Chubb Insurance over Gemshield at an added $100 year?

[acurrey3]

I've been researching insurance and was able to get a stand alone Chubb policy for a single ring. I've narrowed down my two options to Gemshield (replacement) and Chubb (cash-out or replacement with an increase in value annually to account for price increases).

The Chubb policy is almost $100 a year more. Thoughts on if it's worth it?

 

[armywife13]

If you read the 4th post down in the thread I am linking, the poster contacted Chubb in the last week or so. I don't know the total dollar value of what you are insuring, so this could or could not apply to you, but It appears that Chubb is no longer doing stand alone policies unless your jewelry totals out at $200,000 or more.

[URL='https://www.pricescope.com/community/threads/stand-alone-chubb-insurance-question.165374/page-2']https://www.pricescope.com/community/threads/stand-alone-chubb-insurance-question.165374/page-2[/URL]

 

[TRIALnERROR]

You may want to check to see if you qualify for insurance through USAA. Not only are their rates very competitive, but USAA gives you several options for replacement, including the option of selecting your own jeweler. They will (based on your appraisal): 1) offer to source a replacement through their store; 2) offer a replacement through any jeweler of your choice; 3) offer replacement value payment; or 4) in the case that your property is under-insured, they will offer you a cash payment for your total policy limit. If you opt for a replacement ring, they have to use equal or better/bigger GIA certified diamonds to your satisfaction. The best part is they let YOU decide the option you want to take. Also, their customer service and turn-around for processing claims is outstanding.

 

[ame]

Chubb over Gemshield but I highly doubt that you're getting a standalone jewelry policy as of this date unless your ring is well in excess of $200K value.

 

[acurrey3]

No. I've read the same about Chubb. But I'm pretty sure this is a stand alone policy? It's "personal inland marine" insurance for a single jewelry item. The item is VERY expensive, but does not come close to meeting the $200,000 range.

For the insured value, the annual premium for Chubb is almost $100 over Gemshield. So my question was, is the added almost $100 per year worth the cash-out and other options over Gemshield replacement?

 

[ame]

No. I've read the same about Chubb. But I'm pretty sure this is a stand alone policy? It's "personal inland marine" insurance for a single jewelry item. The item is VERY expensive, but does not come close to meeting the $200,000 range.

For the insured value, the annual premium for Chubb is almost $100 over Gemshield. So my question was, is the added almost $100 per year worth the cash-out and other options over Gemshield replacement?

Yes because you can choose what you're buying as replacement on your own, IF you choose to replace at all.

 

[sonnyjane]

No. I've read the same about Chubb. But I'm pretty sure this is a stand alone policy? It's "personal inland marine" insurance for a single jewelry item. The item is VERY expensive, but does not come close to meeting the $200,000 range.

For the insured value, the annual premium for Chubb is almost $100 over Gemshield. So my question was, is the added almost $100 per year worth the cash-out and other options over Gemshield replacement?

You can insure jewelry with an inland marine policy?

 

[rubymd]

I just got a new policy from travelers for my new ruby and my other things including my engagement ring. The stand alone is one where they cut a check to me for the agreed value amount from an appraisal. I also added a rider onto my homeowners for a bunch of other things that wouldn't be line itemized out. For the rider on the house I gave an est amount of coverage and will need receipts or appraisals that one is replacement value but the stand alone (since it was a ruby which are harder to replace by the numbers) is agreed value = cash for that amount. I have to get a new appraisal every 5 years. I will likely add my grandmas silver flatware (once I get an appraisal) and my ering (which I need a new appraisal for since it is 20 years old).
So I basically did both. But try travelers. I am not sure if they do stand alone if you don't have something with them or not. But the terms seemed good and the cost was reasonable.

 

[diamondseeker2006]

No. I've read the same about Chubb. But I'm pretty sure this is a stand alone policy? It's "personal inland marine" insurance for a single jewelry item. The item is VERY expensive, but does not come close to meeting the $200,000 range.

For the insured value, the annual premium for Chubb is almost $100 over Gemshield. So my question was, is the added almost $100 per year worth the cash-out and other options over Gemshield replacement?

Yes, absolutely Chubb. $100 a year does not sound like much if you have a very expensive ring. I have Chubb because I like to choose my own diamonds and where they come from! I am sorry it is so hard to get the policies now, but I understand why they have tightened up.