Help with Coverage for Engagement Ring

[Khalsa007]

Hi All, I searched around the forums but I couldn''t nail the same question and answer that I had for my insurance question. Basically, I got a really spectacular deal on a GIA certified diamond that retails for $3-7K more than what I paid. The ring is still being made by Tacori (The setting is a 18K WG HT2311 (Retail $2,890)) and the diamond is as follows:

GIA 5101436894
4Cs: 2.08, G, SI2, Excellent
Measurements: 8.20*8.17*5.05
Depth: 61.7%, Table: 57%
Polish/Symmetry: VG/VG
Crown Angle/Pavilion Angle: 35.5/40.6
Crown Height/Pavilion Depth: 15.5/43.0
Girdle: Thin to Medium, Faceted
Fluorescence: None
HCA: 1.4 within TIC
AGA Grader Tool: 1B
Price: $10,610

The reason why it received an SI2 was based on a indented natural on the side of the diamond but only visible with a 10x loupe, it is eye-clean from 4-8 inches away and even looking at it point blank from 2 inches away its not visible. I looked all over on PS and other Diamond search sites to see if I could find something relatively close to my specs and price but they are $15K-20K. The only diamond that I found that was even relatively close is this one sold by Blue Nile (http://www.bluenile.com/diamond-search?filter_id=0&track=bbt#diamonds_pid=LD0159351 with Specs below:

AGS 01040382760003
4Cs: 2.09, G, SI1, Excellent
Measurements: 8.21*8.18*5.08
Depth: 61.9%, Table: 56%
Polish/Symmetry: Ex/Ex
Crown Angle/Pavilion Angle: 35.6/40.6
Crown Height/Pavilion Depth: 15.8/42.8
Girdle: Thin to Medium, Faceted
Fluorescence: None
HCA: 1.4 within TIC
AGA Grader Tool: 1B
Price: $20,642

So my predicament is this: If something happened to the diamond I would only be insured the value of the diamond @ $10,610 correct? I would not be insured for another 2+ Carat G, SI2 considering they are all out of my "insured price range." My vendor offers appraisals but would that be accepted by Jewelers Mutual or Chubb? If I received full Rapaport value for my diamond it would be about $19,552 which obviously would not happen but I would expect at least $16,620 which is 15% off the Rap price. What should I do to make sure that I get the value that I should for my diamond? Thank you in advance.

 

[elle_chris]

Have it independtly appraised and tell them you need it for insurance purposes. See what value they place on it. Tell them not to inflate it either. It may come out to 16 or 17k and that should cover you.

 

[Khalsa007]

Well I don''t mind paying the extra if it is "inflated" by a little bit. I did the Premium Calculator on Jewelers Mutual and if it was full retail $19,552 (Rap Price) + $2,890 (Retail Tacori HT2311) = $22,442 with $500 deductible would be an annual rate of $290 per year. This would be totally acceptable to me, as long as the insurance was less than $25 a month, its no problem. I will definitely ask for an independent appraisal. Thanks elle!

 

[yssie]

Ditto - have it independently appraised.


The insurance company need never see your receipt/payment slip - the appraisal has all the pricing info they want.