Jewelers Mutual - insurance, any experience with them?

[skypie]

Mods, please move to a more appropriate sub-forum if needed.

WhiteFlash offers free quotes from Jewelers Mutual. Anyone have any thoughts on using them? Good coverage, good deal, is coverage needed, etc?

Thanks

 

[poshmommy]

Cover it if you can't easily replace it.

I have not used jewelers mutual and did not like my experience getting a quote from them. I use gemsafe by SterlingRisk. Their quote was lower than jewelers mutual for the same coverage. Get a quote from both and compare policies. It's free for quotes.

 

[whitewave]

I use gem safe

 

[rockysalamander]

I've used JM for years with no complaints. I've only had to make one claim and it was very easy. It was international loss and they accepted a police report on barely discernible stationary and hand-written from the local police. Just compare the fine print and see what suits you. I've heard several mentions of Gemsafe.

 

[Tacori E-ring]

I used JM in the past and never had an issue with them.

 

[Lore]

Am I right when I say that these types insurance providers, JM and GemSafe as two examples mentioned in this thread, cover customers residing in the US only who travel abroad periodically, and not those who are abroad most of the year?

 

[tanalasta]

Unfortunately they didn't cover Australia.

We use QReport here which is underwritten by CHUBB.

Usually if it's referred by WF, it can't be all that bad. Their reputation indirectly is involved.

 

[Kellyco]

I use JM. You also don’t need an appraisal with JM when purchased through Whiteflash. I recently had to do a claim with JM and it was painless which was really nice considering the anxiety the situation caused me. I was paying about $100 a year And my most recent quote with upgrade wasn’t much higher. It depends on the value of your stone/ring.

 

[yssie]

I'm looking into insurance options myself.

JM will cover a loose stone whilst it is in shipment (ie. to an out-of-state or out-of-country jeweller to be set).

GemSafe does not cover stones, and will not cover a loose stone whilst in shipment.

I like GS's prices, but this is a dealbreaker for me.

 

[Tekate]

I use JM and have found them to be priced fairly and they keep in touch.

 

[kb1gra]

Piggyback question:

I have a signed piece (Tiffany) engagement ring. It is a design they no longer offer (the current design has the same name but does not look the same). Replacing it with the signed piece with the current design wouldn't be a like replacement.

How would they go about replacing a comparable piece if I were to lose or damage this ring? Would it differ between these two insurers? When I called, neither understood what I was asking.

 

[whitewave]

I'm looking into insurance options myself.

JM will cover a loose stone whilst it is in shipment (ie. to an out-of-state or out-of-country jeweller to be set).

GemSafe does not cover stones, and will not cover a loose stone whilst in shipment.

I like GS's prices, but this is a dealbreaker for me.

In shipping to caysie and in shipping back to blue nile for a trade in, I was able to purchase a label through them which covers in transit issues.

I'm wondering now if there is something more specific I should consider?

 

[WinkHPD]

Piggyback question:

I have a signed piece (Tiffany) engagement ring. It is a design they no longer offer (the current design has the same name but does not look the same). Replacing it with the signed piece with the current design wouldn't be a like replacement.

How would they go about replacing a comparable piece if I were to lose or damage this ring? Would it differ between these two insurers? When I called, neither understood what I was asking.

I can not speak for how the insurance companies would want to handle it, but I can say for recreating the identical design as you have now, you should have some quality close up pictures taken so that a good bench could recreate the piece as it once was. I would also recommend talking with Tiffany to ask if they will consider remaking the ring as it exists now if it becomes necessary, since a recreation, even by a good bench, will not have the same value as the original Tiffany, which carries a premium due to the name.

Just my thoughts...

Wink

 

[WinkHPD]

In shipping to caysie and in shipping back to blue nile for a trade in, I was able to purchase a label through them which covers in transit issues.

I'm wondering now if there is something more specific I should consider?

Whitewave and Yssie,

Many retailers have the ability to cover your item during shipping with their own insurance purchased through a shipping and insurance company such as Parcel Pro, which ships through both FedEx and UPS.

