I think Chubb is the best insurer

[stone_seeker]

Having just called about 10 insurance companies who cover valuable articles, Chubb was the only one that does a cash value policy.

Everyone else has replacement value. So lets say you spent $10K on a ring, if they can replace it for $5K, thats the check they send you. People here spend a lot of time finding the right stone so why have an insurance agent find your replacement??

FYI - I dont work for any insurance company but some people here may want to read up on replacement vs cash value insurance.

 

[CrookedRock]

I think Chubb does 150% replacement if need be. That''s who we use. Although FI is considering switching everything to Lloyd''s, I don''t know much about them though.

 

[arjunajane]

I thought JM did cash-out aswell, no?

My circumstances are different as not in the US, but I was able to negotiate a cash-out clause with my insurer, even though they are usually replacement (from rubbish vendors

)

 

[bosox86]

I recently went with local state farm (south louisiana) and the way they explained it to me was that if FI ring was stolen or lost i would get a check for the appraised amount (8500$)

for repairs they would just pay the amount of the repair.

Thats just what i was told, hopefully i never have to use my insurance.

 

[stone_seeker]

Lloyd''s more of a business insurance agent...they actually reinsure a lot of chubb policies. They may do some personal property (i think they are the ones that insure celebrity body parts, etc.) but I dont know.

 

[stone_seeker]

Date: 8/18/2008 9:37:02 AM
Author: arjunajane
I thought JM did cash-out aswell, no?

My circumstances are different as not in the US, but I was able to negotiate a cash-out clause with my insurer, even though they are usually replacement (from rubbish vendors

)

I spoke to JM on friday and they said they do not send a check for the appraised amount but will replace the item in "like kind". This may be a New York City thing (where I live) but you may want to check if that matters to you.

 

[denverappraiser]

Chubb is a terrific company but it’s not correct that there are no other cash out policies available. Fireman’s fund and GEICO both have cash out offers in at least some states although you are correct that most policies in most places are replacement type agreements. Unfortunately, choosing a policy is far more complicated than it seems at first blush and the agents seem to be getting worse, not better, about explaining how their company’s coverage works. Replacement policies are, in general, quite a bit cheaper in terms of premiums so there’s a tradeoff.

Lloyds is a good company too although they aren't licensed in all states and they tend to stick to rather high value policies. Mostly I think they write replacement policies but the do have a ‘declared value’ option. Ask your agent about it.

The 'standard' JM policy is a replacement agreement.

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

 

[CrookedRock]

Date: 8/18/2008 9:43:38 AM
Author: stone_seeker
Lloyd's more of a business insurance agent...they actually reinsure a lot of chubb policies. They may do some personal property (i think they are the ones that insure celebrity body parts, etc.) but I dont know.

I think you are right. This is really my FI's area of expertise, not mine, but I think it has a lot to do with our umbrella policy. I do know they have an amazing reputation, but I kinda always thought they were for extremely high end policy's. I guess not.

ETA~ I have been extremely happy with Chubb. Knock on wood but I haven't made a claim yet. When we purchased the stone and picked up the ring they were so easy to deal with. All I did was fax an appraisal and it was a done deal. Not gonna lie though that $100 a month kinda stings.... Don't know how long I want to insure it for...

 

[arjunajane]

Date: 8/18/2008 9:43:38 AM
Author: stone_seeker
Lloyd's more of a business insurance agent...they actually reinsure a lot of chubb policies. They may do some personal property (i think they are the ones that insure celebrity body parts, etc.) but I dont know.

Yeah, I don't know if its the same in the US, but I did look into Chubb as an option in Aus. Its called "masterpiece" insurance here - and the name says it all, lol.
They would not insure an item of jewellery for less then *I think* 25k ? I know thats probably not an uncommon amount in the realm of PS'ers rings, but it certainly wasn't the way for little 'ol me, lol.

 

[arjunajane]

Date: 8/18/2008 9:45:11 AM
Author: stone_seeker

Date: 8/18/2008 9:37:02 AM
Author: arjunajane
I thought JM did cash-out aswell, no?

My circumstances are different as not in the US, but I was able to negotiate a cash-out clause with my insurer, even though they are usually replacement (from rubbish vendors

)

I spoke to JM on friday and they said they do not send a check for the appraised amount but will replace the item in 'like kind'. This may be a New York City thing (where I live) but you may want to check if that matters to you.

Oh sorry SS, I didn't make myself clear. I live in Australia, so we don't have JM here.
I just got a rider added to my contents, which worked out well for me, as they will pay me the Australian appraisal amount for a loss (which is more than what I paid - don't ask me, they insisted on doing it that way!)..

 

[stone_seeker]

Date: 8/18/2008 9:40:57 AM
Author: bosox86
I recently went with local state farm (south louisiana) and the way they explained it to me was that if FI ring was stolen or lost i would get a check for the appraised amount (8500$)

for repairs they would just pay the amount of the repair.

Thats just what i was told, hopefully i never have to use my insurance.

