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e-ring insurance?

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sleeping beauty

sleeping beauty

Shiny_Rock
Joined
Jan 17, 2006
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305
Hello my fellow pricescopers. My boyfriend finally purchased my e-ring from ERD. Mark T. did such a fabulous job. i personally have not seen the ring but my boyfriend was stunned with it. (i''ll post pics when i get it). Well my question now is how do i go about insuring this lovely ring. and i have no idea where to start. i have read some of the post here but they are a little outdated.

I live in the boston MA area. we have no home owner or renters insurance as we live in my parents house, while we save to buy our own next year. I would love a cash payout, or be able to work with my own jeweler... Any ideas where to go? Just about everyone want you to have another policy with them.
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please help sending me in the right direction.
 
Hi. I am in a similar situation (no renter/homeowner''s insurance) and plan to purchase a policy for the ring with Chubb today.
 
thanks lorelei, jewelers mutual sounds good. i will check the out, however with chubb im having a hard time finding an agent that will do a single policy.

dps777 let me know how that turned out if you dont mind. i think i rather the check payment more but we''ll see.
 
Will do. Bluenile has a relationship with Chubb as their insurance vendor so I am assuming that they are accustomed to insuring individual valuable pieces. I will keep you posted as I hope to purchase by tomorrow.
 
Date: 9/24/2007 11:31:45 AM
Author: sleeping beauty
thanks lorelei, jewelers mutual sounds good. i will check the out, however with chubb im having a hard time finding an agent that will do a single policy.

dps777 let me know how that turned out if you dont mind. i think i rather the check payment more but we''ll see.
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Glad to have helped
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Date: 9/24/2007 10:18:07 AM
Author:sleeping beauty
Hello my fellow pricescopers. My boyfriend finally purchased my e-ring from ERD. Mark T. did such a fabulous job. i personally have not seen the ring but my boyfriend was stunned with it.
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hmmmm



Well my question now is how do i go about insuring this lovely ring. and i have no idea where to start.
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Though I've never seen it discussed before, Mark has discussion of insurance at his own website.

Also, these guys, even though they're "listed" on the WF site, represent Chubb, and should be able to help you. Many agents otherwise won't, and I don't think Blue Nile will.
 
I''m in your same situation and I used Chubb. Called a few in my area that wouldn''t supply without homeowners, but found William Castro from this board. He is registered to insure in most states and helped me. Also has a cash payout, a bit more than my quote from j.mutual but I think worth it.
William''s office
800-963-5659
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And could you please recommend insurance companies for my Tiffany & Co ring in VANCOUVER, BRITISH COLUMBIA, CANADA.

Thanks ALOT

H.
 
Thanks for the William Castro suggestion. For some unknown reason the agent I found is not returning my calls and I need to obtain a policy this week. I will likely give William a call if I don''t hear back today.
 
I have jewelers mutual. If anything should happen to your ring, they let you go back to the original jeweler to replace it. The jeweler who made my engagement ring HIGHLY recommended them. I was originally going to do it through my home owners insurance but glad I went with JM.

cloud9
 
Sleeping beauty- wanted to follow up with you and let you know that I purchased my policy this afternoon and it was very easy. The agent (I found him locally here in NY) is going to send me the actual policy and then Chubb will bill me for the annual fee directly. I just had to provide him with some personal information and it took only five minutes. (On Friday, I had my jeweler fax him the appraisal and a copy of the GIA certificate). In addition, I was able to select the specific day in which I want the policy to start.
 
This thread makes me realize that I''ve owned my apartment for almost two years now and still don''t have homeowners. Whoops.
 
Thanks guys for all your help!! i got two quotes however chubbs was $100 more than JM. Now how many of you would be willing to pay the extra $100 just to get a cash out policy???
 
Date: 9/25/2007 9:40:35 AM
Author: AtlanticAve
This thread makes me realize that I''ve owned my apartment for almost two years now and still don''t have homeowners. Whoops.
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Good thing it reminded you... i dont think its a good idea to go without homeowners insurance.
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I chose JM but have been wondering about the value of cash-out versus replacement. My diamond is an OMC and, while totally replaceable, it may take a bit of time to source a comparable stone. Can anyone give me examples of why a cash-out policy would be better than replacement assuming my objective (in the case of a loss) is replacement? Is it just better because it''s simpler?
 
I got a cash out policy for these.

First, because I have read stories on here about the process of forcing an insurance jeweler to get you a great quality stone in terms of cuts and specs and did not want to deal with that. It''s tough, they are resistant, and try to bully you inot accepting whatever quick fix they come up with at times.

Second, because I want to be able to go out and find my own stone in the event something happens because I will want another fancy, and those need to be seen etc. in order to choose one.

