Chubb Question

[BradMW]

I was speaking with a Chubb agent about starting a new standalone policy and got a great quote at 1% of the appraisal. I was excited until I read over the contract and asked the follow two questions:

1) Would the ring be covered during shipping to a jeweler to have it reset and then during the resetting?

Coverage is in place while being shipped. It’s the Jeweler’s responsibility while he has it.

2) I'm a little confused about the "gradual or sudden loss / wear and tear" exclusion. Is the diamond (or ring as a whole) still covered if it is lost due to a prong that beaks due to general wear and tear?

No

I'm not horribly turned off by the first response, but is the second one normal?

My soon-to-be fiancee is going into surgical residency and she'll be pretty hard on the ring -- taking it off and hanging it on a pendant or tying it to her scrubs multiple times per day -- and my biggest fear besides her getting mugged is that a prong will break and drop the diamond without her noticing. It was my initial understanding that Chubb would cover that, but the agent I spoke to said they would not. I have a JM policy currently getting written and they say they do protect against that incident even though the policy costs a bit more than Chubb surprisingly. Thanks.

 

[motownmama]

I think your agent is wrong. Ask him/her to get a response directly from Chubb. I've been with them for 30 years. If the diamond falls out it's covered. If she loses the whole ring, it;'s covered.

 

[BradMW]

That's what I was hoping, but the exception is written so vaguely that I just can't bring myself to trust that it isn't a grand catch-all for them getting out of covering anything. I suppose I should have included the exception itself in my original post:

Gradual or sudden loss. We do not provide coverage for the presence of wear and tear, gradual deterioration, rust, bacteria, corrosion, dry or wet rot, or warping, however caused, or any loss caused by wear and tear, gradual deterioration, rust, bacteria, corrosion, dry or wet rot, warping, insects or vermin. We also do not cover any loss caused by inherent vice, latent defect, or mechanical breakdown. But we do insure ensuing covered loss unless another exclusion applies.

I can understand the last sentence making sense if the setting and diamond were covered separately, but the paragraph as a whole seems to get them off the hook for everything that could possibly happen besides theft and losing it.