no luck in insuring loose stone w/ chubb..

[mikelot]

i''m interesting in purchasing a diamond I found on good old gold''s site. the problem is that, despite what i''ve read, I can''t find an authorized Chubb agent who will insure a loose stone without my having a large homeowner''s policy with them as well.

I live in Portland, OR, and I''d appreciate any recommendations! I also want to make sure that it''s covered against any damage during mounting. It seems like jewelers like to throw that scare tactic at you as well - "if it''s not our stone, we can''t be responsible for damage during installation".

This seems like a huge problem with buying stones online...

 

[luvmysparklies]

I don't think that there is insurance for damage happening to a stone while its being set. Unfortunately, that is a risk that is not insured.

As far as Chubb, try contacting the office here:

Chubb Group of Insurance Companies
15 Mountain View Road
Warren, New Jersey 07059

Telephone: (90 903-2000
Fax: (90 903-2027
Telex: 299719


And ask what the official word is on coverage for diamonds (engagement rings)w/o other policies. Verify that they are in fact still offering this (engagement ring)policy. Then call the locals with this information (as to who you spoke with in corporate) and ask why they can't help you when corporate says that they can.

 

[Nicrez]

I have an uncle near Portland!

Have you tried the regualr insurance companies to see if they offer a stand alone insurance?

American Family Insurance
(503) 233-9031

Farmers Insurance Group
(503) 234-9664

State Farm Insurance
(503) 230-0216

Nationwide Insurance
(503) 238-4100

All have offices in Portland. Not sure if they carry jewelry insurance, but it's worth a shot! Good luck!!!

 

[mikelot]

thanks! i know state farm won't insure loose stones - i'll check the others. but from what i read, chubb was the only one. i actually called Chubb's main office as the other poster suggested. The person I talked to said it was up to the broker what additional requirements (ie, also have to have 300k+ homeowners insurance) were required. I even called the Chubb Blue Nile number - they will do this for loose stones from Blue Nile, but that's it.

maybe i'm just paranoid, but this seems like a real risk until the stone is mounted. certainly, it's a big discount versus the 30-70% mall store markups, i guess i just have to decide whether its worth it or not. i wish the online guys could get a insurance package similar to blue nile's with chubb established. it would take a lot of the risk out of the picture.

 

[eyesoftexas]

OK here is the number to PLIB in Seattle. They are part of Chubb and will get you a Chubb policy.
His name is Gary Huntley and he knows what he is doing when it comes to jewelry policies. His direct number is 206-344-4150 and they are licensed in all 50 states. As far as policy pricing goes it is fixed by the states insurance commisioner so for Oregon it is $1.40 or $1.20 (w/alarm) per $100. Most places do not want to insure loose stones because they are at higher risk for loosing (yeah like your going to throw it back and forth!!). Chubb also has an even cheaper rate for diamonds stored in a vault - but what is the use, Go to Wells Fargo and rent a security box for $25/year and call it good.

 

[wallace]

Hi - I do not know specifically about Chubb and loose stones, but there are several threads here related to Chubb agents atating that one has to hold other policies with them - I do not believe this is anything more than a sales pitch as far as individual agents go. My Chubb agent says the valuable jewels policy is the same nationwide although the premiums are different per state. Again, I do not know about loose stones but try calling more than one office or even HQ to get a definative answer.

NB(I do not know about other policies - I am only familiar with Chubb. I am not pushing or advocating that this is the only coverage available).

I also do not think you can find coverage against damage during setting - I believe that would fall under the jeweler's insurance, ie they would have the responsibility of providing you with a new stone in the event that they damage. This is one reason that it is vitally important to work with someone reputable. Maybe one of the jeweler can respond to this...

 

[mikelot]

thanks for the lead on gary (or guy? He said that was his first name). No hassles, took some info and said he would send me an estimate. I'm hope it works out.. we'll see. but definitely the most responsive so far. thanks again!!!

 

[baltneu]

I am surprised that Chubb would insure a loose stone, I know that State Farm will not, as earlier post said. Isn't the finished product going to be insured? Are you concerned about the part in between buying the stone and having it set? Maybe a solution to cut this middle part out with the diamond in your hand, is to have the seller of the diamond mount it for you, this way you do not have a loose stone in your possession.

 

[mikelot]

OK, the Chubb broker from Seattle called back - decided they couldn't do it without insuring the home as well. They won't insure just a piece of jewelry.

 

[luvmysparklies]

Wow, Mikelot. I went through the same thing, but continued to press and pressure them until I did get coverage. One thing though, is that my diamond was set in a ring and not loose. There was a point that I would have finally just said forget it to chubb but I wasn't quite ready to give up. Other sound advice I received from posters here was get an add-on to homeowners to get coverage or use Jeweler's Mutual. Just get very specific with the dimensions and every other characteristic about your stone for those policies that state "replacement with like kind." Then that way, you can keep rejecting the replacements that they offer you until they get one that is really of like kind. Do a search on Chubb and you'll find a post where Niceice even showed how to word the policy with abbreviations to ensure you get like kind.

If you're still intent on getting chubb, why don't you just get the diamond set first. There is no setting insurance, but go with someone reputable and your stone won't get crushed. I was a little apprehensive too, but ya do have to wear the stone-and I could'nt have sported diamond tweezers balanced across my knuckles quite as successfully!

Bottom line is that the brokers will do one of two things:
What they really want to do
What they really have to do

 

[verticalhorizon]

Well... I just called a local Chubb broker about six seconds ago. I didn't get the main person and will talk to them monday, but the person who handles travelers said that definitely insure it loose, then bump up the amount after its set.

I'll let loose on my barrage of questions and answers after I talk to the rep on Monday.

 

[mikelot]

thanks! the problem i've got is that every chubb broker i've talked to won't handle a single diamond policy - they want homeowner's insurance on there as well. bottom line seem to be that there's just not enough $$ in it for the agent if it's just a $8k-10k stone + ring... the person I talked to in Seattle didn't have a problem with insuring a loose stone - he just decided that I needed to have my homeowners policy with him as well or he wouldnt do it. Can't blame them if it's a lot of hassle and not much $$ for the agent.

 

[glitterata]

I believe (though I could be wrong) that if you buy a setting from your local jeweler and send it to GOG, GOG will take responsibility for setting the stone.

You could also try telling the local jeweler that if they don't take on the risk when setting your stone, they'll lose your business.

 

[wallace]

Mikealot - Your last post is dead on - they only want to help you for the bigger contract. I have gone over this with my agent and Baltneu and I just went through it thoroughly in a recent thread. If you really want Chubb - then get the stone set and be persistant about getting an agent with more integrity. I will state that I have one policy only with Chubb for valuable insurance for one ring only. I have never had any other policies with Chubb and I do not use that agent for any other insurance. She made it clear to me that the valuables insurance is a nationwide policy.

That said, I had a very hard time getting anyone to answer my calls. So, I went to the Chubb website and printed a list of agents in my area. I put on some nice clothes and walked right in the door. I parked myself in the lobby with the sinple announcement that I wanted insurance, TODAY, for my big fat "Valuable" ring. It worked. Maybe it will work for you...

I am sorry to hear of your troubles getting insurance - by virtue of these threads alone, one would think that CHubb would realize that the more easliy they provided their own policies, the more money they would make! Ok - I 'm totally done with insurance now!

Right, B!

I do wiah you luck - I 'm sure you'd like to see that ring on your lady soon.