Appraisal/Insurance!??! I''m so confused... :(

[ericarose]

I have more questions... I suppose I should have added this onto my last post (Chicago Area Appraisers).

I just received my diamond today, and am trying to figure out when/where to get it insured?? The stone will be loose for awhile while I find the setting I want, so should I have it insured during this time while it is sitting in the box? Is it even possible to insure a loose stone? I have read some posts where people said that the insurance company would not cover a loose diamond... It seems like I'd want to have it insured while it is being set in case something happens (Which leads to another question - do I have the online vendor where I bought the stone set it, or do I have the online vendor where I bought the setting set it? Or just a local jeweler?) And also, do I need to get my stone appraised now, and then after it is set? Sorry for the long list of questions, I'm just very confused on the whole process of what to do now that I have my diamond and I need some guidance from all you pros at PS

 

[stone-cold11]

It is possible to insure a loose stone with Jewelry Mutual, that also covers the setting insurance, so you can have it set with the local jewelers if they do not want to cover it for damage during setting. The online vendor who sell it to you will cover the stone during setting.

Also, appraisal of the stone is more accurate loose than set, so if you want to get it appraised now, sure. After setting, if you sent it to the same appraiser, only a smaller additional charge will be added for the entire piece to be appraised.

 

[Lorelei]

Date: 6/4/2009 3:17:50 AM
Author:ericarose
I have more questions... I suppose I should have added this onto my last post (Chicago Area Appraisers).

I just received my diamond today, and am trying to figure out when/where to get it insured?? The stone will be loose for awhile while I find the setting I want, so should I have it insured during this time while it is sitting in the box? Is it even possible to insure a loose stone? I have read some posts where people said that the insurance company would not cover a loose diamond... It seems like I''d want to have it insured while it is being set in case something happens (Which leads to another question - do I have the online vendor where I bought the stone set it, or do I have the online vendor where I bought the setting set it? Or just a local jeweler?) And also, do I need to get my stone appraised now, and then after it is set? Sorry for the long list of questions, I''m just very confused on the whole process of what to do now that I have my diamond and I need some guidance from all you pros at PS

Yes you can try www.jewelersmutual.com , if no joy for insuring the loose diamond try

www.chubb.com