Chubbs or JM Insurance

[ck9050]

Hi All,

We got a quote for Chubbs stand-alone policy and it’s 4% of the value of our ring. I haven’t been able to find any recent posts about Chubbs and I was wondering if this sounds right for the NY metro area? We're conflicted whether to just go with the cheaper JM insurance, which the website quoted at ~2.6% (assuming no deductible).

Any advice would be greatly appreciated!

 

[distracts]

Does Chubbs still offer a cash-out policy or is it replacement only? If the latter, just go with JM.

 

[ck9050]

Does Chubbs still offer a cash-out policy or is it replacement only? If the latter, just go with JM.

From the sample policy it is says "Market value payout"

 

[distracts]

From the sample policy it is says "Market value payout"

I would confirm that with them. I know at one time Chubbs did not offer cash-out policies unless you had home insurance with them, and maaaaybe if it was a very high value piece? If they are offering cash-out policies again that would be useful for people on here to know as a lot of us have things like antiques and colored stones that would be difficult to replace adequately.

Then you just need to decide whether getting a payout vs a replacement is worth the extra money you'd be paying every year. For a more unique item, it might be, but if you have any kind of modern cut diamond in a recently-made setting, and you'd want to replace with similar, then that price differential wouldn't be worth it to me personally. If you have an antique ring or colored stone where it may take you some time to find an adequate replacement, a cash-out policy might be preferable.

 

[yssie]

I have a Chubb standalone policy. It's much cheaper for me than JM, and it's cash payout rather than replace with like kind/quality, which I much prefer.

 

[kenny]

The insurance company's name is Chubb, not Chubbs ... no S.

As long as we're at it, it's Tiffany & Co. not Tiffany's.

 

[MarionC]

The insurance company's name is Chubb, not Chubbs ... no S.

As long as we're at it, it's Tiffany & Co. not Tiffany's.

 

[denverappraiser]

Please mare sure you understand what market value means To them. In particular, it’s likely not the same as appraised value, replacement value, or even cost. With most insurers, including JM, ‘value’ means what it would be reasonably expected to cost to replace the item with one of like kind and quality or words to that effect. that’s replacement value. Chubb is talking about something else. Ask your agent.

 

[ck9050]

@kenny Oh my- what an embarrassing mistake and now forever in the thread title because I have no idea how to edited it

@yssie Are you also in the NYC area? Is 4% reasonable?

@distracts @denverappraiser thank you for your insight, I would have never questioned the “Market value” phrasing. I think I have to sit down and write down a bunch of questions to go over with our agent. Its my first time purchasing insurance (besides renter’s and health) from an agent- are there any questions I should be asking?

Not to be a suspicious person but in a formal policy are phrases like “market value” - usually defined in the policy or is it something that I have to take at face value from what the current agent at this point in time is telling me?

Thank you all for your advice, I’ve never owned anything so fancy and it’s making me super nervous!

 

[diamondsR4eVR]

I can only speak from personal experience. I have Chubb and have been very happy with them over the years. I lost a valuable diamond stud once and they gave me the appraisal price for it. Again, my personal experience.

 

[Polabowla]

I have a Chubb standalone policy. It's much cheaper for me than JM, and it's cash payout rather than replace with like kind/quality, which I much prefer.

How is the payout amount determined? By what you paid or current value? does it take inflation into account? Do diamonds depreciate?
Does it cover lost or only stolen items?
Chubb is supposed to be a great company but when I called for a quote I just got endless rounds of automated options; JM I got to talk to a person pretty quickly.

 

[yssie]

How is the payout amount determined? By what you paid or current value? does it take inflation into account? Do diamonds depreciate?
Does it cover lost or only stolen items?
Chubb is supposed to be a great company but when I called for a quote I just got endless rounds of automated options; JM I got to talk to a person pretty quickly.

I would have to look at my policy for specifics - I don’t want to misspeak, but I was thorough when doing my evaluation and my agent was able to meet all my needs and answer all my questions. Given Chubb’s policy of offering coverage only through independent agents, details of your policy will depend on your provider proxy.

I called some Chubb agents local to me and chose the one I felt most comfortable with. I suspect calling Chubb directly would be pretty useless.

Personal Insurance Quote | Agent Contact List | Chubb

Contact an agent to learn how Chubb insurance products can help protect your home, car, and valuables.

www.chubb.com

All that said, if you’re comfortable with JM, they are a very reputable agency - no need to consider anyone else! I had JM for a long time myself before switching to Chubb a couple years ago, and I found them very easy to give money to (never made a claim but they, like my Chubb agent, were always ready with answers to all my questions).

 

[Diamond_Hawk]

Please mare sure you understand what market value means To them. In particular, it’s likely not the same as appraised value, replacement value, or even cost. With most insurers, including JM, ‘value’ means what it would be reasonably expected to cost to replace the item with one of like kind and quality or words to that effect. that’s replacement value. Chubb is talking about something else. Ask your agent.

Great info, Neil. Also - be specific with your insurer. If you have chosen to go with a "branded" diamond - like many advocate here on PS - that is a specific question to be asked of the insurer.

 

[ck9050]

Thank you all for your advice, I plan to go over the documents more throughly this week and talk to the agent.

 

[Polabowla]

Good to know about agents, I had no idea!

 

[Polabowla]

Great info, Neil. Also - be specific with your insurer. If you have chosen to go with a "branded" diamond - like many advocate here on PS - that is a specific question to be asked of the insurer.

I do have a specific brand, can you clarify what needs to be asked from the insurer?