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Insurance premium

P: 8/4/2006 2:28:51 PM
scarlet16 Ideal Rock Total Posts: 917 Last Post: 1/27/2009 Member Since: 3/14/2006	Hi all- We got a quote from Chubb for approx. $230/yr on $10,000 of coverage in Manhattan. Does this sound about right? Does anyone know if Jeweler's Mutual's coverage is similar, both in terms of price and cash out policy for replacement (not in kind)?
Posted: 8/4/2006 2:28:51 PM

There are 11 replies to this message. There are 11 replies on this page.

P: 8/4/2006 2:37:55 PM
wonka27 Ideal Rock Total Posts: 628 Last Post: 9/13/2007 Member Since: 6/22/2004	Hi. I have JM. I pay $59/yr for I believe $5000 coverage. If I'm not mistaken, JM will replace your diamond, not provide a cash out. However, from what I hear they are flexible and generally allow you to work with your original jeweler through the recovery process. I've never had to go through any of that, however, this is what I remember hearing. If anyone needs to correct or add to my statement, please do!
Posted: 8/4/2006 2:37:55 PM

P: 8/4/2006 3:08:36 PM
scarlet16 Ideal Rock Total Posts: 917 Last Post: 1/27/2009 Member Since: 3/14/2006	Hi Wonka- Where are you located? I believe that makes a big difference in the price. Thanks!
Posted: 8/4/2006 3:08:36 PM

P: 8/4/2006 3:36:39 PM
Wink Ideal Rock Total Posts: 4,033 Last Post: 11/24/2009 Member Since: 5/4/2001	Date: 8/4/2006 2:28:51 PM Author:scarlet16 Hi all- We got a quote from Chubb for approx. $230/yr on $10,000 of coverage in Manhattan. Does this sound about right? Does anyone know if Jeweler's Mutual's coverage is similar, both in terms of price and cash out policy for replacement (not in kind)? JM has a replacement policy only and their cost of 10,000 coverage in Manhatten is $2.50 per hundred or $250 for the $10,000 item. That is their most expensive rate in the country with many states as low as $1.00 per hundred. Wink Wink Jones GG Winfield's/High Performance Diamonds
Posted: 8/4/2006 3:36:39 PM

P: 8/4/2006 3:45:30 PM
scarlet16 Ideal Rock Total Posts: 917 Last Post: 1/27/2009 Member Since: 3/14/2006	Wink- Thanks so much! I guess Chubb it is then!
Posted: 8/4/2006 3:45:30 PM

P: 8/7/2006 9:55:51 AM
Sue Fritz Rough Rock Total Posts: 54 Last Post: 6/29/2007 Member Since: 11/22/2003	Wink: I think you are using an outdated rate card. We reduced rates in New England last fall. Our premium for $10,000 is $200. Sue Fritz Jewelers Mutual Insurance Company
Posted: 8/7/2006 9:55:51 AM

P: 8/7/2006 10:13:38 AM
ellchris Rough Rock Total Posts: 28 Last Post: 3/23/2007 Member Since: 6/6/2006	I think that sounds about right. currently, i have auto/renters and a jewelry policy through travelers. for 15,000 worth of coverage for jewelry, it's an additional 259 per year. oh, i'm also in manhattan. funny thing is, travelers doesn't require reciepts or appraisals to get the policy. you simply buy the amount of coverage you want starting at $10,000 and it goes up by $5,000 increments. they only require a reciept or appraisal in case of a loss.
Posted: 8/7/2006 10:13:38 AM

P: 8/7/2006 11:06:39 AM
denverappraiser Ideal Rock Total Posts: 4,615 Last Post: 11/24/2009 Member Since: 7/21/2004	Date: 8/7/2006 10:13:38 AM Author: ellchris funny thing is, travelers doesn't require reciepts or appraisals to get the policy. you simply buy the amount of coverage you want starting at $10,000 and it goes up by $5,000 increments. they only require a reciept or appraisal in case of a loss. This sounds like a problem, not a feature. Policies where no one every files a claim are easy - Every insurance company is good at that. The only time there is ever a problem with insurance is when you file a claim. If you havent got proper documentation, or they have some problem with the documentation that you do have, youre setting yourself up for an unnecessary fight. You are far better off submitting the paperwork in advance so that they have agreed to it at the time they accept the policy. This both guarantees that you have the necessary records and that they will accept them as sufficient for a claim. Being clear about everyones expectations and obligations at the time you sign the contract protects you every bit as much as it protects the insurance company, maybe more. Neil Beaty GG(GIA) ICGA(AGS) NAJA Professional Appraisals in Denver There's never a crowd when you go that extra mile.
Posted: 8/7/2006 11:06:39 AM

P: 8/7/2006 11:32:57 AM
ellchris Rough Rock Total Posts: 28 Last Post: 3/23/2007 Member Since: 6/6/2006	i spoke with them about it because i thought it was odd as well. they however insisted they didn't need the paperwork. now i'm concered. have you ever actually known a case where this became a problem?
Posted: 8/7/2006 11:32:57 AM

P: 8/7/2006 11:36:50 AM
RockDoc Ideal Rock Total Posts: 2,509 Last Post: 6/17/2007 Member Since: 8/16/2000	The information required by Travelers' seems to indicate that the policy MIGHT be an "AS AGREED or STATED VALUE" type policy, where all the details are not needed, because they pay the insured amount in full, in cash, in the event of a claim. Being that they are not paying a claim based on replacing the item, the details are of secondary importance to them. I'd check with the company, the agent or your policy to determine what type of policy it is. Ask also if it is an ALL RISK policy and if there are any endoresements to it. Rockdoc Bill Leiberum 1948-2007 Thanks for everything and Rest In Peace,Bill.
Posted: 8/7/2006 11:36:50 AM

P: 8/7/2006 12:06:57 PM
denverappraiser Ideal Rock Total Posts: 4,615 Last Post: 11/24/2009 Member Since: 7/21/2004	ellchris, Travelers is a fine company and I have never had a client that I know of who has had claims difficulty with them. Ive also never heard of this procedure and I have written several appraisals for insurance binding purposes for Travelers clients. They may have completely different procedures in different states, for different clients or for different types of policies. Your agent should be prepared to explain the policies and the claims process to you. Even if its a defined value policy, I would suggest documenting things first. Ask them WHY they want the appraisal or receipt claims time. It will surely either be as a purchase order for the replacement or as evidence that you actually owned the piece and suffered a genuine loss. In both cases, both parties are better served if you submit the paperwork first. Neil Beaty GG(GIA) ICGA(AGS) NAJA Professional Appraisals in Denver There's never a crowd when you go that extra mile.
Posted: 8/7/2006 12:06:57 PM

P: 8/7/2006 4:45:51 PM
Wink Ideal Rock Total Posts: 4,033 Last Post: 11/24/2009 Member Since: 5/4/2001	Date: 8/7/2006 9:55:51 AM Author: Sue Fritz Wink: I think you are using an outdated rate card. We reduced rates in New England last fall. Our premium for $10,000 is $200. Sue Fritz Jewelers Mutual Insurance Company I just pulled one out of the folders you sent me, the "Jewelry Evaluation for Insurance" folders that I get from you. LOL! I just went through the stack, and the one I grabbed was the last of the old batch, as all of the folders beneath it have the new information. Good to hear, and thank you for letting me know to throw out the last old one... Keep dropping those rates, Wink Wink Jones GG Winfield's/High Performance Diamonds
Posted: 8/7/2006 4:45:51 PM

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