Wink

 

[whitewave]

Whitewave and Yssie,

Many retailers have the ability to cover your item during shipping with their own insurance purchased through a shipping and insurance company such as Parcel Pro, which ships through both FedEx and UPS.

Wink

Ok, yes, shipping today back to BN with parcel pro

 

[yssie]

In shipping to caysie and in shipping back to blue nile for a trade in, I was able to purchase a label through them which covers in transit issues.

I'm wondering now if there is something more specific I should consider?

I always request that the vendor send me a label, if they can, for exactly this reason!

I've always thought that being beholden to your vendor's insurance agreement in the case of lost/theft during transit, or damage whilst being worked on, if you don't have your own coverage - is likely to leave you in a bad position. This thread is making me question that assumption!

 

[WinkHPD]

I always request that the vendor send me a label, if they can, for exactly this reason!

I've always thought that being beholden to your vendor's insurance agreement in the case of lost/theft during transit, or damage whilst being worked on, if you don't have your own coverage - is likely to leave you in a bad position. This thread is making me question that assumption!

I am not sure why it would, so long as you have correctly identified the value and followed the double boxing requirement of Parcel Pro. I have never had an incident with Parcel Pro shipping, but I believe that the settlement would be a cash settlement, rather than an in kind settlement. Perhaps someone who has had a loss can comment.

Wink

 

[Rockdiamond]

Hi All!
Parcel pro pays the insured value, less any deductible within 30 days- by check.
Thank God it's been many years since I've had to make any sort of claim with them.
I think it was about 6 years ago when an entire FedEx truck was stolen off 47th street around Christmas. But they paid as agreed, no issues.

I can also vouch for Jewelers Mutual.
In the case of high-end hand forged rings, many sorts of damage are simply not repairable.
More accurately, you can do a patch repair job, but there's going to be more stone loss relatively soon. this means that on many damaged pave rings a replacement of the entire ring is required.
JM understands this aspect- as well as the difference between a $1500 cast halo and a $4500 hand forged one.

 

[WinkHPD]

Thanks for clearing that up for us Rock.

You remind me of a time I sent a registered mail package to LA back in the early eighties. Someone came down the street with a large truck and a huge trailer. They ran a ramp down, knocked out the postal vehicle driver and drove his whole truck into the trailer, shut the door and drove off. Millions of dollars worth of jewelry was in that postal vehicle...

Wink

 

[rockysalamander]

less any deductible

I would assume this would be the deductible in the vendor's policy, right? I don't know for certain, but I would imagine that a vendor's tolerance for loss and paying out of pocket might be higher than some owners of the object. If the vendor's insurance will cover all but a $10k annual deductible, I may not be happy to have my lost object being subject to that high deductible. For certain items, the vendor might say that they will cover the loss as it was "their" item (e.g., branded diamond, setting, etc.). That's up to the vendor. But, if I'm sending my loose stone or setting -- why should the vendor take the loss? My stuff, my responsibility. I know there is quite a bit of grey in this and I'm by no means an insurance maven (faaaaaar from it). I'm not suggesting that I ask a vendor what their deductible is...that's pretty cheeky....just that I'm like @yssie and rather have my stuff insured in ways I control and understand.

 

[cflutist]

Back in 2014 when we sent my Cut-to-Order CBI diamond to Vatche for setting into their Serenity Pave ring, I had to take out a JM policy for the loose diamond. After I received the completed ring from @Wink I added the ring to my Personal Articles Policy with a different insurer and cancelled the JM policy. But because the JM policy was in force for less than one month, they refunded my premium. I don't know what the rules at JM now in 2018.
I like it so much more now with HPD's custom bench where I don't have to worry about that anymore.

 

[Vera W]

Speaking strictly from Trade experience, Jewelers Mutual ROCKS!! The process is so easy, the customers are happy, JM is happy, and I am happy as it didn't cause either party any heartburn or anxiety. The few non jewelry focused Insurance Company dealings that I have been on the outskirts of, have not been easy for the clients at all. Down right frustrating from what I can tell.

