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 » RockyTalky
»  » What to look/ask for in a good e-ring insurance policy....
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What to look/ask for in a good e-ring insurance policy.... |
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| P: 7/30/2004 10:08:19 PM | |
sweetice Rough Rock Total Posts: 8 Last Post: 9/7/2004 Member Since: 7/3/2004 |
What should I look/ask for in a good e-ring insurance policy? Some people might just go straight to an insurance company and speak to an agent, but I thought it was wiser to ask for outside opinion from actual consumers, especially since there are so many knowledgeable, diamond-lovin' folks here on PS. Please bear with me, I might end up asking dumb questions, but this is my first time dealing with insuring a piece of jewelry, and a very sentimental one at that. Here's a few things to consider about my 3-stone e-ring: My fiancee purchased the e-ring at a well-known jewelry store (I won't mention names :P) He provided the center stone--an old European cut family heirloom, very fiery and white ^_^ To begin with, it has no papers. As echoed here on PS, it's important to establish your diamond's pedigree. Should I get it laser-inscribed? Wouldn't it kind of ruin the "antique/heirloom" quality? Lastly, what other steps should I take to ensure that this entire process will go as smoothly as possible. Can you tell paperwork and fine print in contracts, etc. confuse poor li'l me? :P Your comments are greatly appreciated! E-pics are coming soon (: PS: I'm either going with State Farm or Chubb. |
| Posted: 7/30/2004 10:08:19 PM | |
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There are 2 replies to this message. There are 2 replies on this page. |
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| P: 7/31/2004 12:13:49 PM | |
denverappraiser Ideal Rock Total Posts: 4,614 Last Post: 11/22/2009 Member Since: 7/21/2004 |
There are quite a few excellent insurance companies. They don’t all do business in every market so a bit of shopping is called for but there are many fine companies to choose from. The policies offered are somewhat different depending on what you buy. Most State Farm polices are what they call ‘replacement’ policies. Typical homeowners policies fall into this category. This means that they will replace or repair your lost or damaged property in the case of a loss, up to a predefined limit. In effect, if you lose your diamond, they will replace it with another with similar qualities that they call ‘like kind and quality’. Where this runs into trouble is trying to define like kind and quality. This is the reason for getting a real appraisal up front. It provides a third party verification of the basic facts prior to writing the policy. The appraisal will be included in the insurance contract (and make no bones about it, this is a contract) and it will be used as the defining element in the case of a loss. If you have a loss, they will attempt replace the piece using the original appraisal as a blueprint. This includes things like using the correct brands, styles, age, certifications, etc., as long as these are defined in the original policy. Most major insurance companies that offer homeowners insurance offer a policies of this nature although they may have other products available as well. The other typical kind of policy is called a ‘defined value’ policy. This is what most Chubb policies look like. With this style, the company and the insured agree upon a price at the beginning and in the case of a covered loss, they will simply pay the agreed value. The insured party is then responsible for securing their own replacement. This is the usual way to insure fine art and other unique collectibles. Most people like the concept of this but the premiums tend to be substantially higher. Often it’s 2 or 3 times. These also will also require an independent appraisal in order to verify the basic facts because the companies are concerned about fraudulent claims. Firemans Fund, Lloyds of London and others offer this style. Insurance is a highly regulated industry and it varies from state to state. The policies offered by a specific company can vary substantially between the various states. They may also vary somewhat depending on your claim history, your neighborhood, and a long list of other variables. The agent selling each policy should be able to explain the details of what they are selling. I don’t recommend etching on an old stone. Pedigree can be established with less destructive methods. Neil There's never a crowd when you go that extra mile. |
| Posted: 7/31/2004 12:13:49 PM | |
| P: 7/31/2004 1:26:39 PM | |
Patty Ideal Rock Total Posts: 4,031 Last Post: 6/4/2008 Member Since: 12/7/2003 |
Thanks for the clear explanation, Neil. We are in the process of getting our home insurance policy switched to State Farm. After talking to the State Farm agent and a Chubb agent, we decided to go with Chubb even though it's more than twice as expensive. I really like the peace of mind that comes with me being able to replace my rings if they are lost as opposed to having someone else say that they can get me the same thing. I have a SuperbCert I1 stone. There are not many I1s out there with such a great cut and I worry that I'd end up with a less attractive I1 if I lost this one.
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| Posted: 7/31/2004 1:26:39 PM | |
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