Chubb direct line said only from certain stores??

[JulieA]

I see there is a lot of drama about getting insurance. I called the Chubb direct line found on another thread and they said they would only insure stones purchased from particular stores with whom they have an agreement with and that includes diamonds. Is this really true? I noticed some people said they might only insure from Blue NIle- but others went around about way to get insurance. I need insurance asap that includes setting before I send a stone to Lean so any numbers for agent who will work in CAlifornia is appreciated. I have been told I should definitely get one offering cash payout because it will be very difficult to get replacement stone of similar size/ quailty for tanzanite.

Thanks!

 

[JohnQuixote]

Just wait until someone loses an uninsured ring. Then you'll see drama.

In addition to other resources, you might contact Ralph Cohen at Touchstone: 1-866-725-1999. They write Chubb and Gemshield policies and may be able to provide clear answers.

 

[denverappraiser]

Touchstone is a Chubb agent licensed in California. www.touchstoneinsurance.com

I’m not generally all that fond of the argument that cash out policies are better in all cases than the replacement type because it depends on the details of both the item and the policy you choose. Replacing Tanzanite isn’t generally all that tough although there are certainly some issues to deal with to make sure you get proper replacement. The replacement type policies are usually considerably less expensive, sometimes as much as half the price and this is attractive to some people despite some inconvenience in the case of a claim.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Jewelry Appraisals in Denver

 

[Regular Guy]

Date: 7/18/2007 11:42:59 AM
Author:JulieA
I see there is a lot of drama about getting insurance. I called the Chubb direct line found on another thread and they said they would only insure stones purchased from particular stores with whom they have an agreement with and that includes diamonds. Is this really true? ....

Is this true...only BN, or available in agreement with perhaps another company?

No.

But, isn't it pathetic Chubb's front line tells you this?

Are they reading this?

As reviewed, Touchstone seems to be helpful (we read this here), and possibly Total Dollar (search here), and for Chubb...possibly your expense needs to approach $10 K for anybody to say yes.

JM is good especially in unique cases where you're seeking to do it yourself with a setting...not using the diamond vendor as the source. Also, either JM or possibly Touchstone's other unit for replacement type...and opening up lower $ purchases.

Also, if a homeowner, or possibly renter...you can get a jewelery rider...which might provide a convenience for handling paperwork.

There's other miscellaneous options...like State Farm (and perhaps others) who do a stand alone jewelery policy.

Regards,

 

[denverappraiser]

I’m fairly certain that Chubb policies are only available on finished jewelry and, as Ira mentioned, they have a minimum. Among other things, this means that they do not cover the setting process, which seems to be your objective. As far as I can tell, JM (www.jewelersmutual.com) is the only company currently offering a policy that covers this and they are remarkably ambiguous in their advertising about how to do it. It requires an appraisal that includes the mounting that you intend to set it into.

I'm fairly certain that State Farm doesn't offer a stand alone jewelry policy except in very specialized cases but I'm sure any SF agent can provide better information than I about this. Their standard offering is in conjunction with a homeowners or renters policy.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Jewelry Appraisals in Denver

 

[surfgirl]

Julie if you do a search for insurance you''ll find a ton of information on this issue so I''m not going to re hash here...But, suffice to say that if you call your local Chubb agent they know next to nothing about insuring an ering or any piece of jewerly of a high value. It''s shameful. Ralph at Touchstone does a ton of policy writing for this sort of thing so he knows for sure all the answers. I went through him because he made it so easy. There is, however, a minimum, I think it''s in the $10k area and you must have a recent appraisal.

 

[JulieA]

Called Ralph at Touchstone and he was VERY helpful and informative! Thank you! I think am going with him...

I do understand that insurance does not cover damage while setting and Leon Mege said his insurance will only cover stolen or lost- not damage. Jewelers Mutual is only company that will insure while setting- but I hear mixed reviews. Some love JM, some think vague policy- but has anyone tried to make a claim for stone damaged during setting? Is it realy worth going with JM- or do I hold my breath and trust stone is in good hands with Leon and then use Chubb or Gemshield for stone after set?

 

[denverappraiser]

I have had clients successfully make a JM claim for damage done during setting and who were very happy to have had this policy.

With most stones and mountings your risk of damage during setting is quite low. For over a decade I was a professional setter and set many stones per day as well as being the employer of many others who did the same. I damaged fewer than half a dozen significant stones in my entire career (I’m not including the little side stones that are common in many designs. They’re easier to break and not nearly as memorable). Leon is a pretty compulsive fellow and I suspect his record on this is quite good. I think you'll be safe in his capable hands but if you're inclined to worry about these things, the JM policy is a cheap way to buy some sleep. They cost about the same as similar policies from other companies and you get a full year of coverage for your premium. There's no 'extra' fee for this added coveraege.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Jewelry Appraisals in Denver

 

[JulieA]

Thanks for all the help! Spoke with Leon about insurance, etc. and even though tanzanite is more fragile- I feel really confident that he will take good care of stone while in his shop. If stone is ruined while with him- I say it is fate that I should have followed everyone''s advice and not put tanzanite in a ring in the first place.

So going with Touchstone agent once set and stone is in the mail- USPS registered-insured as recommended by Leon. He will have it in a few days!!! Can''t wait to wear it- going with a classic 3 stone and I will post pics on colored gem forum when complete- and post one here for all you Leon fans.

Tanzanite stone is 6.98ct, vivid blue octagon. Leon will outsource trap side stones.

It is going to be my special special occasion ring!!

Yea!!