Chubb only insures BlueNile Rings?

[rktilleryj]

I recently purchased an e-ring and have been shopping around for insurance. I read numerous threads on this website regarding Chubb and called their main number that was noted in several posts. I was informed by a Chubb representative that they now only insure rings purchased from BlueNile. The rep stated that this was now a companywide policy. Has anyone else heard of this?

 

[rktilleryj]

Adendum to my previous post: I dug through previous posts a little deeper and found out that others have encountered this as well. It appears that finding an agent to issue this policy is necesarry but difficult if one does not have homeowners insurance through Chubb. That being said, does anyone have any contact info for an agent that can sell an e-ring policy in Florida without homeowners insurance through Chubb?

 

[rbjd]

Dave Stone of Plastridge Insurance in Boca Raton. (800) 473-6603. He came recommended by RockDoc and was a breeze to work with.

 

[8*flash]

While on the subject, anyone know of a good company in the Boston area that will insure non-Blue Nile e-rings?

 

[astogie]

Call Dave and go with Chubb,

Call Dave and go with Chubb,

Call Dave and go with Chubb,

Then again, you could call Dave and go with Chubb....

(If you ever "need" the insurance...you will be glad you did.)

 

[NewlyEngaged]

Okay, perhaps I am missing something, as I am a tad confused (that is not hard to do though)... If you are a homeowner, you should easily be able to get an addendum or rider to itemize the item seperately simply by providing an appraisal. If you have renter's insurance, same rule applies. I am renting for a couple of more months and if the ring appraises for less than $15,000, it is $16 per $1,000 of value to insure. So a $10,000 appraisal would cost $160 per year to insure. Keep in mind this does not mean in event of loss, theft or damage that you get a check for 10 grand... The insurance company will still only give you essentially a replacement cost value. Typically they will require you to get at least two estimates from different jewelers and they will likely take the lesser of the two estimates. I am licensed to sell Insurance in Illinois, although I only do a tiny bit with my job. Done more as a convenience to my clients that need it, so I am by no means an expert.

Are you trying to insure something other than what I've described above that I am not picking up on?

 

[Iceman]

Why would a company limit themselves to one vendor ?????

 

[Iceman]

True , the place were you get your car insurance or your home insured will do the same as chubby.

 

[rktilleryj]

Things seem to work a little differently down here in Florida. As fellow Floridians can atest, it has become increasingly difficult to obtain homeowners insurance down here - especially if you buy an older home and live near the water (as I do) After weeks of searching, I actually only found one group who would write a policy on my house and it just so happens that they do not offer any type of rider that covers personal effects over $5K. I next tried my "friendly" State Farm agent (who I have my auto insurance through) I was told that they would not cover this ring unless I had my homeowners policy through them which is ironic since they don't even offer homeowners policies in the South Tampa area. So this is where I am...

 

[Iceman]

That makes sence , thanks for clearing that up

 

[NewlyEngaged]

Ah, okay, this adds some clarity (pun intended). I don't know much about the Insurance market down in Florida as far as recommending someone specific. If you haven't already done so, you may want to check with Allstate, American Family Insurance, (you already said State Farm was a no go) Country Companies, Progressive, Geico, Prudential... Those are a few that come to mind. Progressive and Geico (a Warren Buffet company) are more Internet based than the others, but all should be available online.

I am also assuming you asked your current agent if they can recommend anyone that can insure jewelery without you having to have homeowners with them? If they don't know anyone, call some of the better known jewelers inquiring as they may have a name or two, as would some banks potentially. Your mortgage banker or real estate agent would be some other good sources to inquire for names/contacts. Also, try some of the large investment brokerage firms either to see if they do it or know someone... Merrill Lynch, Morgan Stanley, Smith Barney to name a few...

Finally, I wouldn't say where you bought the jewelery from (unless they force it)... It shouldn't matter really. Get an independent appraisal (may cost you $50 to $150 depending on who does it) and that is all that should matter. Where you bought it should be irrelevant.

Good luck. I'd be curious to know what you find.

