me that they didn't have to replace with the 'same' thing, they have to replace with 'comparable'. That means I could get a non-branded diamond instead of branded. She noted that I could argue it out if it ever came down to a claim, but I am not comfortable with that notion.


We poured a lot of effort in picking *just* the right diamond, and I don't want to worry about whether I will like the diamond *they* feel is 'comparable'. To me, the premium difference was worth it (paying $130 instead of $88 annually).
----------------


All good advice. But, my agent said they would cut me a check because I could find just as good of a diamond for the price. And, I'd be a stickler about the "replacement". He said they would have to find me a diamond with my parameters. I noted that I would not except a stone w/o blue fluor. He said it is on the appraisal.

It all goes to piece of mind. I have no problem using their suppliers. But, one does not have to accept whatever they find even if it's close. You have to be happy.
 

aljdewey

Ideal_Rock
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----------------
On 4/1/2004 4:38:31 PM fire&ice wrote:




All good advice. But, my agent said they would cut me a check because I could find just as good of a diamond for the price. And, I'd be a stickler about the 'replacement'. He said they would have to find me a diamond with my parameters. I noted that I would not except a stone w/o blue fluor. He said it is on the appraisal.

It all goes to piece of mind. I have no problem using their suppliers. But, one does not have to accept whatever they find even if it's close. You have to be happy.
----------------

It occurs to me that my post was a bit ambiguous.



In the end, I decided to go for the "agreed value" option where they pay out cash and *I* find my own replacement. Had I chosen to go with "like replacement" as baltneu is suggesting, I would have provided an *extremely* detailed descripton as I outlined above, and I'd recommend anyone going with "like kind" replacement should be that detailed.



Even with all that......I would rather pay a bit more in premiums to get the "cash payout" so that *I* am in the driver's seat in selecting the replacement diamond should a loss ever occur. It costs a bit more for that luxury; I pay $130 per year in premiums instead of paying the $88 per year for "like kind" replacement......but to me, it's well worth paying more to know that I will find/choose my own replacement if needed.
 

fire&ice

Ideal_Rock
Joined
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I believe my insurer. He told me to document the heck out of my specs. He has operated this way in the past w/ replacement costs. Our house was broken into several years ago. While the house is newer, the front door is from an old Southern Mansion. The crooks took an axe to the door - and well - then it was history. Their head spun a bit when we told them what was going to be necessary to recreate the original door. He said we have a replacement policy. Go and replace it. It was actually easier for him if we got the mill that we work with involved. On a funny note, they (the mill) now sells a door similar to ours. Where are my royalties?
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Again, it goes back to piece of mind. We use Allstate for all of our policies. I have dealt with Chubb on two occassions. They were down right impossible. Personally, I would *never* use them. And, I have no complaints about Allstate.

Your insurance is only as good as your agent.
 

baltneu

Shiny_Rock
Joined
Feb 28, 2004
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371
I do not believe it to be true that if the woman does not live with you it nullifies the contract in case of loss. Think about it for a minute, when we give a woman a diamond, although many people live together, many also do not, so the insurance co has to know that and is factored in.
One other point, my SF policy, the addition of the ring is a Rider to the policy, not part of the existing homeowners policy, I think all of us are on the same page on this.
Another update:
Spoke to my SF agent today, it appears that they are going to include other things I ask on the Declaration page, so I am feeling better about it.
 

Obsessed

Shiny_Rock
Joined
Feb 6, 2004
Messages
104
Hey everyone,

I never realized that an annual premium for diamond insurance was only 88 to 130 dollars per year. I gave my fiancee her ring about two months ago, and we decided not to insure it because we heard much higher premium figures earlier. I guess the best way to find out is to have her call her homeowners insurance company.... In the meanwhile, can anyone give me a ballpark annual premium figure for an e-ring that costs about 15K retail? It's branded so I definately would be interested in the 'agreed amount' policy that costs more!
 

fire&ice

Ideal_Rock
Joined
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----------------
On 4/1/2004 5:49:49 PM Obsessed wrote:

Hey everyone,

I never realized that an annual premium for diamond insurance was only 88 to 130 dollars per year. I gave my fiancee her ring about two months ago, and we decided not to insure it because we heard much higher premium figures earlier. I guess the best way to find out is to have her call her homeowners insurance company.... In the meanwhile, can anyone give me a ballpark annual premium figure for an e-ring that costs about 15K retail? It's branded so I definately would be interested in the 'agreed amount' policy that costs more!----------------


The rates are *very* locality driven. In some metro areas one could pay twice the premium.
 

aljdewey

Ideal_Rock
Joined
Nov 25, 2002
Messages
9,170


----------------
On 4/1/2004 5:49:49 PM Obsessed wrote:










I never realized that an annual premium for diamond insurance was only 88 to 130 dollars per year. I gave my fiancee her ring about two months ago, and we decided not to insure it because we heard much higher premium figures earlier



----------------


Obsessed, rates vary depending on which company writes your policy, what area of the country you live in, and what the value of the ring is. It's not a flat rate; rather, it's a quoted price per $100 of value.



