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Chubb valuable articles insurance

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Seven

Rough_Rock
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Nov 13, 2006
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11
I''ve contacted several Chubb agents in my area to inquire about getting my fiancee''s new ring insured. One of the agents who responded to my inquiry said that Chubb will no longer issue a stand-alone valuables policy unless it was in conjunction with a homeowner policy. Has anyone else had this problem? Thanks!
 

niceice

Brilliant_Rock
Joined
Jan 29, 2003
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1,792
We''ve heard this. Chubb used to issue a stand alone insurance policy for engagement rings and the coverage is excellent because it provides stated value coverage - the amount stated on the appraisal is paid in the event of loss. Our next preference would be for State Farm who still issues a stand alone Personal Articles Policy (PAP) which provide excellent coverage (theft, fire, damage, accidental loss) but which is based upon the replacement cost of the item through their suppliers in the event of loss... So don''t be tempted to insure the item at a price much higher than you paid for it because they''re not likely to pay the higher amount in the event of loss. I recognize that there are mixed feelings regarding this type of coverage, some people feel that they are less likely to be able to get back what they had in the event of loss if the insurance company is providing them with the replacement item via their replacement sources, etc. I would STRESS that proper documentation and a thorough and specific description of the jewelry item being insured is imperative to ensuring that you are able to obtain a "like and kind" replacement with this type of policy... Vague wording like "ladies platinum and diamond engagement ring valued at $X" may cost you dearly, a specific description of the diamond shape; carat weight; clarity; color; degree of fluorescence; measurements including total depth, table diameter, crown angle, pavilion angle, girdle thickness, etc.; in addition to a specific description of the mounting; go a long way to ensuring that you either get back a diamond (truly) comparable or better to what you originally insured or receive a settlement check based upon an accurate comparison.

Note that we do not recommend insuring the ring for exactly what you paid unless you are willing to chance coming up with additional money out of pocket in the event of loss... Most insurance companies won''t pay more than the policy is written for and "inflation coverage" doesn''t seem to suffice. Keep in mind that most internet prices are well below what may be found through traditional brick and mortar channels... Thus a middle ground should be found. Most appraisers will indicate what was actually paid for the jewelry item on the appraisal document that they issue AND an estimated retail value - which enables you to obtain adequate insurance coverage (somewhere in between if you choose) without being taken to the cleaners in terms of premium.

Note that we are not specifically endorsing State Farm Insurance, they just happen to be one of the few insurance companies that we are aware of which is still issuing a stand alone policy for jewelry. There are many other insurance companies which also provide excellent coverage of a similar nature. Chubb was always one of our favorites because the coverage was excellent and the policy could be obtained easily on it''s own, perhaps if enough people drop a note to their corporate office somebody will catch a clue and open up the doors again.
 

Jaders731

Brilliant_Rock
Joined
Oct 12, 2006
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527
Hmm... could this be location specific??? I just insured my ring, effective two days ago!!! with Chubb on a stand alone policy... and nothing was ever mentioned to me about that.

Very interesting...
 

jcrow

Ideal_Rock
Joined
Aug 8, 2005
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7,395
do a little agent searching. we had the same problem then was pointed in the right direction agent wise. he insured us a few months ago. (we had state farm prior b/c of the hurricane we could get chubb till recently)
 

niceice

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1,792
Date: 12/1/2006 9:57:12 AM
Author: Jaders731
Hmm... could this be location specific??? I just insured my ring, effective two days ago!!! with Chubb on a stand alone policy... and nothing was ever mentioned to me about that.

Very interesting...
I''m very excited to hear this! Maybe the answer then comes down to regional policy -or- agent greed? In that, by refusing to issue stand alone policies they may be able to obtain additional policies? Hmmm...
 

jcrow

Ideal_Rock
Joined
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Messages
7,395
Date: 12/1/2006 10:02:07 AM
Author: niceice

Date: 12/1/2006 9:57:12 AM
Author: Jaders731
Hmm... could this be location specific??? I just insured my ring, effective two days ago!!! with Chubb on a stand alone policy... and nothing was ever mentioned to me about that.

Very interesting...
I''m very excited to hear this! Maybe the answer then comes down to regional policy -or- agent greed? In that, by refusing to issue stand alone policies they may be able to obtain additional policies? Hmmm...
either that or they are not fully aware of chubb''s abilities.
 

