Quick question on insuring with Chubb...

[bigbadbuff]

I''ve been reading thru the old threads this morning but still had a question. I''ll be faxing my soon-to-be agent GOG''s appraisal of my ring tomorrow. I''ve told her I want to take out an itemized valuable articles policy for this ring only. The appraisal value is around 15k... I paid about 11k for the stone/setting. Should I go with 15 as the insured amount?

Also, I would assume an appraisal from GOG will cover me in the way we all want to be covered with these items, correct? Seems like it will from what I can tell.

 

[baltneu]

Bigbadbuff
If I am not mistaken, the insurance co value bases it on the "appraised" value, not what you paid for it.

 

[reena]

in my experience with chubb you do not have to have an appraisal, and even if you get one you are not required to insure it for the appraised amount. i insured my diamond for the purchase price only.

 

[travl4me1]

like Reena....Ditto for me and My Chubbs policy

 

[strmrdr]

My normal rule of thumb is cost + 30% and revisit every 3-4 years to make sure you have enough insurance.
That would be 14300 insured value in your case.
But with the insane price increases DeBeers has been pulling lately the full $15000 isnt a bad idea.

 

[ame]

I went with the average of my three appraisals. I have itemized coverage for this ring, my promise ring and eventually my wedding band, as well as his.

 

[bearman49]

When insuring jewelry, you run into the question, Appraised value or purchase price.
Appraised value is well and good if it's not an inflated appraisal.
Purchase price can also work but may work against you.

You need a happy medium, possibly an amount that will work for the next 2-3 yrs and then get it reappraised. No need to pay too much in premiums.

Most insurance companies will either replace with like kind and quality or cash out at replacement pricing, meaning what it will cost to have one of the jewelers they work with replace it or quote it out.

Chubb is a great company. They take very good care of their customers but if you have an item insured for a certain amount, either by appraisal or by sales receipt, they normally don't pay over their amount.

The best thing to do to be safe is to check with your agent and get everything in writing.

 

[jesrush]

bigbad,

Your question has actually been addressed in this thread.

-JES