In my case, the rate was $1.15 per hundred for replacement cost and $1.70 per hundred for agreed amount. (At those rates, the premiums for a $15k ring would be $172 replacement or $255 agreed value)



The only way to know for sure it to call around to several different agents and ask them to quote. There are restrictions in some cases where insurance agencies require multi-line insurnace, but you won't know until you call.
 

Obsessed

Shiny_Rock
Joined
Feb 6, 2004
Messages
104
aljdewey,

thank you for that information
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. Very easy to understand. I will make some phone calls to find out what i have to pay to get our ring insured. Less than two years ago, I had my apartment broken into. I had my laptop, watches, my entire video game and DVD collection, and a bunch of expensive electronic equipments stolen to name a few. Sadly, I had no renters insurance because i had just moved out on my own. On a positive note, my fiancee was just my girlfriend at the time and luckily she didn't have any valuables at my place. But after having something like that happen in life, I just may be willing to fork out 20bucks extra a month to have the ring insured. Also, because i feared a break-in while my fiancee is home alone, I immediately moved to a much better neighborhood. THAT was worth an extra 300 bucks a month!
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aljdewey

Ideal_Rock
Joined
Nov 25, 2002
Messages
9,170
Obsessed, do you have renters insurance now? If so, start with that company or your auto insurance company.




It happened that we were in the market for renters' insurance at the same time - FI had let his lapse and we needed coverage desperately. We got a separate electronics rider for FI's computers (work related) and for the ring. Oftentimes, you will get a discount for multiple lines of insurance......or it may let you work with a company that wouldn't insure just a single line.
 

Obsessed

Shiny_Rock
Joined
Feb 6, 2004
Messages
104
Actually, I have no renters insurance at my apartment. However, my fiancee has a homeowners insurance for her house. We keep the big ticket items at her house. My apartment is where we stay for work. It shouldn't be a problem if she insure her ring through her homeowners policy, right? Let me know if i am wrong.
 

aljdewey

Ideal_Rock
Joined
Nov 25, 2002
Messages
9,170
That's will work fine too.
 

foundnemo

Shiny_Rock
Joined
Apr 27, 2004
Messages
124
What's the difference between getting "like replacement" and getting a check?

Let's say if I want to insure a 1.2 carat Harry Winston ring valued at $20K, which type of insurance should I go for?

If I lost my ring, will the "like replacement" policy get me a 1.2 carat Harry Winston ring? Will the cash replacement cut a check for $20K? (Which in a few years probably won't be enough to get a ring as big.)

I've searched on insurance but still wading through all the threads.

Please help enlighten me! Thank you.
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aljdewey

Ideal_Rock
Joined
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----------------
On 4/27/2004 6:41:14 PM foundnemo wrote:





What's the difference between getting 'like replacement' and getting a check?----------------

Like replacement means you get what the insurance company decides is comparable to what you have. If you choose this route, you need to describe your diamond as explicity as possible. It's not enough to call it a 1.00 G VS2 diamond. A poorly cut G VS2 and a well-cut G VS2 don't look anything alike and can vary by hundred of dollars.



Getting a check means that you and the insurance company agree on the value of the ring (usually through submitting an appraisal), and in the event of loss, they pay you the agreed amount. You then replace the ring with the money you get.



In my case, I'd NEVER go with like replacement. My stone is a COMPLETELY eye-clean SI2. If they chose a "comparable or like" replacement, it's entirely possible that their SI2 might have visible inclusions, and I don't want that.
 

njchoochoo

Rough_Rock
Joined
Feb 4, 2004
Messages
12
I've just called 3 seperate Chubb agents in South Jersey, and they're telling me that without having my other policies, they will not insure a ring with a value under 50k. This is a new thing as of the beginning of April, at least with the agents I spoke to. FYI.
 

baltneu

Shiny_Rock
Joined
Feb 28, 2004
Messages
371
Njchoochoo
I guess most people on this site have gotten some similar answers and they just keep calling around due to different answers from different agents. If you strike out, then of course you can get a "replacement" policy, it is better than no insurance at all, even if it is not your first choice.

I started this post and have had others regarding insurance.
Update: with my SF policy
I was unhappy with the declaration page of the policy, it was too "general", given I have a H&A diamond, etc.
I just heard from my agent today that SF is changing my declaration page and giving all the "detail" that I want vs. the appraisors report which had the stone one color lower. It was not easy, I had to beat them up quite a bit. I do have other coveages with them (auto and H/O).
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