Chubb Insurance-Stand Alone Policy no longer available.

[jj970]

Just talked to David Stone. He''s the guy several people have mentioned about getting Chubb Insurance through as a stand alone policy. He told me today that they have discontinued that product. They can write you a policy if you have other insurance with them.

I told him I would post up the news here. He said thanks because he''s tired of getting calls from PS''ers.

I ended up going with Jewler''s Mutual. Not the best situation, since they will write my policy based on the appraisal value which is $10,000 more than I paid for the stone. My premiums are going to be >$600 living in Jacksonville, Florida.

 

[dani13]

Chubb's premium is also based on the appraisal value, not on what you actually paid.

As far as offering stand-alone policies, I believe it is just on a per-company basis. There are insurance companies that sell Chubb insurance and will write a stand-alone policy for a ring. You just have to call around and do your research to find one.

 

[jj970]

Perhaps either he, I or you didn''t understand.

What Dave told me was that Chubb (yes, the entire company, not just him), is not writing these policies anymore. He said no one can write them anymore.

I talked to a local guy here and he agreed.

Perhaps though, he was mistaken. I do not beleive that I misunderstood him at all, as he was very clear.

 

[Regular Guy]

1) My biggest pet peeve/irritation is when people take responsibility for communicating something that is in their purview to know about, and miscommunicating about it. At this point, unless you misheard, I hold David Stone liable for this.

2) I have $2 that says this is, yet again, incorrect.

3) Touchstone and Total Dollar, my $2 says, will offer it to you...presuming you reach a certain minimum, anyway.

If I am correct, David Stone should be called and given some piece of mind.

I'd apologize if I'm proven wrong. Also, I'd be out $2, presuming someones ready to collect.

P.S. I spoke to David Stone myself some years ago...shortly after his agency simply decided to get out of selling this particular sort of insurance, that they had formerly specialized in.

 

[neatfreak]

Date: 1/11/2008 6:12:42 PM
Author:jj970
Just talked to David Stone. He''s the guy several people have mentioned about getting Chubb Insurance through as a stand alone policy. He told me today that they have discontinued that product. They can write you a policy if you have other insurance with them.


I told him I would post up the news here. He said thanks because he''s tired of getting calls from PS''ers.


I ended up going with Jewler''s Mutual. Not the best situation, since they will write my policy based on the appraisal value which is $10,000 more than I paid for the stone. My premiums are going to be >$600 living in Jacksonville, Florida.

Just as an FYI...Jeweler''s mutual will happily insure your ring for the purchase price instead of the appraised price. They did it for me with no problems at all.

 

[diamondseeker2006]

Date: 1/11/2008 6:35:12 PM
Author: Dani
Chubb''s premium is also based on the appraisal value, not on what you actually paid.

As far as offering stand-alone policies, I believe it is just on a per-company basis. There are insurance companies that sell Chubb insurance and will write a stand-alone policy for a ring. You just have to call around and do your research to find one.

Dani, that is not quite true. Only items worth over a very high amount like $50,000 require an appraisal. I insured my diamond for just a little more than what I paid using the jeweler''s valuation from when the stone was set. Then, I submitted my actual sales receipt to insure my WhiteFlash ACA diamond studs because I did not want any inflated value on those.

We have always heard here that some Chubb affiliates won''t write the standalone jewelry policy. Mine was done close to a year ago, but I had no problem at that time. I guess we''ll have to see if any one tries a different agent and gets the same story.

jj970, I would NOT pay a premium for $10,000 over the amount you paid. I''d call Jewelr''s Mutual back and question them about using the actual purchase price. Or I''d call my diamond vendor and tell them you want another insurance appraisal that lists the amount you paid. I just do not believe in overpaying an insurance premium like that.

 

[JohnQuixote]

Ralph Cohen at Touchstone says Ira wins.

They are writing standalone Chubb policies every day - and wish everyone a happy 2008.

 

[surfgirl]

Thanks John...I was about to say, unless I hear that from Ralph at Touchstone, I''m considering it caca. Consider it caca''d.

 

[Modified Brilliant]

This is interesting. About one year ago, I received a phone call from a VP for a large insurance co. who handles Chubb.
She informed me, at that time, that Chubb would no longer be offering stand alone policies for diamond rings. She even
told me that I should discard the brochures that I had in my office.
I''m not doubting the Touchstone policy...just keep hearing conflicting reports for the past year.


