Engagement Ring Insurance Upon Delivery?

[mercurial_dirigible]

All-

I expect to take delivery of an engagement ring from Brian Gavin this Friday, and am trying to figure out the best way to insure the ring as soon as possible. I am planning to propose on a trip this weekend so would like to get things taken care of before then.

I know Jewlers Mutual offers a better policy than adding the ring to my renters insurance, so would like to go that route, if possible.

Correct me if I am being naive, but I was not planning on getting an appraisal as it is a Brian Gavin H&A Cushion and am not worried about the provenance / quality of the stone.

Questions:
1. Will I need an appraisal for insurance purposes, or does a receipt suffice?
2. Can I preemptively set up coverage for the ring prior to delivery?
3. Is Jewlers Mutual the best option for covering a branded stone? Brian Gavin recommends Touchstone but I have never heard of this company before.

Many thanks

 

[bcavitt]

All-

Correct me if I am being naive, but I was not planning on getting an appraisal as it is a Brian Gavin H&A Cushion and am not worried about the provenance / quality of the stone.

Questions:
1. Will I need an appraisal for insurance purposes, or does a receipt suffice?
2. Can I preemptively set up coverage for the ring prior to delivery?
3. Is Jewlers Mutual the best option for covering a branded stone? Brian Gavin recommends Touchstone but I have never heard of this company before.

You should get an appraisal regardless to prove that your ring and diamond are indeed what you were sold (trust but verify).
Jewelers Mutual will accept a receipt but an appraisal is always best. Jewelers Mutual is the leader in stand-alone jewelry policies. You can buy the policy on-line or call them for pricing and coverage questions. Prices generally run about $1.10 per $100 of value per year. Your rate may differ if you live in an area that is more urban or rural (crime rates, ya know).

If you have a loss with JM, you can go anywhere for repair work and/or replacement although you seem pretty much wed to BG for that.

 

[MarionC]

I've not had a stone from a PS vendor verified by a local appraiser.
Isn't the certificate number on the stone enough?

ps. I insure with Jeweler's Mutual too - you can always insure with your sales receipt to get it on the books and change your information later.

 

[mercurial_dirigible]

If you have a loss with JM, you can go anywhere for repair work and/or replacement although you seem pretty much wed to BG for that.

I wouldn't say I am overly committed to Brian Gavin, just figured there might be some nuance to replacing a branded stone, regardless of the vendor. For example, if BG didn't have a H&A cushion available with my original parameters, would I be able to go somewhere else?

 

[denverappraiser]

For the most part, insurers will agree to accept nearly anything in terms of paperwork. Their standards are very low. Whether this meets YOUR standards is a completely different question.

The primary purpose of an insurance type appraisal is to provide the purchase order to allow the insurer to replace with ‘like kind and quality’ in the case of a loss. In most cases we’re talking about a piece of jewelry, not a loose stone, so there are a fair amount of details having to do with the piece that are picked up in the photographs, dimensions, counts, weights and so on. It’s easy enough to read the sellers ‘appraisal’ and see if it’s likely to be appropriate. Read the description and imagine the cheapest ring they could find that would meet or exceed the specs given. If that’s likely to be acceptable, you’re good to go, if not you should consider a different appraisal. It's worth noting that the value conclusion has very little to do with this. That's the maximum budget for the replacement and the basis for setting premiums. If they can get it for less, they will.

The other big purpose for people appraising new purchase items is as a quality control step. Are the stones set correctly, undamaged, condition of the mounting, quality of the other materials and so on. As with the above, it’s up to you to decide if you’re confident enough to have the seller and the quality control person be the same. Your insurer won’t care.

 

[denverappraiser]

If you have a loss with JM, you can go anywhere for repair work and/or replacement although you seem pretty much wed to BG for that.

I wouldn't say I am overly committed to Brian Gavin, just figured there might be some nuance to replacing a branded stone, regardless of the vendor. For example, if BG didn't have a H&A cushion available with my original parameters, would I be able to go somewhere else?

Insurers vary a lot on this. JM is pretty cooperative within some fairly broad limits.

 

[denverappraiser]

If you’re getting an outside inspection done and the manufacturer is shipping directly to the appraiser, most appraisers can both provide you with digital reports and/or upload directly to the insurer (with your permission of course). That means the you can have the insurance in place before the package even arrives from the appraiser with no coverage gaps. It's insured by the manufacturer while they have it, by the carrier on the way to the insurer, by the appraiser while they have it, back to the carrier, and then your own insurer.

 

[diamondseeker2006]

I also have never had a reason to have a superideal cut diamond from one of the top H&A stone dealers appraised. I know what the cut quality is by the information provided and the pricing compared to others, and I submit my sales receipt and copy of AGS report for insurance. The AGS report gives identifies the stone as a branded cut.

But, I am finding it interesting that people are saying that JM will accept a sales receipt and lab report. Because when my daughter tried to insure her ring through them 4 years ago, they absolutely would not. So she had to use the inflated insurance valuation included with the diamond which meant overpaying in premiums for several years until the value of the stone equals the amount for which she is insured. It would be great to have this verified that they no longer require an appraisal.

I would set up the insurance to begin the day of arrival. I am pretty sure it has to be in her name, though, so I would wait until right before the proposal to get the ring and insure it so she doesn't get mailings from JM!

 

[MarionC]

I also have never had a reason to have a superideal cut diamond from one of the top H&A stone dealers appraised. I know what the cut quality is by the information provided and the pricing compared to others, and I submit my sales receipt and copy of AGS report for insurance. The AGS report gives identifies the stone as a branded cut.

But, I am finding it interesting that people are saying that JM will accept a sales receipt and lab report. Because when my daughter tried to insure her ring through them 4 years ago, they absolutely would not. So she had to use the inflated insurance valuation included with the diamond which meant overpaying in premiums for several years until the value of the stone equals the amount for which she is insured. It would be great to have this verified that they no longer require an appraisal.

I would set up the insurance to begin the day of arrival. I am pretty sure it has to be in her name, though, so I would wait until right before the proposal to get the ring and insure it so she doesn't get mailings from JM!

DS, hi.
I just insured my OEC, loose, with a photo of the setting she will go in [with a dollar amount]. I sent them Grace's sales receipt as proof.
It may be because I already have an account with them that they accepted this, or perhaps they've change their policies.
Or perhaps I've bought & sold & insured & uninsured so many things this year that they've simply surrendered in hopes I'll go away now

 

[mercurial_dirigible]

Thank you all for the advice.

Is there any difference between Perfect Circle and Jewelers Mutual? I keep getting redirected to Perfect Circle, which I believe is a subsidiary of Jewelers Mutual, but wanted to be sure.

 

[bcavitt]

According to the product brochure, "Perfect Circle Jewelry Insurance is a product of Jewelers Mutual Insurance Company".

 

[mercurial_dirigible]

Just got off the phone with Jewlers Mutual. They will accept detailed receipts (needs to show carat weight, setting metal, etc.) and do NOT require an appraisal. Just an FYI for those with high appraisals.

 

[HeartingDiamonds]

I don't have much to add here (as the others have pretty much covered it for you), other than to add that Perfect Circle, in my experience has been outstanding - it has paid out between $2500-$40k to my clients all within 2 weeks after the losses have been incurred.

Its an outstanding product, and the service was excellent as well.

 

[diamondseeker2006]

Just got off the phone with Jewlers Mutual. They will accept detailed receipts (needs to show carat weight, setting metal, etc.) and do NOT require an appraisal. Just an FYI for those with high appraisals.

Awesome! So glad to hear this!

Thanks, Jimmianne, too! I imagine you have kept them busy!