Insurance during setting?

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A deal is only a deal if you are getting exactly what you want.

Jewelers Mutual does this although it requires a special type of appraisal that includes the plan for the finished piece even though it doesn’t yet exist.  Ring up Jonathan and I suspect he can provide something for you with the data he already has and with the advertisement from Kretchmer for what you want.  Since it doesn’t yet exist, there’s nothing to inspect that he hasn’t already seen.

If you're in a state where you can get a Chubb policy, they will often bind a policy on a loose stone and this policy should cover jeweler caused damage during setting.  Ask the agent.

I agree that it seems fair but there is some logic behind it.  Obviously there’s an insurance component to any setting job and, for very expensive stones, this becomes the most expensive part of the job.  Jewelers can’t get insurance that covers craftsmanship of their own workers because the insurance companies would find themselves inundated with jewelers who hire crappy craftsman who will work cheaper so they must self-insure against this sort of losses.  Personally, I think they are nuts not to take it with a smile, raise prices to accommodate the added risk and hire and train workers who don’t break things but people seem to be remarkably sensitive to the cost of labor and many stores don’t feel that they can charge enough to be able to make this part of the package.  In the case of the tension settings, I think the risk is a little higher than with most setting jobs and it makes sense for everyone to have you buy a 3rd party policy that covers it.  You CAN buy it, they can’t.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver
 

There's never a crowd when you go that extra mile.

Date: 11/28/2006 9:55:12 AM
Author: Eva17
I find this VERY frustrating also. I have a diamond that I would like to have recut and then reset, but I find it disheartening that the responsibility of the craftmanship doesn't fall with the craftsmen.

There's never a crowd when you go that extra mile.

Hi, Kenny. Jewelers Mutual provides insurance that will cover your stone and setting during the setting process. We ask that you obtain an insurance evaluation/appraisal for the stone and the setting. We are looking for a complete description and a retail replacement value so if you have a loss you get a replacement or repair with the same quality. You complete an insurance application, either online or using the paper form, and send us the insurance evaluation/appraisal. Once you are notified that you are insured, tell the jeweler to set the stone. You are insured for 12 months for loss, theft, damage, and mysterious disappearance.

Jewelers may refuse to take the risk of setting a stone they did not sell because they made no profit on the sale of the stone. If they chip the stone during the setting process, there is no profit from the original sale to fund a replacement or recutting. While diamonds are hard, they do break. Typically, jewelers do not require insurance if they sold the stone.

Sue Fritz
Jewelers Mutual Insurance Company

Garry Holloway FGAA DipDT

HCA and Ideal-scope developer

http://www.ideal-scope.com and
http://www.HollowayDiamonds.com.au

~~~ When in doubt...don't.~~~