Jeff Averbook,GG
Graduate Gemologist/Appraiser
www.metrojewelryappraisers.com

 

[diamondseeker2006]

Date: 1/11/2008 7:56:22 PM
Author: JohnQuixote
Ralph Cohen at Touchstone says Ira wins.

They are writing standalone Chubb policies every day - and wish everyone a happy 2008.

Fixing your link, John:

http://www.touchstoneinsurance.com/

 

[dani13]

Date: 1/11/2008 7:27:57 PM
Author: diamondseeker2006

Date: 1/11/2008 6:35:12 PM

Author: Dani

Chubb's premium is also based on the appraisal value, not on what you actually paid.


As far as offering stand-alone policies, I believe it is just on a per-company basis. There are insurance companies that sell Chubb insurance and will write a stand-alone policy for a ring. You just have to call around and do your research to find one.

Dani, that is not quite true. Only items worth over a very high amount like $50,000 require an appraisal. I insured my diamond for just a little more than what I paid using the jeweler's valuation from when the stone was set. Then, I submitted my actual sales receipt to insure my WhiteFlash ACA diamond studs because I did not want any inflated value on those.


We have always heard here that some Chubb affiliates won't write the standalone jewelry policy. Mine was done close to a year ago, but I had no problem at that time. I guess we'll have to see if any one tries a different agent and gets the same story.


jj970, I would NOT pay a premium for $10,000 over the amount you paid. I'd call Jewelr's Mutual back and question them about using the actual purchase price. Or I'd call my diamond vendor and tell them you want another insurance appraisal that lists the amount you paid. I just do not believe in overpaying an insurance premium like that.

Hi Diamondseeker,

Well, all I know is that when I insured my ring with Chubb, they did required an appraisal, and insured it for the appraisal amount, not for what my husband paid for it. When I inquired about it, I was told by my agent that that was how it was to be done. I dont know if there is a cutoff (like if a ring/diamond was worth a certain amount, the premium was based on the appraisal), but that was how they handled insuring my ring....I didnt question it further after we talked about it..I just assumed that that was how all of their policies were written, but I guess I was wrong.

I am 100% positive though that my agent still writes Chubb stand-alone policies....I just spoke to her recently.

 

[diamondseeker2006]

Date: 1/11/2008 9:27:14 PM
Author: Dani

Date: 1/11/2008 7:27:57 PM
Author: diamondseeker2006

Date: 1/11/2008 6:35:12 PM

Author: Dani

Chubb''s premium is also based on the appraisal value, not on what you actually paid.


As far as offering stand-alone policies, I believe it is just on a per-company basis. There are insurance companies that sell Chubb insurance and will write a stand-alone policy for a ring. You just have to call around and do your research to find one.

Dani, that is not quite true. Only items worth over a very high amount like $50,000 require an appraisal. I insured my diamond for just a little more than what I paid using the jeweler''s valuation from when the stone was set. Then, I submitted my actual sales receipt to insure my WhiteFlash ACA diamond studs because I did not want any inflated value on those.


We have always heard here that some Chubb affiliates won''t write the standalone jewelry policy. Mine was done close to a year ago, but I had no problem at that time. I guess we''ll have to see if any one tries a different agent and gets the same story.


jj970, I would NOT pay a premium for $10,000 over the amount you paid. I''d call Jewelr''s Mutual back and question them about using the actual purchase price. Or I''d call my diamond vendor and tell them you want another insurance appraisal that lists the amount you paid. I just do not believe in overpaying an insurance premium like that.

Hi Diamondseeker,

Well, all I know is that when I insured my ring with Chubb, they did required an appraisal, and insured it for the appraisal amount, not for what my husband paid for it. When I inquired about it, I was told by my agent that that was how it was to be done. I dont know if there is a cutoff (like if a ring/diamond was worth a certain amount, the premium was based on the appraisal), but that was how they handled insuring my ring....I didnt question it further after we talked about it..I just assumed that that was how all of their policies were written, but I guess I was wrong.

I am 100% positive though that my agent still writes Chubb stand-alone policies....I just spoke to her recently.

Hi, Dani. I''d say that if you could get your jeweler to rewrite that appraisal for the amount you paid (plus inflation), you could get that insurance amount adjusted. I know when I talked to GOG about this when I got my diamond, they said they could ethically write the full typical B&M price for that quality of stone, or they could write the sales price and indicate that it was the internet discount sales price (or something like that) on there. So you can get another insurance appraisal and change it if you want. In fact, when I had my ring set in the temp setting, I got the other appraisal, and when I changed to my better temp solitaire, they provided me with one, too! So I had three different values that I could choose from to insure my ring! But like I said, the WF sales receipt had the description of the stones and the price, and I also provided copies of the AGS reports.