 

[diamondseeker2006]

In my experience, JM is too high. I personally have Chubb (which no longer does standalone jewelry policies) but my daughter had to use JM. Gem Safe is much less for the same coverage and she plans on changing to them.

I also use the vendor's shipping label, but when it's a reset, it is immaterial because you can send the whole ring to the ringmaker and they will remove the stone for you (therefore you aren't shipping a loose stone). I have also used USPS Registered Mail which insures up to $50,000. So there really is zero issue in shipping stones/rings for setting.

As a consumer, I would definitely compare Gem Safe prices and would choose it if lower than JM. Gem Safe offers the same kind of coverage JM does, and they also offer a cash out policy which is like Chubb.

https://www.gemsafe.com/

 

[Resonance.Of.Life]

^ This. Chubb is $260 cheaper for comparable coverage to JM (for my personal valuables policy). Chubb offers both a cash out policy or a replacement up to 150% of the value of your appraised item in order to replace with a similar ring. What I was told by my appraiser is that Chubb policies are cheaper for items worth 25k and up than JM.

I've had to make one claim with JM and it took about 6 weeks to get my item replaced mostly due to the fact that the police report takes 4-5 weeks for the public to get a copy of the report.

 

[Rockdiamond]

Really great thread- informative from my perspective.
Clearly, JM is popular with trade members- good to hear other options are also viable.

 

[yssie]

This. Chubb is $260 cheaper for comparable coverage to JM (for my personal valuables policy). Chubb offers both a cash out policy or a replacement up to 150% of the value of your appraised item in order to replace with a similar ring. What I was told by my appraiser is that Chubb policies are cheaper for items worth 25k and up than JM.

I've had to make one claim with JM and it took about 6 weeks to get my item replaced mostly due to the fact that the police report takes 4-5 weeks for the public to get a copy of the report.

I mentioned I am currently insurance shopping. Chubb's quote is significantly less than JM's for me, as well, for what appears to be the same (very generous) terms - I am in the process of confirming.

 

[poshmommy]

The problem we had with JM was they were NOT willing to cover my recent upgrade because it was too expensive even though I have NEVER made any insurance claims (even auto), have great credit, live in a very low crime area, have a protection trained german shepherd, a husband that conceal carries (Texas...), and an 800 pound fire proof floor vaulted gun safe the ring lives in. Was very frustrating. Our appraiser said he has heard of more clients being turned down by JM for the same reason. GemSafe was fantastic to step in, take over, same policy, lower rate.

 

[skypie]

Just adding this from my other thread:

https://www.pricescope.com/community/threads/gemsafe-insurance-very-poor-customer-service.237262/

Since it details my terrible ordeal with trying to obtain insurance from Gemsafe and my extremely easy and pleasant experience getting coverage from Jewelers Mutual.

TLDR:

Gemsafe = slow, unresponsive, poor communication photo and appraisal requirements. Applied Jan 16, by Jan 23 still did not have coverage.

JM = quick, easy, no appraisal required for WF diamonds, no photos required. Applied Jan 23, by Jan 24 I had coverage.

 

[whitewave]

Update: I am no longer with GemSafe. I have been thinking I had coverage (5 policies) since 1/4/18 when, in fact, I discovered yesterday that I have been uninsured for 3 weeks.

Too much chaos at their offices... "Stephanie thinks you had coverage....". I don't care what Stephanie thinks. Either I did or I did not have coverage. Steaphanie is the UNDERWRITER. She should know if I did or didn't.

I left gemsafe and and splitting my policies between State Farm (where my asscher is) and Ampac (the rest of my personal policies/home/5cars/boat/RV/atv etc

 

[kemurphy]

Has anyone had experience with insuring an antique piece? I would think it would be very hard for them to find a replacement piece as it is a one of a kind piece. Does anyone know how they would handle that?