Help! Looking on some information on insuring a high-value ring...

[bem3231]

Hi everyone...

So we have purchased our stone from GOG, had it appraised at AGA, and it''s currently on its way to Leon to be set. Once I began to recover from my shock and glee that this beautiful ring was going to be mine, the realities of having it insured began to set it. I have done some research and made several calls and it seems that getting it insured is not quite as simple as I thought that it would be given that we will need to secure coverage for around $60k.

I live in Canada. I called Chubb and, while they offer the best in the way of coverage, a) they won''t insure a piece of jewelry unless you switch your home insurance to them as well, and b) they don''t typically insure houses that have a dwelling value (ie: building only) of under $750,000. Mine is considerably under that, so I''m not even sure that they will agree to write it should i decide to go that route. To have it underwritten with my current house insurance company would perhaps be easier, however the coverage that we would have in case of loss would be considerably less.

Questions that I have are...

- does anyone have any other suggestions for insurance companies that write in Canada who have very good coverage policies but who might be a little more flexible than Chubb?

- at what point do most people insure a piece of jewelry? Once they''ve purchased the stone, once the ring is finished, or once they take possession of it? If I insure with Chubb they require a local appraisal of the finished ring, however I intend to take posession of the ring while on holidays in the US, so I will technically have posession of it prior to being able to get it locally appraised.

It seems way more complicated than I was anticipating!

Any information or feedback that anyone has would be most appreciated!!

 

[princessk]

Hi I had the same problem a few yrs back in Canada. My jeweller forwarded me on to the insurance agent that he deals with and he informed me that the only ones who would insure ring were LLOYDS OF LONDON.

Good luck!

 

[lyra]

Have you talked to your current home insurance carrier to enquire about putting it on a separate rider? That's what I did. You should expect to pay around $60-$120 a month I think. I might be wrong, but you should at least check. Make sure to ask for an all risks (or all perils) policy, and be clear what kind of coverage you want. Do be sure you're not over-insuring. The amount of insurance should be for around exactly what you would need to pay to exactly replace the ring, with a small margin for inflation. You'll need to update your appraisals to make sure you have the right amount of coverage in the future.

 

[bem3231]

Thanks for the helpful suggestions!...

 

[diamondseeker2006]

I do not know if Chubb is different in Canada, but I did not have to purchase a homeowners policy to insure my ring. Good Old Gold should be able to write an appraisal for you if you provide them a decription of the setting and the cost of the setting. Tell them you want them to list the SALES amount, not an inflated amount. I would think this would be more than adequate for most insurance companies. I''d want the stone insured immediately!

 

[bem3231]

Apparently Chubb did not require a homeowners policy as well until about a year and a half ago...

 

[BigDiamonds]

Touchstone provides access to stand-alone jewelry policies through Chubb. Don''t know if they are able to write on behalf of Chubb in Canada, but it''s worth a shot.

 

[kroshka]

Date: 1/7/2008 5:24:02 PM
Author:bem3231
I called Chubb and, while they offer the best in the way of coverage, a) they won''t insure a piece of jewelry unless you switch your home insurance to them as well, and b) they don''t typically insure houses that have a dwelling value (ie: building only) of under $750,000.

Hi bem3231,

I too was told the same thing when I first inquired about a Chubb policy here in the US. As others have mentioned it seems that in many places they won''t sell a stand alone policy. However, you can always try arguing with the agent you talk to that offers Chubb. The reason I say that is because the agent I dealt with told me the same thing, and I right off the bat let him know that my house wouldn''t qualify. I argued to my favor the fact that the items I had to insure were of high value - similar to the value of yours. In retrospect it felt like the agent wanted to acquire additional business and one way to do it was to try to force the issue of the house policy. I''m not saying that was definitely the case, but it just felt that way. It''s worth a try.

Kroshka

 

[bem3231]

Very helpful suggestions... thank you!

 

[October2008bride]

BEM any luck with your insurance? I''m interested to see what you have found. I am also in Canada and am having a rough go trying to get it insured.

Thanks!

 

[bem3231]

Date: 2/1/2008 8:02:50 PM
Author: October2008bride
BEM any luck with your insurance? I''m interested to see what you have found. I am also in Canada and am having a rough go trying to get it insured.


Thanks!

I''m still working on it, but it''s not nearly as simple as I thought it would be...

My homeowners policy is with AMA, and they will insure it for around $800 (for $60k in coverage). I contacted Touchstone in the US who managed to get a quote for me from a company that underwrites for Lloyd''s of London. Their quote just came in yesterday at over $1300, plus there would apparently be 10% in excise tax and 2% provincial tax added, which I don''t really even understand (I live in Alberta, presumably a tax-free province). I have yet to compare the in''s and out''s of each policy and what they cover, but the Lloyd''s policy would have to be waaaayyy better in order to justify an extra 60 or 70%!! What has your experience been? When I started looking into this I wasn''t in a rush but I''ll be taking possession of the ring in a couple of weeks so I need to get this sorted!

 

[October2008bride]

Ugh that is so annoying! Why can''t we have the options that they have in the states!

We''ve had issues as well - quoted at about 550 per year (30k value), but as is typical in Canada, they will NEVER pay out 30K. That really bugs me - I pay premiums on 30k, but it will never be replaced at that value!

Anyways I think I''ll have to just suck it up eventually but in the meantime it really bugs me!

Keep us updated (or me at least!) if you come across something good!

 

[bem3231]

Date: 2/3/2008 12:10:16 AM
Author: October2008bride
Ugh that is so annoying! Why can''t we have the options that they have in the states!


We''ve had issues as well - quoted at about 550 per year (30k value), but as is typical in Canada, they will NEVER pay out 30K. That really bugs me - I pay premiums on 30k, but it will never be replaced at that value!


Anyways I think I''ll have to just suck it up eventually but in the meantime it really bugs me!


Keep us updated (or me at least!) if you come across something good!

Keep me posted, too! I still haven''t sorted out exactly what we''ll do, although I need to figure it out soon! I''ll likely just get a rider on my home policy until if and when I find a better alternative that''s not twice the premium!