Does insurance cover diamond breakage that happens during the setting

[psuscholar]

Hi there PS forum people. I have a question about insurance for diamonds. Here is my situation. I''ve already purchased the ring setting because my gf really liked it. The place where I purchased the setting said that for $75 they can put the diamond that I bring them into the setting. However, they warn me, if the diamond breaks during the setting procedure, they wouldn''t cover and damage that happens to the diamond. They would only cover damage that happens to a diamond if you purchase the diamond from them. Is this normal? If I get insurance on the diamond before putting it in the setting, would it cover any damage that would occur? Please help. I just want piece of mind for this very costly investment. Thanks

 

[denverappraiser]

Some does, most doesn’t. Search for threads about Jewelers Mutual. They have a program where this sort of insurance is possible if a bit convoluted. The major homeowners companies do not cover this.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[Kasey3]

You should call your insurance company to find out what they will cover. I also purchased a stone and a setting from two different places. My insurance company (Chubb) will not cover the loose stone, but they will once it is set. I specifically asked if they would cover the stone if it were to be re-set (always planning ahead!!!) and they said yes. So be specific when you call!

Check with the vender who sold you the diamond and find out if they will cover the diamond if they set it in your setting. That may be the best plan.