Can someone give me a quick overview of e-ring insurance 101?

[Quincy]

I''m about to purchase an e-ring, but I don''t know how to go about finding an insurance for it. I''ve read some searches on "CHUBB"? What is CHUBB? Any recommendations for an insurance company that will insure the rock in the Bay Area?

 

[RockDoc]

Chubb is a long time established, highly rated insurance company who will write insurance coverage on an engagement ring on the basis of Agreed Value, which is different from most common policies. In the event of a loss they pay you in cash for the amount insured, or if the cost of getting a new diamond is greater, they will pay up to 50% additional in settling your loss.

Most insurance companies insure jewelry on a replacement basis. This means that they will send you to their replacement source, and you''ll get a replacement of the item to settle your claim. However if the cost increases they will not pay more than the amount you insured it for, and if you want a cash settlement, they will only pay based on THEIR cost to replace the article.

If you need to speak with a Chubb agent, PM me and I will provide you with agents who can write this type of policy in your area.

Rockdoc

 

[lmurden]

Go to http://www.chubb.com/personal/home.jsp

You must first have the ring appraised.
If you can''t get Chubb to insurance then use your home/renter''s insurance. I have Chubb and love them becuse they will cash you out!

 

[Rank Amateur]

You can tack it on to your homeowner''s, but be very careful and read the fine print!

 

[RockDoc]

Date: 11/6/2005 4:45:25 PM
Author: lmurden
Go to http://www.chubb.com/personal/home.jsp

You must first have the ring appraised.
If you can''t get Chubb to insurance then use your home/renter''s insurance. I have Chubb and love them becuse they will cash you out!

With Chubb you don''t need an appraisal if the jewelry item is going to be insured for less than $ 50,000.

Here is a paste from their site :
___________________

Hassle-free appraisal requirements. Unlike many other insurance companies, Chubb does not require an appraisal for every piece that you itemize. For most possessions, we simply need a description of the item and a value. We generally require an appraisal only for fine art worth more than $100,000, jewelry worth more than $50,000, and any other item valued over $25,000.

________________

Rockdoc

 

[leeenie]

Another Q about Chubb: does the amount of coverage required vary by state? I just spoke to a Chubb agent in my state who told me that they will only insure for jewelry over $25,000.
Thanks.

 

[movie zombie]

and is there a Chubb in the bay area? i, too, would like to know....

peace, movie zombie

 

[RockDoc]

I''ve been told that only some of the agents can write the standalone Chubb Engagement ring coverage. Many local agents are far from knowledgeable about the program Chubb offers. I suggest the two people below because they both can write coverage for you in your state, and both are extremely courteous and know the program well.

With the agents that do have the authority to write this coverage, Chubb doesn''t require a full blown appraisal like you should have for a standard replacement policy.

Chubb requires an appraisal on items over $ 50,000 but they will insure a small purchase as well.

Both agents that I''ve posted here are licensed to write California coverage.

David Stone & Mike Sauer - Plastridge Agency 800-473-6603

and

Bill Castro - Total Dollar Insurance Services - 800-962-5659 www.totaldollar.com


You shoiuld discuss any issues about it with a liicensed agent. I suggest you talk to each of them, pick the one you like the best, but have only one give you a quote. Chubb protects the first quoting agent, and the rates will be the same. Just talk to the agent and pick the one you personally like the best


Both of the above guys are very helpful and cooperative.


Rockdoc

 

[HeeBeeGB]

How about in Canada???

 

[RockDoc]

Date: 11/29/2005 4:33:02 PM
Author: HeeBeeGB
How about in Canada???

Call BIll Castro - 800-962-5659


I spoke with him about another Pscoper''s policy appraisal details and I asked him.

There may be something he can do, but since he is a licensed agent and I am not, it is better to work that out with him.

I did mention to him that more and more folks from Canada need a Chubb agent.

Rockdoc

 

[TechSales]

Sorry to ask but I pick my my e-ring on Friday - is there an agent in MA?

 

[HeeBeeGB]

Bills A nice guy....Just spoke to him. I guess there are about 17 brokers here in town that deal with a Chubb policy.