Regular Guy

Ideal_Rock
Joined
Jul 6, 2004
Messages
5,951
Date: 12/1/2006 10:02:07 AM
Author: niceice

Date: 12/1/2006 9:57:12 AM
Author: Jaders731
Hmm... could this be location specific??? I just insured my ring, effective two days ago!!! with Chubb on a stand alone policy... and nothing was ever mentioned to me about that.

Very interesting...
I''m very excited to hear this! Maybe the answer then comes down to regional policy -or- agent greed? In that, by refusing to issue stand alone policies they may be able to obtain additional policies? Hmmm...
Todd,

Don''t get too excited. Angeline is right, the "culture" of Chubb is to let these statements:

"One of the agents who responded to my inquiry said that Chubb will no longer issue a stand-alone valuables policy unless it was in conjunction with a homeowner policy...."

....go on. Fact is, Totaldollar as Rock doc points out, when reachable, which is frequently, does provide this insurance to everyone in the country, as has been reported.

I''m by the way, also aware of the State Farm insurance, and have recommended it.

But re Chubb...my question is...

Is there any basis for bringing a law suit against them and winning, with the statement above causing shoppers to shop elsewhere when they really needn''t. They are providing misinformation...their agents...when they say this. It cause you to make a long post, and wastes a lot of peoples time.

If Chubb supports their agents in this, I''m guessing there''s no basis. But someone should hold their agents accountable for lying, don''t you think?
 

dani13

Ideal_Rock
Joined
Nov 12, 2004
Messages
6,183
I was just under the impression that the "rules" for a stand-alone policy with Chubb was up to the actual insurance agency that is issuing the insurance (NOT CHUBB ITSELF)....We also had the same problem, but we ended up finding an agent with a company that carries several different types of insurance- they had no problem writing a Chubb stand-alone for my ring...if you call around, you should have no problem finding someone who will do it.
 

Seven

Rough_Rock
Joined
Nov 13, 2006
Messages
11
Thanks for all the input...I called Bill Castro from Total Dollar and he is getting me a quote. Bill was very easy to get a hold of and very pleasant to work with...highly recommended for anyone seeking Chubb insurance who is getting the run-around like I was.
 

Modified Brilliant

Brilliant_Rock
Trade
Joined
Mar 24, 2005
Messages
1,479
This is a topic that pops up frequently. It''s a case by case, agent by agent basis. I know many local insurance agencies that
sell Chubb insurance but they choose not to sell a stand alone jewelry policy.

www.metrojewelryappraisers.com
 

diamondseeker2006

Super_Ideal_Rock
Premium
Joined
Jan 11, 2006
Messages
55,120
The closest Chubb agent to me had never had a request for a Chubb stand-alone jewelry policy, but they called Chubb and called me back and said yes. I asked if I could put other items on the policy as well and was told yes to that as well.
 

Regular Guy

Ideal_Rock
Joined
Jul 6, 2004
Messages
5,951
Date: 12/1/2006 4:51:16 PM
Author: Modified Brilliant
This is a topic that pops up frequently. It''s a case by case, agent by agent basis. I know many local insurance agencies that
sell Chubb insurance but they choose not to sell a stand alone jewelry policy.

www.metrojewelryappraisers.com
Jeff,

Do you see, per your statement, that an insurance agent''s position to "choose not to sell a stand alone jewelry policy..."

is the same as an agent saying:

"Chubb will no longer issue a stand-alone valuables policy unless it was in conjunction with a homeowner policy?"

Do you think these two statements are fundamentally the same?
 

Modified Brilliant

Brilliant_Rock
Trade
Joined
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Messages
1,479
Date: 12/1/2006 5:35:01 PM
Author: Regular Guy


Date: 12/1/2006 4:51:16 PM
Author: Modified Brilliant
This is a topic that pops up frequently. It's a case by case, agent by agent basis. I know many local insurance agencies that
sell Chubb insurance but they choose not to sell a stand alone jewelry policy.

www.metrojewelryappraisers.com
Jeff,

Do you see, per your statement, that an insurance agent's position to 'choose not to sell a stand alone jewelry policy...'

is the same as an agent saying:

'Chubb will no longer issue a stand-alone valuables policy unless it was in conjunction with a homeowner policy?'

Do you think these two statements are fundamentally the same?
Ira,
No, I don't believe these two statements are the same. It's personal choice of the agent/agency to write or not write a stand alone policy.
I don't believe that we've ever had a Chubb home office rep. on PS to clear up any questions. That would be nice.
Sue Fritz (Jewelers Mutual) does a great job of helping consumers understand their policies and contributes on the forums.

www.metrojewelryappraisers.com
 
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