Chubb Insurance

[joseph]

I just called Chubb (1-877-972-8282) to get insurance on an engagement ring and they stated they could not issue a policy until I had the appraisal done. They also insisted I get the ring insured for the full value of the apraisal. In reading message boards and doing research, I thought I remember reading that they only needed a receipt of purchase to insure the ring if I wanted to insure the ring for what I paid. Is this correct or was the lady simply trying to get me to pay more through a higher premium?

 

[Mara]

I think that most companies require an appraisal to insure a stone. Ours certainly did, through both State Farm and Chubb. Your purchase price may be one # and your appraisal may be an entirely different #. People buy stones for $10k and then insure them for $15k when the appraisal comes back at that amount. Or vice versa (!).