Chubb Insurance!

[Rook]

Hello All.

Well I finally made a decision on a diamond and the setting. I am buying a pear diamond from Jonathan at GoodOldGold and having Mark Morrell make a custom platinum ring. I am also having the Dave Atlas perform the appraisal. I will tell more about all of that later.

Now, I need to insure the ring. I have decided (I think) to go with Chubb Ins. based on their policy for "as declared value" and to either cash out or allow you to pick a retailer to replace the ring with. But I do not know which Chubb Ins. representive to use.

I called a few that Chubb list on their website, but they will not give jewelry insurance only. I call the Grand Rapids branch, but there is no answer and the mailbox is full.

Does anyone know a good Chubb agent that deals with jewlery insurance and offers good customer service????

I called AAA, who is my regular ins. comp. But they will only replace the ring with one they find for you. I don''t like that policy.

Thanks for the help.

 

[Rook]

Ok, I just called the Chubb main line, 800-884-3770, and they will offer jewelry insurance only, but they value the jewelry based on appraised value, not declared value as I thought was the case.

Has anyone heard of this policy?

Also, I asked about the "wear and tear" exclusion. The response I received was that that exclusion applied to the valuble items policy as a whole and does not necessarily apply to jewelry. Not satisfied with that answer I asked if a girl wears a ring and somewhere along the way it gets chip, is that covered, or excluded under the "wear and tear" policy. Answer: Covered.

Has anyone received similar responses??

 

[Mara]

I was part of a few threads over the last few weeks where we discussed Chubb and State Farm and others. You may want to search them out.

I just insured my ring with Chubb yesterday. We were thinking of SF and then went with Chubb because the premium was only slightly higher and I liked their 'no fuss' policy. They only have 4 exclusions with relatively little exceptions.

I asked about my ring chipping, because I was also concerned, and the woman I spoke to (btw I called Chubb direct and did not bother with an agent...others have done this as well: 877.972.8282) said that if it was an accidental chip, the adjuster would have to make the call on it, but if it was obviously a chip and done because of a hit or something NOT intentional, they'd cover it.

She seemed very trusting and when I faxed my appraisal, they didnt even want the whole thing, just the page with the dollar amounts and the pix and specs on the ring. When I asked if they wanted the name of the appraiser, her info or her seal or resume, etc..they said no..that they trusted me. OKAY.

Also she asked me how much I wanted to insure the ring for. When I said 10,600 she goes..oh so you want to use the appraised value? That told me that I had the choice of using declared (or what we paid) value if I wanted to. But I did not ask to clarify.

I would call the direct # above tomorrow (they are closed now), and talk to someone else. I had also seen other posts from people on here who did not like working with Chubb agents and preferred the treatment they got working with the company's employees directly.

Good luck! I also want to say that from what I have heard Chubb has a great reputation, so I would assume their higher premiums mean 'less bullshit'....we hope anyway.

 

[Rook]

Thanks Mara,

I did read the other threads and they were helpful. I guess I should have done a search first. Have or anyone else ever used Chubb for other things? Homeowners, Renters, Auto, ect??

 

[klein103]

I actually know a guy who is a vp for a company that represents Chubb. ill send you his number but beware, i have a very large stone (high value) chubb was much higher for insurance than i am paying. close to double. i use state farm i have no love ofr them they are fair i called around they had the best rate. On replacement my broker assured me that they would match the cert on my cert and you can always apeal for the value.


Good luck

 

[DiehardSearcher]

klein,

I think you are missing the point Mara is making about the "no fuss" happy feeling she gets. The cert does not cover all aspects of the diamond, and therefore cannot relay all information that would be necessary for an insurance company's selected vendor to replace like with like.

I am quite sure my diamond (who cares high value or low value, most of your readers have high value stones) would be replaced with stone that is less appealing, of less value, and of less demand than the one it replaced.

Every insurance policy I've ever taken out or seen has an appeal of value.

If you do not feel the need to protect your asset in this manner and are comfortable with your cheaper rate, that is very understandable. I suspect most on this board feel that the certificate alone isn't enough information to protect their asset, especially if the insurance agent has the right to provide the replacement.

I too will insure with Chubb when my ring arrives next week (finally).

 

[Rook]

I called chubb. Estimate on $6500 is $102 / year in Michigan. Less than the $206 / year quote to have a rider on my renters insurance.

I am planning on going with them, but I need to make sure I can use a "declared value" as opposed to the "appraised value". I don't see the reason behind paying premiums based on the high appraisal value.

 

[ame]

I have Chubb as of this week. I haven't heard anything other than glowing reviews from both my jewler and clientele and other friends. They are more high-end so they know how to treat folks.

I pay about 90 for 6K in coverage for my engagement ring and my "promise" band.

 

[verticalhorizon]

I called a Chubb agent in my area, but wound up going with Travelers for my new renters and jewelry rider.

My agent indicated to me that in the event of loss or theft, I would be issued a check... identical to how Chubb would work, only the premiums were lower.