 

[Talonnav]

The answer is simple. As of a few weeks ago, the NATIONAL Chubb company will only insure Blue Nile diamonds. HOWEVER, the local Chubb agents will insure ANY diamond. Also, if the local agent tells you he can only insure a diamond if you have home insurance with them, he is full of bull and doesn't know what he is talking about. Move on to the next Chubb agent.

 

[fire&ice]

You could try Jeweler's Mutual.

 

[astogie]

Chubb will cut a check for the amount of the loss...your home insurance co and JM will try to replace with "like" goods.

Try to explain "premium" cut to an insurance company claims rep...NO THANKS

Insure it for what it would cost to replace and go with Chubb, unless you like to have your choices made for you.

And if that was the case you probably would not be here on PriceScope...

 

[Brian_DC]

Ok, just go to the http://www.chubb.com/personal/engagement_ring_pgm.jsp for info on the Chubb program. You will have to find a local "reseller" to write up your policy. Just click on the link to find a local agent.

I have never done any business with Chubb or the reselling insurance agency that I got my coverage from. This is still a Chubb underwritten policy with the same features. It was quite easy for me to get the policy set up.

The funny thing was that they really didn't want my apraisal documents, just the page that has the apraisal price.. no questions asked..

Brian

 

[phage]

In a state like florida there are many risk that insurance companys take into account before writing a policy as you probably well know, but it is required that all State governments offer insurance that your regular agencies will not offer because of the high risk.

 

[NewlyEngaged]

State governments typically do offer coverage for specific high risk types of insurance that "insurance companies" themselves are not writing, etc. However, the government, state or otherwise, typically will step in for issues such as flood insurance, health insurance, etc. To cover a diamond ring, I would be willing to bet that no government will step up to cover that as they would certainly consider a diamond ring to be a luxury item. So I doubt that is an option. I think that there have been some great responses to this topic from many and would bet that "rktilleryj" will find some good coverage soon.

 

[mike04456]

I would be willing to bet a very large amount of money that there is no such thing as pool coverage for diamond jewelry.

 

[hoorray]

I've had great luck insuring jewelery with USAA (a military benefits company that only offers coverage to military people and their extended famlies.)

Interesting note tho...there has been some discussion on this forum about inflated appraisal values. I got an appraisal for actual replacement cost, rather than an inflated one. THe good news is that the insurance cost is lower. However, I found out that if in time, the actual replacement cost is higher than the value insured for, they won't cover the difference, so it is not truely replacement value insurance. They suggest that I have the covered items reappraised periodically to make sure I'm properly covered.

ugh.....now I don't feel as safe since I'll have to remember to do this.

 

[Talonnav]

Just as a FYI about USAA for jewelery insurance. I'd recommend USAA for anything but insuring my diamond. If something were to happen to my rings, they wanted to replace the diamond with one of theirs.

If I wanted a diamond from USAA, I would have bought one from them and not from SuperbCert.

 

[hoorray]

Wow...I agree. I guess I'll have to check on this again. I thought they replaced it with the same quality, and I don't think USAA had too many super ideal cuts.

 

[in_need_of_help]

The answer is simple. As of a few weeks ago, the NATIONAL Chubb company will only insure Blue Nile diamonds. HOWEVER, the local Chubb agents will insure ANY diamond. Also, if the local agent tells you he can only insure a diamond if you have home insurance with them, he is full of bull and doesn't know what he is talking about. Move on to the next Chubb agent.
--------------------------------------------------------------------------

Does anyone know of a good LOCAL Chubb agent in central New Jersey (near East Brunswick in Middlesex county)?

Thanks!

 

[Brian_DC]

To find a local agent for Chubb...
http://www.chubb.com/personal/find_an_agent.jsp

 

[in_need_of_help]

Thanks for the info. I looked up the local Chubb agents within 20 miles of my house (zip 08816). However, I found 24 agents, so if anyone has a recommendation I would surely appreciate it. I only ask because it sounds as if one’s ability to get buy a policy, without homeowner ins., varies with each broker (even though it should not).

Thanks!