E ring insurance for 25-30k ring

[sleeprequired]

Wondering what the options are for ering insurance for about 25-30k? We would want it covered at all times. We are based in Australia, not sure if US underwriters will insure?

 

[diamondseeker2006]

I have no idea, but my guess is that US companies won't insure in Australia.

 

[sleeprequired]

hopefully an aussie might reply who knows best place to insure..

 

[justginger]

Insuring in Australia sucks. I struggled to find a specialized insurer for my ering, which is only insured for somewhere around 20k, because stories about the normal companies gave me the willies. Very few of them seem open to actually handing over the money and letting you find a replacement up to PS standards, in the case they can't do it themselves. Most don't have any knowledge of cut quality and claim that if they give you another "G/VS1" it must be a suitable replacement. Even if it looks like a dog.

All you can do is get a very, very, very good appraisal. Very good. Outline every miniscule detail about your ring with an appraiser who truly understands the quality of product you own, so they can go to bat for you if down the line you run into issues with the insurance company.

Chubb insurance does exist down under and I pursued it for a little while. However, they will not liaise with members of the public, so you must go through an insurance broker. They also have a minimum insured amount, which is what I wanted to know about - I've read it is $50k. BUT I don't know if that is minimum per piece insured, or minimum total. So if you insured three $20k pieces you'd meet that requirement, or not. I couldn't get an answer from them, nor could I find an insurance broker who would actual return my phone calls, so I gave up. My ering is listed with my normal insurer, SGIO.

To add insult to injury (injury being that I couldn't use a specialized jewelry insurer), SGIO will not insure jewelry for more than something around 30% of your home and contents. They refuse to believe that you haven't renovated your kitchen, or bathroom, or bought a brand new leather lounge suite, etc if you have $30,000 worth of jewelry! They obviously don't understand the concept of prioritization! We had to boost our contents insurance up another $40,000 before they would cover my new pieces of jewelry! If they are declared portable valuables, they are covered Australia-wide, for damage, theft, or loss. I honestly don't even remember if they're covered worldwide. I never take my expensive pieces on holiday - just wear my wedding band without the ering.

Hope you can find a decent policy. Start with a great appraisal and go from there.

 

[ZahraLeyla]

^ I still haven't insured my engagement ring for the reasons that justginger listed above. However, an option may be Q Report - they are backed by Chubb, and are specialty jewellery insurers.

 

[justginger]

I received info on the Q Report as well, ZL - thanks for the reminder. I dismissed this because the providers require you to submit your ring to them for grading, and during the process it would be unset and reset (at your expense!). I didn't want any bench that I was unknowledgeable about touching my newly acquired Leon! And who knows what standards they grade to, anyway?...

 

[ZahraLeyla]

^ That's odd; I wasn't asked for that information, but I was told that they'd need to do a full security and travel assessment on me based on the value of my ring. Wasn't too keen on that, nor the yearly premium, so I gave it a miss.

Hope you're enjoying Poppy! She's delightful.

 

[sleeprequired]

^ That's odd; I wasn't asked for that information, but I was told that they'd need to do a full security and travel assessment on me based on the value of my ring. Wasn't too keen on that, nor the yearly premium, so I gave it a miss.

Hope you're enjoying Poppy! She's delightful.

you mean the poppy maevona ring? if anyone has hand shots i'd love to see them... I. Will. Not. be allowing them to unset and reset the ering i'm buying... r they serious...

 

[justginger]

Perhaps they've changed their policies, ZL - I got that Q Report info back around Christmas 2009. I was told they insured primarily loose stones, and for their assessment it had to be loose. I might pursue it further when I get back to Perth in a couple of weeks. SGIO will not be good enough for my new addition, I don't think.

And no, sleeprequired, I don't have the Poppy Maevona. I purchased a 4.65 ct cushion a month or so ago and have since named her Poppy. She's quite a delight, ZL - thanks for asking about her. I'd love to have Perth GTG soon so I can see your lovey ring as well!