I spoke to a state farm agent and they said they only have replacement policies. You may want to check. As someone here said, the agents arent very good at explaining the differences and consumers should know what they are paying for. The notion of losing a piece of jewelry is upsetting enough and you want your insurance to do exactly what you think you are paying them for.

 

[bosox86]

Date: 8/18/2008 9:53:14 AM
Author: stone_seeker

Date: 8/18/2008 9:40:57 AM
Author: bosox86
I recently went with local state farm (south louisiana) and the way they explained it to me was that if FI ring was stolen or lost i would get a check for the appraised amount (8500$)

for repairs they would just pay the amount of the repair.

Thats just what i was told, hopefully i never have to use my insurance.

I spoke to a state farm agent and they said they only have replacement policies. You may want to check. As someone here said, the agents arent very good at explaining the differences and consumers should know what they are paying for. The notion of losing a piece of jewelry is upsetting enough and you want your insurance to do exactly what you think you are paying them for.

i hear ya,

i ask several times, "ok so if i loose ring or is stolen how does this work, and i can buy new ring anywhere i choose?" and several times i was told, " if you loose the ring, come back here and we will personally give you a check for the appraisal amount, and you are free to replace it from anywhere you choose or dont have to replace it all"

now you are right when you say they dont all the time know what they are talking about. but like i said that is what i was told would happen,

 

[stone_seeker]

Date: 8/18/2008 9:49:16 AM
Author: CrookedRock

Date: 8/18/2008 9:43:38 AM
Author: stone_seeker
Lloyd''s more of a business insurance agent...they actually reinsure a lot of chubb policies. They may do some personal property (i think they are the ones that insure celebrity body parts, etc.) but I dont know.

I think you are right. This is really my FI''s area of expertise, not mine, but I think it has a lot to do with our umbrella policy. I do know they have an amazing reputation, but I kinda always thought they were for extremely high end policy''s. I guess not.

ETA~ I have been extremely happy with Chubb. Knock on wood but I haven''t made a claim yet. When we purchased the stone and picked up the ring they were so easy to deal with. All I did was fax an appraisal and it was a done deal. Not gonna lie though that $100 a month kinda stings.... Don''t know how long I want to insure it for...

Tell me about it. NY city is absurdly pricey (more crime I guess??) and I''m at $150 / month. If you add up what 5 years of premiums amounts to its pretty nuts. I''ve looked into my umbrella policy which I thought could just do a catch all for all jewelry, art, cars, etc but for some reason any jewelry over $25K requires itemization.

 

[stone_seeker]

Date: 8/18/2008 10:00:06 AM
Author: bosox86

Date: 8/18/2008 9:53:14 AM
Author: stone_seeker

Date: 8/18/2008 9:40:57 AM
Author: bosox86
I recently went with local state farm (south louisiana) and the way they explained it to me was that if FI ring was stolen or lost i would get a check for the appraised amount (8500$)

for repairs they would just pay the amount of the repair.

Thats just what i was told, hopefully i never have to use my insurance.

I spoke to a state farm agent and they said they only have replacement policies. You may want to check. As someone here said, the agents arent very good at explaining the differences and consumers should know what they are paying for. The notion of losing a piece of jewelry is upsetting enough and you want your insurance to do exactly what you think you are paying them for.

i hear ya,

i ask several times, ''ok so if i loose ring or is stolen how does this work, and i can buy new ring anywhere i choose?'' and several times i was told, '' if you loose the ring, come back here and we will personally give you a check for the appraisal amount, and you are free to replace it from anywhere you choose or dont have to replace it all''

now you are right when you say they dont all the time know what they are talking about. but like i said that is what i was told would happen,

Good. Just have it in writing also.

 

[arjunajane]

Date: 8/18/2008 10:01:09 AM
Author: stone_seeker

Date: 8/18/2008 10:00:06 AM
Author: bosox86

Date: 8/18/2008 9:53:14 AM
Author: stone_seeker




I spoke to a state farm agent and they said they only have replacement policies. You may want to check. As someone here said, the agents arent very good at explaining the differences and consumers should know what they are paying for. The notion of losing a piece of jewelry is upsetting enough and you want your insurance to do exactly what you think you are paying them for.

i hear ya,

i ask several times, 'ok so if i loose ring or is stolen how does this work, and i can buy new ring anywhere i choose?' and several times i was told, ' if you loose the ring, come back here and we will personally give you a check for the appraisal amount, and you are free to replace it from anywhere you choose or dont have to replace it all'

now you are right when you say they dont all the time know what they are talking about. but like i said that is what i was told would happen,

Good. Just have it in writing also.

Yup, good advice stone_seeker.
Bosox, this is exactly what my Ins Co have told me, but I have made sure I have it in black and white. Anything they tell you, whether phone or in person, should be recorded against your policy/ID number, but you don't want to have to rely on this *if* claim time comes..

 

[strmrdr]

I don''t view replacement policies as a bad thing as long as your ring is well documented and your willing to work a bit if you have to.

