Chubb & Insurance question

[tdu2000]

****o:

I am in the process of getting the stone insured, before sending it out to a jeweler for setting. I have heard of Chubb in a couple of threads on Pricescope and decided to give it a try.

The 1ct G VS2 loose diamond was appraised at $10500, but I only paid about half of that amount. The setting will cost an additional $800.

I just want to have it insured for the actual cost of about $6,000; however, this is the response from a Chubb agent:
"Chubb & Son has a minimum premium of $200 for a jewelry schedule. In order for me to insure the ring for you with Chubb, we would need to insure it for at least $10,500."

Can anyone comment on this?

I don''t own a home, but my parents have their home insured by State Farm. Can I have it insured under their policy? The appraisal is under my name.

Thanks in advance.

 

[jonny58]

Try using Jewelers Mutual. You can have the diamond insured using that appaisial that you have. After having the diamond set get another appaisial than you can add to you existiong policy.

 

[student]

Try another agent. I insured a ring for $4500 with Chubb with a premium of $67. (I have no other insurance aside from health insurance.) The agent I worked with was great. Her name is Kathy Whiteley. She works for Personal Lines Insurance Brokerage, with is a subsidiary of Chubb. Their website is plib.com. Her phone number is 1-800-754-5431.

 

[tdu2000]

Thanks for the suggestions.

I called PLIB and got the Los Angeles office's number. The premium is about 2% ($114 to cover $6000); however, they don't cover a loose stone.

I also called Farmer Ins. and was told the same thing: don't cover loose stones.

"Jewelers Mutual’s Personal Jewelry Insurance is a repair or replacement policy." However, I would like the option to take cash and find a replacement on my own, should something bad happened to the diamond ring.

I now have no choice but taking chance to have an uninsured stone set by a jeweler.

Crossed finger!

 

[enibas]

yeah, that's CRAP. call another chubb agent. in fact, call three or four or five or six! that's what i did, and it's amazing how many different schpeels they've got. then go with the cheape$t since in the end the policies are exactly the same. i love my chubb, lol...