Appraisal for JM Insurance Policy

[smilligan]

Hey, all. I picked up the ring earlier today. I'll post some pics as soon as I can. My SO is making dinner right next to me, so I can't do it ATM. I took a LOT of pics, but they are all from an iPhone, unfortunately. Still, I think that I managed to capture a few pretty good ones. Anyway, I want to get a JM policy ASAP. I asked for a last minute appraisal from Pearlman's as they were shipping out the ring - literally. They were happy to oblige, but it isn't exactly what I wanted (which is partly my fault). The main problem is that it doesn't list the piece as custom and it has the wrong setting tcw. The stats that are listed are for the original Ritani ring on which my changes were based. So, my question is this: should I try to get a policy with the current appraisal, even though I know that it's incorrect? There isn't a picture of the ring, either. If I do apply for the policy now, would I be able to update it later with a new appraisal (which would list different stats)? I was hoping to find a reputable, independent, local appraiser, but I haven't had much luck, which is the reason I requested a last minute appraisal from Pearlman's for insurance purposes. If the policy can be updated with the new appraisal when I get it, that would be great. I just don't want to be without insurance.

 

[SMC]

Hey, all. I picked up the ring earlier today. I'll post some pics as soon as I can. My SO is making dinner right next to me, so I can't do it ATM. I took a LOT of pics, but they are all from an iPhone, unfortunately. Still, I think that I managed to capture a few pretty good ones. Anyway, I want to get a JM policy ASAP. I asked for a last minute appraisal from Pearlman's as they were shipping out the ring - literally. They were happy to oblige, but it isn't exactly what I wanted (which is partly my fault). The main problem is that it doesn't list the piece as custom and it has the wrong setting tcw. The stats that are listed are for the original Ritani ring on which my changes were based. So, my question is this: should I try to get a policy with the current appraisal, even though I know that it's incorrect? There isn't a picture of the ring, either. If I do apply for the policy now, would I be able to update it later with a new appraisal (which would list different stats)? I was hoping to find a reputable, independent, local appraiser, but I haven't had much luck, which is the reason I requested a last minute appraisal from Pearlman's for insurance purposes. If the policy can be updated with the new appraisal when I get it, that would be great. I just don't want to be without insurance.

I have a JM policy. I originally had it insured for the ring in a setting I got from JA (JA also provided me with an appraisal). I switched out the setting for my Sholdt setting. Sholdt provided me with an updated appraisal to match what I now have. I submitted the appraisal to JM and they updated my policy. Since my appraisal from Sholdt was for my purchase price and my appraisal from JA was inflated, I actually had a reduction in premium so I got a refund.

So yes, you can get insurance for the ring as it is now. I'd make sure to get an updated appraisal with the exact specifications of the ring, especially in regards to the center stone. If your stone is lab-graded, you'd want to list the cert number on the appraisal as well.

 

[c-k]

Don't need an appraisal...insure it for what you paid, use your sales receipt, that is what you should insure it for anyway. If you purchased from a good vendor, the receipt will have all required specs needed.

 

[SMC]

Don't need an appraisal...insure it for what you paid, use your sales receipt, that is what you should insure it for anyway. If you purchased from a good vendor, the receipt will have all required specs needed.

You might want to check with JM if they will allow using a receipt. I know when I bought my policy, their online rules stated that they required an appraisal for purchases over $5k.

 

[c-k]

I have several pieces insured with JM, never used any appraisal, always a receipt that detailed the item. Why would you want an inflated appraisal which will only cost you money for that as well as more cost for the insurance.

 

[SMC]

I have several pieces insured with JM, never used any appraisal, always a receipt that detailed the item. Why would you want an inflated appraisal which will only cost you money for that as well as more cost for the insurance.

Most jewelers will issue you an appraisal for free and you can specify that you want the appraisal to state the appraised value as the purchase price.

This is taken from the JM site. You can check with the JM rep to see if they'll let you use the receipt, but it does say on the site that they require an appraisal for items that are more than $5K.

 

[smilligan]

Thanks for the reply, guys. The ring was over $5k and I specifically asked for an appraisal of what I paid. Which I got. I'll get the policy now and update it later.

 

[diamondseeker2006]

The main thing is that the diamond is reported correctly. I always send a copy of the grading report with the receipt or appraisal. A picture is not really necessary. I wouldn't make a claim on a setting anyway. I insure in case the diamond is damaged or lost.

 

[Resonance.Of.Life]

I submitted the receipt for my 4.00 cushion and it was well over 5k. JM never asked for an appraisal.

 

[denverappraiser]

Call up whoever signed the appraisal and discuss your issues with them. This all may be easier than you think.

 

[smilligan]

The main thing is that the diamond is reported correctly. I always send a copy of the grading report with the receipt or appraisal. A picture is not really necessary. I wouldn't make a claim on a setting anyway. I insure in case the diamond is damaged or lost.

The diamond is reported correctly in the appraisal. I will send the GIA cert with it, though. Why wouldn't you insure the setting? That was really the most difficult/expensive part of the ring. My SO likes very unique and delicate settings, so I combined elements from several different rings. If the ring was lost/stolen, I would be more worried about replacing the setting than finding a comparable diamond.

 

[smilligan]

Call up whoever signed the appraisal and discuss your issues with them. This all may be easier than you think.

Thank you for the response. I sent an email earlier, but I'll try to call tomorrow.