Lost Center Stone - Insurance ?

[realistdreamer]

Although I will definitely be in INTENSE conversations with the jeweler, the center stone was lost out of my fiance''s e-ring last week. I had just gotten the Chubb Insurance and hadn''t even seen the policy documents yet. I will call them Monday, but I have this question about whether they will replace the center stone only (because we have the rest of the ring).

Now that I have the policy documents, there is a provision that reads:

Gradual or sudden loss
We do not provide coverage for the presence of wear and tear, gradual deterioration, rust, bacteria, corrosion, dry or wet rot, or warping, however caused, or any loss caused by wear and tear, gradual deterioration, rust, bacteria, corrosion, dry or wet rot, or warping, insects or vermin. We also do not cover any loss cuased by inherent vice, latent defect or mechanical breakdown. But we do insure ensuing covered loss unless another exclusion applies.

This paragraph (particularly the last sentence) is pretty cryptic. I''m just wondering has anyone heard of this or a similar situation with Chubb. I just want to know whether I''ll have to go to jail for killing the jeweler or whether I can just maim them for the pain they''ve caused my fiance (the ring has not a scratch on it).

BTW, the stone was lost in an airport in Canada, so there is little chance of finding it although we are holding out hope.

 

[denverappraiser]

The jeweler is in a world of trouble. The ‘inherent vice’ or ‘latent defect’ clause may indeed cause you difficulty but both of those fall solidly at the feet of the jeweler who set it. If the jeweler’s offer is anything other than full and immediate replacement, call the insurance company. They are likely to require you to get a special type of appraisal called a damage report. This documents the current situation and provides a professional opinion from the appraiser about why it came apart. They may have an appraiser they recommend for this type of work, not all will do it. If possible, it’s good to have this done by the same appraiser who looked at it before binding the insurance policy (unless it’s the same jeweler). There’s a reasonable chance that they will cover the loss and go after the jeweler in your behalf but this would fall in the category of doing you a favor. Special note: If the offer from the jeweler is something less than 100% acceptable, don’t leave them with the damaged ring until you’ve had it examined by an independent professional. Talk to your adjuster first and then follow their advice. Think of the ring as ‘exhibit A’.

In the meantime, I hope some traveler or worker in Canada finds a nice surprise and it doesn’t end up in a landfill somewhere. Wouldn’t finding a diamond on the floor while your standing on line at the airport be a terrific way to start or end vacation?

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

 

[RockDoc]

I think this is a good test case scenario for how Chubb will handle this claim, so as things progress hope you''ll let us know how things go with the process.

As far as payment for the ring, I doubt they would buy you a new ring with the consideration of WHY the stone came out.
I would think even if they don''t want to know why it came out, you''d want to know before setting another diamond in it.

Chubb will probably want to know if they are going to insure another diamond in the same mounting that the new stone is safely secure. If the ring has some sort of problem where it cannot be repaired, they probably would pay to have the ring replaced in your claim. They would be entitled to get the old mounting back if they do that.

I would definately engage the services of an expert to determine the cause, and photograph any evidence found. I woiuld do this before showing it to the jeweler who made it. \

When you call Chubb Claims department, ask whom they might suggest to make this examination.

As far as killing or maining the jeweler, that isn''t advisable, and probably against the law.

Sorry this happened - but glad you have the Chubb coverage.I believe they will make the claims process go as "painless" as possible, given the circumstances.

Rockdoc