 

[HEPennypacker]

Date: 1/11/2008 7:56:22 PM
Author: JohnQuixote
Ralph Cohen at Touchstone says Ira wins.


They are writing standalone Chubb policies every day - and wish everyone a happy 2008.

Yup I got a Chubb policy for my ring through Touchstone just last week. Piece of cake!

 

[Haven]

I have my ring insured through Chubb''s standalone policy, I worked with William Castro at Total Dollar, a PS reference. He was wonderful--fast, easy to work with, and very nice.

Dani & DS--I was told I could insure it for either the appraisal amount OR the purchase amount. (Perhaps an agent earns more money if they insure pricier pieces, and so they had you insure it for the appraisal amount for their own benefit? Maybe it''s the skeptic in me, but I can''t imagine an agent being so misinformed that they truly believe you can only insure a piece for the appraisal amount. Then again, look at what started this thread . . . )

 

[dani13]

DS and Haven,

Hmm...Thanks for the info. Maybe I should inquire about having my premium adjusted. Then again, I am fairly sure the appraisal amount was not entirely over-inflated like some others are....but, I should really double-check my paperwork. It way be worth a call to my agent.


Diamondseeker...I know we have spoken about this before, but do you think that if I wanted to insure some of my other jewelry (my w-band, watch, etc), I should do it through Chubb? Right now the only jewelry I have that is insured is my e-ring, but meanwhile, I really do have alot of other pieces that are worth alot of $$$ that are sitting uninsured, and its making me sick. I inquired about adding them to my homeowners policy, but again, they replace "with like kind," and I dont even think they offer enough insurance to cover everything I have (I believe there is a cap on personal articles with the policy I have). I am really not sure what to do. I know if I go with Chubb for all of my jewelry, I am going to be paying alot of $$ every year for policies with them. But, then again, they are the best....
So, just wanting to see what your opinion was.....Thanks in advance!

 

[Quash]

I got a Chubb standalone policy last month, December, for Mark Morrell engagement ring and wedding band. We have no other insurance through Chubb.

Broker told me that Chubb has "officially" stopped the policy, as it was intended to bring in new clients --young couples-- and then convert them to other Chubb products... but they didn''t like their conversion rate so they are getting out of it. She then proceeded to arrange to have the policy written for me. So, depending on the broker and their relationship with Chubb, it can be done.

 

[jj970]

I guess I should have done more searching or asking about Chubb. I just beleived Dave Stone. But, I went with Jewelers Mutual and they said they could only insure for the APPRAISED amount. Since my appraisal was $10000 greater than the actual price, she said my premiums are going to be higher. She said she couln''t TELL me to get a lower appraisal, but if I did submit a new appraisal with a lower amount, she could adjust my premiums lower.

This was Amanda with Jewler''s Mutual.

I dunno how you other folks did it based on purchase amount.

 

[neatfreak]

Date: 1/12/2008 2:02:01 PM
Author: jj970
I guess I should have done more searching or asking about Chubb. I just beleived Dave Stone. But, I went with Jewelers Mutual and they said they could only insure for the APPRAISED amount. Since my appraisal was $10000 greater than the actual price, she said my premiums are going to be higher. She said she couln''t TELL me to get a lower appraisal, but if I did submit a new appraisal with a lower amount, she could adjust my premiums lower.


This was Amanda with Jewler''s Mutual.


I dunno how you other folks did it based on purchase amount.

They just asked me which one I wanted to insure it for...

 

[diamondseeker2006]

Date: 1/12/2008 2:02:01 PM
Author: jj970
I guess I should have done more searching or asking about Chubb. I just beleived Dave Stone. But, I went with Jewelers Mutual and they said they could only insure for the APPRAISED amount. Since my appraisal was $10000 greater than the actual price, she said my premiums are going to be higher. She said she couln''t TELL me to get a lower appraisal, but if I did submit a new appraisal with a lower amount, she could adjust my premiums lower.

This was Amanda with Jewler''s Mutual.

I dunno how you other folks did it based on purchase amount.

Tell whoever did your appraisal that you want the TRUE value...the purchase price, listed on the appraisal. That is the REAL replacement cost!

 

[diamondseeker2006]

Date: 1/12/2008 10:47:11 AM
Author: Dani
DS and Haven,

Hmm...Thanks for the info. Maybe I should inquire about having my premium adjusted. Then again, I am fairly sure the appraisal amount was not entirely over-inflated like some others are....but, I should really double-check my paperwork. It way be worth a call to my agent.


