Advice wanted: GemShield vs Chubb insurance

[kaya]

Hello again, I was wondering what your opionions are on the GemShield insurance, has anyone used them, do you think its policy is better or the same as Chubbs? Any experiences/advice wanted. The MichaelB jewellery store has their rings insured out of GemShield but I was wondering what everyone on PS thought before we choose an insurer. thanks!



site for gemshield


site for chubb

eta: fixed links

 

[travl4me1]

At quick glance, gemshield is a replacement policy, much like Jewelers mutual. That is not bad or abnormal, but Chubbs is Full Cash value....and often a steeper premium. Essentially Gempshield replaces, and Chubbs cashes you out. Very much a personal choice. I would get a quote from both and weigh the pros and cons accordingly.

 

[diamondgirl777]

hi. i have never heard of the other insurance company, but my husband and i have all of our valuable possessions insured through chubb and they are wonderful. last year after we returned from our honeymoon we discovered that our a/c unit had leaked and completely destrpyed all of the carpet in our nyc apartment. chubb was there the next day with a representative to look at the damage and within days we had a check for a lot more money than we needed and were able to get wood floors instead! then, just recently, i lost my engagement ring and wedding band and they sent us the check for the full appraied value in less than a week. hope this helps!! good luck.

 

[reena]

i'd much rather have the cash than some insurance company's idea of "like kind" replacement

, so i went with chubb.




diamondgirl--do you have your ring yet? i'm dying to see it!

 

[kaya]

Yeah thats the confusing part, the appraisal of the stone is quite high and the ering band and wband are pricey as well, so we are not sure if anything happens just to have the micb ppl just replace everything, as they said they will replace the stone with the exact dimensions of our choosing, I'm not sure, I guess I'm going to let my bf choose after the asks some more questions. It is a good suggestion to see what the estimated premiums would be like on both policies.

 

[ame]

I went with chubb because those kind of "replacement of "like kind"" policies really screw you because they have specific jewelers who they will use and those jewelers get kickbacks for not giving you the best replacement.

I won't use anything that doesn't just pay out cash.

 

[travl4me1]

Interestingly enough, I tried 2 different companies for a "replacement policy." In each instance, they left off pertinent info about the article. Info that was clearly on the appraisal description, and played a huge factor in it's replacement (and value). I gave them each a second chance and again info was left off. My instructions were to simply copy the info verbatim from the appraisal. I felt as though they were leaving too many openings in my policy to let in an unacceptable replacement. It was beyond clerical error. So I opted for Chubbs as well. A little higher, but piece of mind isn't cheap.