When reviewing the policy documents it says:

General Exclusions:

We do not cover:

1. Loss caused by wear and tear, gradual deterioration or inherent vice.
2. Loss caused by insects or vermin. (Huh?)

and some other stuff that applies to other valuable non-jewelry articles.

What do you supposed regular wear and tear and gradual deterioration cover? I certain hope a rat doesn't bite the FW's ring finger off and run away with her ring!

 

[baltneu]

Hey Rook
As you have done, read the threads, I don't think there is any more new info out there. There are pros and cons to all decisions, best of luck

 

[noobie]

----------------
On 7/8/2004 12:00:03 PM verticalhorizon wrote:





We do not cover:

1. Loss caused by wear and tear, gradual deterioration or inherent vice.


----------------

Could this ever be interpreted as wear and tear on the prongs and if you don't have them inspected/repaired regularly and the diamond falls out, you're not covered?

 

[verticalhorizon]

That's exactly what I'm wondering. Even if you do have your ring checked out, say once a year, what happens if you give it a good wack on the subway and it falls out? Is it covered then?

So hard to say... and you know insurance companies are so crafty.

 

[Odinsmom]

I hope Chubb is as good as everyone seems to think. I called in a loss to my ring today with Chubb and so far, I'm not impressed. I have the Valuables Article Policy and was under the impression that Chubb would just cash out for the appraised value. Looks like thats not the case. They are calling the jeweler who inspected the ring to see about 'fixing' the stone and not cashing out like I expected. I'm not thrilled about having a chipped diamond recut and being reimbursed for the lost carat weight. I'm a cut freak so a recut isn't going to make it with me. Looking at the stone under the jewelers magnification, the crack goes about a third of the way across the stone. I would guess there would be a fair amount of carat weight lost let alone the symmetry of the stone.

 

[verticalhorizon]

Oh my... please let us know what the resolution is. Very interesting. I'm so sorry!

Did the insurance company go into how it was chipped or damaged or just go straight to the jeweler who appraised it?

Thanks.

 

[baltneu]

I hope Chubb is as good as everyone seems to think. I called in a loss to my ring today with Chubb and so far, I'm not impressed. I have the Valuables Article Policy and was under the impression that Chubb would just cash out for the appraised value. Looks like thats not the case. They are calling the jeweler who inspected the ring to see about 'fixing' the stone and not cashing out like I expected. I'm not thrilled about having a chipped diamond recut and being reimbursed for the lost carat weight. I'm a cut freak so a recut isn't going to make it with me. Looking at the stone under the jewelers magnification, the crack goes about a third of the way across the stone. I would guess there would be a fair amount of carat weight lost let alone the symmetry of the stone.


Well, in a case of loss or damage the insurance co is going to investigate, you cannot blame them for doing that before paying out or repairing/replacing.
This is a very interesting case because the stone was not lost or stolen, but, rather damaged. What does the policy say in regards to damage? Obviously it cannot be repaired. I would be surpised if they settle on lost carat weight. I have a feeling that all will turn out OK for you. But since it is not a loss/stolen, does the Chubb policy give them the right to "replace or repair" and NOT payout dollars to you? This is interesting because people buy the Chubb policy to get cash and not replacement.

Keep us posted.

 

[Odinsmom]

I spoke with two different Chubb claims reps today. They will not just pay out on the amount that you have the stone insured for. I have to get an estimate of the replacement cost of a like diamond from the jeweler, send the chipped stone to them and then they will decide how much to pay out. So if any of you are thinking that they are just going to cut you a check for $10,600 or whatever you have it insured for or paid for it, you're very mistaken and misled (like I was). I don't see much of an advantage of having this ring insured with Chubb versus my regular homeowners policy since I'm still going to have to dicker over what a fair replacement price is going to be. And they don't write the check right away either, so be prepared to go without you're ring for awhile while you're hashing it out with them.

 

[Odinsmom]

I forgot to add that both the claims reps I spoke with today were very nice. They asked how I damaged the stone (I don't know)and gave me the choice of recutting/repairing, replacing only the center stone that I broke, or sending them the entire setting and stone and determining a replacement cost for the whole thing. I am opting to replace the center stone only since the setting is only 15 months old and has 2.38 total carats of channel set princess cut stones. I don't want or need to haggle over a fair price for the setting too.

 

[icelady]

Odinsmom,

This is very different news from what I have heard from people that I know have gotten a pay out from Chubb. In one case, the person lost one of a pair of 3 ct tw earrings. Chubb immediately gave them a choice, Chubb would replace the diamond to match the remaining diamond, or they would pay in full for what the earrings were insured upon receiving the remaining earring.

I recently went through this problem with another insurance company. I did all my homework, and made them aware that I was not going away easily. I had paid their policy on my diamond for 15 years. When I discovered it had been chipped by a blow, they tried desparately to tell me it was normal wear and tear. Normal wear and tear does not drop a diamond's clarity grade two levels! It has been my experience that they will try any way they think they can to get out of paying a claim. When I implied that I wanted to know who protects the consumer against Insurance Company fraud, they backed off and paid the claim. Stand your ground!

On the other hand, the insurance company does have the right to investigate. Again, stand your ground and be firm. Please keep us posted, I wish you the best.