insurance policy help...urgent

[rxtasy74]

As if buying the diamond wasnt complicated enough now comes the insurance process. I was told/read that Chubb is a great policy because they write the insured a check if lost/stolen/damaged. However, I called the local agent that represents chubb and she had some unusual advice. She said most ppl just schedule a seperate endorsement on their renter/homeowner''s insurance. She said she wasnt sure if chubb would take a stand alone policy on an engagement ring.

Alright, so we call our all-state renter''s insurance agent today. He says they will cover it with a faxed appraisal to them and it is 13 bucks per grand per year. I aske him to fax the policy. I get the fax and it doesnt really say anything. We call him back to ask about whether it needs to be inspected and what exactly happens if the ring is lost/stolen/damaged? He says no inspections are required and if something happens to the ring they will work with a local jeweler to get the same ring for us. He did not have a list of jewelers but said it would be similar to a Kay Jewelers. This is bullcrap.

The only other insurance I know of is the Mutual one. Was the lady correct about Chubb? Any advice? Thanks

 

[laney]

Well, I can tell you from my experince 3 weeks ago - it''s actually not bullcrap.

I was insured by a rider on Allstate.

I broke my center stone.
I called and made the claim. (my rider paperwork didn''t say anything BTW)
They called me back - and I went to see "their jeweler"
I told them I wanted the same replacment H&A, etc.. etc.
They didn''t have a matching stone - they cashed me out.
They sent me a check.

Total time

Monday - Called for claim
Friday - They mailed check.

YES, I was surprised. First, that I broke my diamond, and second that ALLSTATE did, what I think was a great job in getting me back to where I need to be.

Please ask if you have any questions!

 

[abradabra]

I have a stand alone policy from Chubb, which wasn't a problem at all for the agent I used. I understand that people have had widely different experiences with Chubb depending on the agent they used.

Jeweler's Mutual is another common insurance carrier. You should check out their website to see if that is more ammenable to you. It sounds like, from Laney's experience, you wouldn't have as many problems as you anticipate with Allstate. Again, that may vary from agent to agent though...

One suggestions I've read quite a bit on the boards (and think is a great idea) is give your insurance company a super-detailed appraisal of the stone (including documentation of H&A, crown/pavilion angles, Idealscope images, anything else that is important to you). That way, if the stone ever needs to be replaced, both you and the company have documentation of what made your stone worth so much (vs. just getting any old stone of the same carat weight, color and clarity).

 

[RockDoc]

It is patently obvious that the Chubb person you spoke to does NOT know about the stand alone coverage for enegagement rings.


try Bill Castro he is a Chubb agent licensed in EVERY STATE. http://www.totaldollar.com or

Georgia www.flatherperkins.net

If those two don''t answer your questions sugficientlyl, ask again here, and I''ll give you some more agents.


Rockdoc

 

[rxtasy74]

Thanks for all the responses.

Sounds like allstate did a great job for you. The "surprisingly" part is what i''m not willing to risk. I''m not fond of the idea of being "surprised" by a replacement procedure. If I''m paying for a policy I''d prefer to have the exact procedure for replacement outlined in the contract. Then, if something happens I know what i''m entitled to in black and white.

 

[laney]

I agree about the "surprisingly".

However, I am referring to how easy and quick it was using the replacement policy. Hubby did all the work setting it up. So I wasn''t aware of the policy we were buying. My surprise was the ease of the process.

Since I did not buy or investigate the process.. I guess it all would have been a surprise.

It sounds like you probably will get a stand alone policy to better meet your needs, however, your allstate rep or someone from there could explain to you what is covered and how the process works. For me, with all state - it was the same process as any other claim - when damage occurs, they replace the property like and kind.

I live in the NYC Metro area - so my "jeweler" was a wholesaler on 47th street. He inspected the damage, and then took my salvage (old stone) and showed me new stones that were close to my criteria. If I would have selected a stone - they would have set it immediately. However, after evaluating my situation - he reccomended to allstate that they re-imburse me - and it was done immediately.

I''m sure your allstate person can fill you in - but there are many other companies that offer coverage, so you are by no means stuck.