I made a decision (!!) and now have an insurance question

[newbie124]

Well, after many weeks of deliberation, we''ve finally decided to keep the original WF stonethat we bought back in December. Yay!! (Pictures to come as soon as I get Photoshop reloaded on my computer...)

I''m super excited to finally be able to move on to designing the setting. We will be using a local jeweler instead of sending it back to Whiteflash, so I want to get the stone insured before we get it set.

I''ve been reading through a lot of the insurance threads and would really like to try to get it insured through Chubb.

My issue, as others have mentioned, is with the price. We purchased the stone w/ PS discount for $6272. The letter of verification that came w/ the stone estimated the retail at $9350. The setting we are looking to get is probably going to cost around $1500.

So if we go by our discounted online purchase price, the total ring would be under Chubb''s $10k minimum (assuming we can''t find an agent who will let insure us for under 10k). If I go by the letter of verification, then the total would probably be over $10k.

But I wonder if a $3000 difference b/t purchase and estimated retail is too significant? I just did a PS search w/ the specs for my stone and found an almost exact replica and the WF cost is $7304 ($6912 after discount). The only difference I can see is that this other SI1 has slightly fewer inclusions, but even the cut measurements are almost exact.

Soo...should I submit the price we paid or go w/ the verification letter for now? I''ve already had it appraised, but our appraiser told me to go w/ the price we paid for now and then after it''s set she would give us her appraisal for the whole thing. Do I need to go back and ask her for an estimate for just the loose stone?

If our final out of pocket is just under $8000 is it safe to assume that the appraisal will probably come in close to $10,000?

 

[newbie124]

An update...

I just spoke with William Castro at Total Dollar. FYI, he says that as of about a month ago they are not able to sell the stand alone Chubb policy. He said it''s b/c Chubb has been experiencing losses nationwide, so TD is currently in negotiations w/ Chubb right now to try to continue selling the policy. Also, Bill told me that he would not be able to insure my loose stone before it''s set and even if he could, if it were damaged during setting that Chubb would not cover the jeweler''s workmanship, which seemed kind of odd to me...

So then I called Touchstone. Sounds like they are still able to provide Chubb''s standalone coverage as long as the stone is over $10,000. He also said that they would cover the stone before setting as long as I provided documentation from the jeweler showing that the stone is going to be set and the cost of the setting. In order to get Chubb''s policy, I would need to submit the letter of verification that gave an estimated value of $9350.

So I guess I''m now wondering if it''s worth it to pay the slightly higher premium of insuring it for a nearly $3,000 more than what we actually paid but with the cash benefit. Although I guess if we combine the estimate value w/ our out-of-pocket cost for the setting, they kind of even each other out so that the insured value is not ridiculously more than what it would probably cost us to replace.

My other question is that the letter of verification is not very detailed at all. But will this matter if we go w/ the Chubb policy that would just give a cash payout anyway vs replacement?