Diamondseeker...I know we have spoken about this before, but do you think that if I wanted to insure some of my other jewelry (my w-band, watch, etc), I should do it through Chubb? Right now the only jewelry I have that is insured is my e-ring, but meanwhile, I really do have alot of other pieces that are worth alot of $$$ that are sitting uninsured, and its making me sick. I inquired about adding them to my homeowners policy, but again, they replace ''with like kind,'' and I dont even think they offer enough insurance to cover everything I have (I believe there is a cap on personal articles with the policy I have). I am really not sure what to do. I know if I go with Chubb for all of my jewelry, I am going to be paying alot of $$ every year for policies with them. But, then again, they are the best....
So, just wanting to see what your opinion was.....Thanks in advance!

Dani, I always had my jewelry on my homeowner''s insurance rider in the past. I only insured things worth over $2000 or so. I decided to put the new e-ring and studs on Chubb, because it was extremely important to me to be able to replace those from particular vendors. When you spent months finding the right stones, there was no way I''d let them replace diamonds with just any stones, even if they were "excellent" cut! So I just put those on the Chubb, because of that reason and the fact that those were the only things I had current appraisals or sales receipts on. I do have a 4 ct. diamond bracelet that is underinsured, and I do need to get a current appraisal on it, and then I''d probably add it on to the Chubb. By all means insure things that you''d want to replace in case of loss and wouldn''t want to shell out the money to purchase again.

 

[ljmorgan]

Have to disagree with Dave Stone on this. You can get a stand alone policy through:

Georgia Moschonas
Flather & Perkins
888 17th Street, NW
Washington, DC 20006
(202) 466-8888 (800) 422-8889
http://www.flatherperkins.net

I went with them. Also I was insured for PURCHASE price, not the APPRAISED price. Definitely makes a difference. I''m paying $200 flat for $15,000 of coverage.

 

[ljmorgan]

Date: 1/12/2008 10:47:11 AM
Author: Dani
DS and Haven,

Diamondseeker...I know we have spoken about this before, but do you think that if I wanted to insure some of my other jewelry (my w-band, watch, etc), I should do it through Chubb? Right now the only jewelry I have that is insured is my e-ring, but meanwhile, I really do have alot of other pieces that are worth alot of $$$ that are sitting uninsured, and its making me sick. I inquired about adding them to my homeowners policy, but again, they replace ''with like kind,'' and I dont even think they offer enough insurance to cover everything I have (I believe there is a cap on personal articles with the policy I have). I am really not sure what to do. I know if I go with Chubb for all of my jewelry, I am going to be paying alot of $$ every year for policies with them. But, then again, they are the best....

So, just wanting to see what your opinion was.....Thanks in advance!

Hey Dani, ask your Chubb agent about a jewelry umbrella policy. Let''s say your engagement ring is worth say $10k, you can buy say 15K, 5k covering all of your other jewelry. Obviously, you can buy more than 5k of extra coverage!

 

[Beacon]

Don''t know if it means anything for a new policy, but I just received the renewal on my existing stand alone jewelry policy with Chubb in yesterday''s mail. Everything looked perfectly in order to me.

 

[Apsara]

Total Dollar writes them; I have one.

 

[BigDiamonds]

This may be way more information than most of you want, but it may explain some of the confusion:

Chubb is the actual insurance company, as in the one who bears the risk. Insurance companies can write their own policies directly through their own agents (or independent agents), or they write through an intermediary company. The second company handles all of the customer service, underwriting (within guidelines), policy issuance, etc. for the policies. They retain a service fee and pass the on majority of the premium and all of the risk to the insurance company.

When agents say that Chubb does not offer stand-alone jewelry policies anymore, it may mean that Chubb has instructed its own agents not to sell those policies. However, they may still be available through special programs administered through a third party, like Touchstone. It would be like Dunkin Donuts deciding not to sell its coffee in it''s own stores, but continuing to sell in supermarkets (but not as weird

.)

That doesn''t explain why it sounds like some people are getting stand-alone policies directly through Chubb, but maybe this is part of whats going on?

 

[mikea128]

FWIW, here''s my experience from calling around today.

William Castro at Total Dollar told me Chubb was no longer doing jewelery only policies. He recommended I add it to my home owners or renters insurance.

Ralph at Touchstone told me that Chubb requires a $10000 minimum for a jewelery only policy, but they were otherwise still available. He pointed me towards GemShield''s replacement policy that lets you work with the original jeweler, which seems reasonable to me.