HUGE Dilemma: Chubb only insures set rings

[echelon6]

Hi All

I''ve been trying very hard to get a policy up for my loose stone I''m purchasing from WF, to be set by Mark Morrell. The main point of the policy is to insure against possible breakage during setting.

I''ve been liaising with Chubb in Australia and basically the agent told me Chubb won''t do loose stones at all in Australia, and that I''d need to get it set first. So what can I do??? I can''t bear to think that I''m 100% exposed to the risk of a broken stone during setting, even if it''s done by MM

Right now I plan to put the loose stone into a temporary setting by WF, then have it sent to MM for final setting.

My question is:

1) Will one of those clip-on temporary settings satisfy Chubb''s needs? (anyone do this before? forum search yielded nothing material)
2) If no to the above, what is the cheapest cheapest setting I could use, which would satisfy Chubb''s needs
3) Are there any other insurers in Australia that can help me with my dilemma? (i.e. insuring a loose stone or loose stone in temp setting)

Thanks

 

[belle]

will mm allow wf to set the stone?

 

[denverappraiser]

They don't do loose stones in the US either and I can't imagine that one of those clips would qualify as jewelry for purposes of insurance. Try having it set into a simple gold pendant or single stud earring. You can then have it ‘restyled’ into a ring or whatever it is that you really are wanting. Of course, the process of setting it in the earring would be uninsured but the diamond supplier will probably be willing to assume this risk if you have it done by them at the same time as your purchase. Talk to your Chubb agent about the details of the policy.

Depending on the original jeweler, this process may affect your warranty although if you've got a good insurance policy this my not be of great concern to you.

I don't know the rules in Australia but in some countries the import taxes are different on jewelry than for unset gemstones. The customs office should be able to help here but importing an earring just might be a fair amount more expensive than importing a diamond.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[echelon6]

Neil, that''s bad news

I was really hoping I was able to use one of those easy clip-on settings which I could borrow / return later. I will check with Chubb tomorrow, but if you''re doubtful, I don''t like my chances

Also as a single stud, that doesn''t classify as a "ring" per se - wouldn''t that create difficulties in my policy if it was worded as "ring" instead of "item of jewelry"?

Can I get some indicative prices on the ABSOLUTE CHEAPEST (i.e. practically 0 cost materials, pure labor cost) setting available?

Any more opinions on whether the clip-on temp setting would be accepted by Chubb?

siiiiighhh I''ve been trying to sort this out for the past week, it''s beginning to look like a dealbreaker

 

[mrssalvo]

I think Neil''s idea of setting it as an earring is a good one, that or just a simple plain WG setting which I think WF sell''s for around $150. It''s a pain for sure but to me it''d be worth the extra money for a temp setting for the insurance.

 

[neatfreak]

I think you probably need to call Chubb themselves and ask them what they consider appropriate. I have seen cheapo gold ring settings for about $150-200, I don''t know if they are available cheaper than that.

I don''t see a blatant issue with the earring idea though unless you are not allowed to modify your jewelry once it is insured, which if that is the case, you won''t be able to change the setting anyway while it is still insured.

Do you have any friends/relatives in the US who you could have insure the ring through JM while it is being set? You''d have to pay a yearly premium, but it would only be a couple hundred dollars and it would cover it...

 

[echelon6]

LoL I have no friends or relatives in the US

Maybe I''ll just get WF to make me an iron 4 prong solitaire. Very stylish

Did anyone have a similar experience to mine whilst getting their stone set by an independent designer like Leon or Mark or others? They all don''t cover breakage of your stones it seems, so I''m confused why there aren''t more threads like mine

 

[Dee*Jay]

Echelon, I was recently considering a yellow diamond, and I really wanted to buy just the loose stone and then to have it set by someone later. I called my insurance company (Travelers) to find out if the stone would be insured while it was being set at a later date, and the upshot was that I should do exactly what Neil is suggesting. Have the stone put in the simplest (but real) setting available, insure the piece as a "ring", and then if I had it reset later the stone would be insured. Double check with YOUR insurance company to make sure it would work the same way, but this seems like the best option assuming your insurer operates in the same manner.

 

[belle]

a good stopgap solution is to set the stone in a cheap (but REAL) setting, however, the drawback on that is having the stone needlessly set and reset. insured or not, i don''t think i would want my diamond to go through that process unnecessarily.

i still think the best solution would be to have wf set the stone in the mm setting, since it will be covered and that seems to be your main concern.

 

[denverappraiser]

As with all insurance questions, the details of your particular policy are the guiding rules and we can only guess in generalities.

With most policies, you are permitted to restyle your jeweler whenever you want. When the job is done you are expected to submit an update to your policy accurately describing and valuing whatever it is that they are then insuring. Any policy that will permit an upgrade from one ring to another will also surely accept an upgrade from an earring to a ring or visa versa. If the piece becomes more valuable, which will surely be the case in your scenario, you will be expected to pay an additional premium at that time. They, of course, have the right to cancel your policy at this point if they don’t care for your modifications but it’s extremely rare for them to do this and they would need a pretty good reason for it. They also have the right to subrogate any damage that occurs during the setting process (meaning they may sue the jeweler).

The one year premium from JM for their policy that covers this isn’t all bad news. You get ‘free’ a whole year of insurance in addition to the initial setting breakage coverage. Not that this matters in your case. I don’t think JM does business in Australia and they won’t write a policy for a US customer where the possession of the property will be with someone who resides in Australia.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[surfgirl]

If you''re having WF send it to MM for setting, why dont you ask WF is they can pop it into a plain setting for you, with the understanding that it''s only for shipping to MM and MM will send the setting back to WF once he receives the stone? That way it can be insured as a "ring" but you might not have to buy the initial setting since it''s just a temp thing...

 

[strmrdr]

pre-notched gold filled ring finding.
$10-$15
WF pop diamond in:
$cheap

insure...
Done...

 

[Pandora II]

Have you tried Brinks? I used them a lot for work and they are a fountain of knowledge on this kind of thing.