Chubb Insurance Question - 50k?

[JimHanson]

Hey,

Just found these forums. I''m thinking of having my jewelry collection insured with Chubbs rather than State Farm. I DO have appraisals for everything. On the website it states that appraisals are only needed for items $50k and up. I don''t have a single item that is appraised for more than 50k, but the items'' combined appraised values will be more than 50k.

Will they accept my appraisals (2005 and 2006 - pretty recent) or will they send me to use one their appraisers for a new value? Will appraisals be necessary since no single items are values at more than 50k? Either way, I have them just in case.

Thanks for your comments,
Jim

 

[Garry H (Cut Nut)]

Bump for when they all wake up

 

[denverappraiser]

Good morining Jim,

Chubb is a pretty cooperative company. I’m sure they will be thrilled to have your business. It is necessary to define each item that is part of the policy but customers often can sufficiently do this using purchase receipts and other paperwork supplied by the original seller. For very expensive items, they (and others) require a 3rd party verification of the important details but they are happy to accept it on less expensive items as well. I've enever heard of them or any other insurance company requiring you to go to one of 'their' appraisers to assign a value as part of the underwriting process. This would be a conflict of interest for both the company and the appraiser.

Appraisals should be recent. 2005 & 2006 will be just fine.

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

 

[JimHanson]

Date: 12/13/2006 8:45:57 AM
Author: denverappraiser
Good morining Jim,

Chubb is a pretty cooperative company. I’m sure they will be thrilled to have your business. It is necessary to define each item that is part of the policy but customers often can sufficiently do this using purchase receipts and other paperwork supplied by the original seller. For very expensive items, they (and others) require a 3rd party verification of the important details but they are happy to accept it on less expensive items as well. I've enever heard of them or any other insurance company requiring you to go to one of 'their' appraisers to assign a value as part of the underwriting process. This would be a conflict of interest for both the company and the appraiser.


Appraisals should be recent. 2005 & 2006 will be just fine.


Neil Beaty

GG(GIA) ICGA(AGS) NAJA

Professional Appraisals in Denver

Thanks for the response Neil. As paperwork goes, is the appraisal that was received when I bought the items sufficient? I dont think that I have any of the receipts anymore for anything bought within the last couple years. And as I said earlier, most are somewhat recent. However anything that I do have that is more than 5 years old I DO have a receipt for. Not sure why I didnt keep the newer ones, just didnt think it would be necessary since appraisals were so recent I guess.

Thanks again,
Jim

 

[denverappraiser]

The date shouldn't be a problem and I can't otherwise address whether they will be sufficient. Their requirements are extremely easy and most seller supplied are acceptable to them, especially if they list the transaction price and not some inflated 'feel good' value. Talk with your agent about it.

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