Thirds, I want the largest pool for selection that I can get.

Another aspect is, while I love my asscher, should something (god forbid) happen to it I would not get another... I''d be mostly likely to get a cushion. But would want the freedom to consider a princess of hearts, an oval... or a round. And to pick my own setting. Mine is custom, like yours ericad. And isn''t going to be easily replacable with any platinum setting with the same carat weight of diamonds at all.

That about sums it up.
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Cash policies are popular because the claims procedure is simpler and because customers feel more in control of when, how and where the replacement happens. If you are over-insured, meaning that the agreed upon limit of liability turns out to be greater than the actual cost to replace, the ‘excess’ goes to you instead of to the insurance company.

Replacement type are popular because they’re generally quite a bit less expensive. Depending on your zip code and details of your policy the difference can be double or even triple.

JM and Gemshield are popular because they offer replacement policies that aren’t connected to your home. They are stand alone jewelry policies. This means that jewelry claims will not appear in the company records as a claim for your home. Insurance companies keep track of the claims activity by their clients and if they feel you have become a high risk because of it they will either raise your premium or cancel your policy. This can be nerve-wracking and expensive if the policy being discussed is the one on your home.

Homeowners policies are popular because it’s easier to have a single source for all of your insurance needs. Many people already have an agent for their home, cars, business and other requirements who has gone through the trouble to understand their needs and they like the personal relationship with a single agency and a single company that they are comfortable with.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Jewelry Appraisals in Denver
 
Hmmm, thanks Gypsy, that''s a lot to consider. I guess I see now why a cash out policy would be simpler. I will research further.

Thanks!
 
Date: 9/25/2007 1:46:39 PM
Author: ericad
Hmmm, thanks Gypsy, that''s a lot to consider. I guess I see now why a cash out policy would be simpler. I will research further.

Thanks!
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Anytime!
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Date: 9/25/2007 10:48:45 AM
Author: sleeping beauty
Thanks guys for all your help!! i got two quotes however chubbs was $100 more than JM. Now how many of you would be willing to pay the extra $100 just to get a cash out policy???
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$100 over how long?
 
Ok, so I just called my homeowner''s insurance company, Travelers (through Geico) and have bound a separate "Personal Articles Floater" policy. For anyone curious about rates, it''s $1.15/$100, so for my set I would pay $271/year for the appraised value of $23,600. They cover all forms of loss, excluding normal wear & tear, intentional damage, etc. and offer cash payout for the insured amount.

It was super easy, yay!
 
Date: 9/25/2007 2:35:57 PM
Author: ericad
Ok, so I just called my homeowner's insurance company, Travelers (through Geico) and have bound a separate 'Personal Articles Floater' policy. For anyone curious about rates, it's $1.15/$100, so for my set I would pay $271/year for the appraised value of $23,600. They cover all forms of loss, excluding normal wear & tear, intentional damage, etc. and offer cash payout for the insured amount.

It was super easy, yay!
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YAY! So happyt to hear that!

I am insured with Chubb through Touchstone, I think Travelers is a great company though! I pay about 220 a year myself-- mostly due to the fact that I live in CA, probably. My appraised value is 10,800 right now. With the new setting, that will go up a little... as will my policy. But I totally don't mind spending the extra for the peace of mind to know that, in the unfortunate circumstance of loss, I can get exactly what I want. Glad you have that peace of mind too!

I'm actually wondering if I should add my 7 stone to this policy too. Probably will, if I can.
 
I have insured both my e-ring and eternity band at full appraised value, for the same reason. Peace of mind knowing that I have insured it adequately enough to replace it quickly with a call to a trusted jeweler like Ari.

Ahhhhhhh. I feel good now :)
 
Date: 9/25/2007 1:53:39 PM
Author: jazmine


Date: 9/25/2007 10:48:45 AM
Author: sleeping beauty
Thanks guys for all your help!! i got two quotes however chubbs was $100 more than JM. Now how many of you would be willing to pay the extra $100 just to get a cash out policy???
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$100 over how long?
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$100 extra a year. which is not much considering less hassel to deal with i guess.

edited to add:

I just insured the ring. It was a piece of cake after i found an agent. i called William Castro and he was able to do the single policy in MA. i'm so excited.
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i sent him an e-mail and he e-called me within a few hours. he explained everything to me yesterday and i slept on it and of course discussed with b/f. He agreed we should pay the extra and just go with the cash out policy. Long story short i faxed papers in today and now i'm insured!!!! Now i will have a piece of mind when he takes it out of the house to propose. i was a little worried of him loosing it.

Thanks for all your recomendations you guys are the best!!!
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