The nice thing about JM is they know Jewelery.
If you have the paperwork to back it up that your diamond is something special they have someone who can understand that.

The hardest part of a claim against a like kind policy is convincing then that the cheapest replacement isn''t like kind.

For example State Farm their default is always a replacement from their partners or that amount of money they would pay at the discounted rate.
Sure they will often cash out but its a discount amount based on their market.
Just a few weeks ago I was helping someone with a claim for a computer that SF wants to replace a special purpose machine with a dell that will not work and dell does not have one that is approved for the hardware/software combination he uses.
So I wrote a letter to that effect they would not take his word for it.
They caved in after getting my letter.

I repeat it again and again be prepared to bury any insurer in paperwork and bind the policy to the most complete description and pictures possible.

 

[stone_seeker]

Date: 8/18/2008 3:36:50 PM
Author: strmrdr
I don''t view replacement policies as a bad thing as long as your ring is well documented and your willing to work a bit if you have to.

The nice thing about JM is they know Jewelery.
If you have the paperwork to back it up that your diamond is something special they have someone who can understand that.

The hardest part of a claim against a like kind policy is convincing then that the cheapest replacement isn''t like kind.

For example State Farm their default is always a replacement from their partners or that amount of money they would pay at the discounted rate.
Sure they will often cash out but its a discount amount based on their market.
Just a few weeks ago I was helping someone with a claim for a computer that SF wants to replace a special purpose machine with a dell that will not work and dell does not have one that is approved for the hardware/software combination he uses.
So I wrote a letter to that effect they would not take his word for it.
They caved in after getting my letter.

I repeat it again and again be prepared to bury any insurer in paperwork and bind the policy to the most complete description and pictures possible.

That is my point. There may be many on here who assume that if they lose their ring, they will get some $ right away to buy the exact same thing they bought and that is not always the case. I also dont mean to imply that replacement policies are bad - in many cases they are more than fine but people should know what they are paying for and make sure thats what suits their needs best.

I have some pieces that are more generic (e.g. round studs, watches, etc.) that replacement is fine. But in the appraisals I am sure that everything is VERY speicfic in terms of depth, proportions, etc with pictures to be sure the replacement has to be like what is in the file. If they cant match it then they usually just give you cash.

 

[goobear78]

I went with State Farm since we also had our auto and house insurance with them. I know that they have a cash-out policy as well. Unfortunately, I found this out when my ER & WB were stolen. It was a terrible situation, but they were wonderful to deal with and I received the full amount of my policy. I had the option for a replacement with one of their approved vendors or a cash-out, which I chose. I would highly recommend State Farm.

I purchased that policy never thinking I would really need it, but as a "just in case." Thank god I did. And I''m not an insurance salesperson or anything, just a very happy customer who will now be a loyal State Farm customer.

 

[NewEnglandLady]

I considered Chubb and JM for a long time, but ended up going with JM because Chubb was about 20% more.

If something were to happen to my e-ring, I would want an exact replacement. The issue was that my ring was from a high-end boutique store and I would want it replaced from that store, which other policies wouldn't provide. JM's policy allowed me to replace the same type of stone (from the same cutting house) from the exact same boutique, so I went with them. If I'd gone through Chubb, I would have used the cash to buy a ring from the same place, anyway.

 

[strmrdr]

Date: 8/18/2008 3:53:35 PM
Author: stone_seeker


That is my point. There may be many on here who assume that if they lose their ring, they will get some $ right away to buy the exact same thing they bought and that is not always the case. I also dont mean to imply that replacement policies are bad - in many cases they are more than fine but people should know what they are paying for and make sure thats what suits their needs best.


I have some pieces that are more generic (e.g. round studs, watches, etc.) that replacement is fine. But in the appraisals I am sure that everything is VERY speicfic in terms of depth, proportions, etc with pictures to be sure the replacement has to be like what is in the file. If they cant match it then they usually just give you cash.

The thing is with chubb you need the same thing if you were under insured and want the 150% to kick in.
There is no magic policy that can make up for lack of documentation.

It seems like I run into this for clients 4-5 times a year.
Some companies are easy and the adjuster will call me and we will talk for 2-3 min and its done to others where it has to printed on letterhead and mailed.
One even wanted my statement notarized and a credential list.
I guess they figured it took an EET degree to tell that 1/2 the chips were blown off the modem and 3 or 4 off the motherboard.
That was for a $1500 claim.

Another I just talked to them on the phone for 2 min and it was over $100000 just for the computers and another $350000 in other damages.
(lightning bolt hit the pole right outside the building it even welded the coils in the sump pump together causing the building to flood)

 

[strmrdr]

Date: 8/18/2008 4:06:27 PM
Author: goobear78
I went with State Farm since we also had our auto and house insurance with them. I know that they have a cash-out policy as well. Unfortunately, I found this out when my ER & WB were stolen. It was a terrible situation, but they were wonderful to deal with and I received the full amount of my policy. I had the option for a replacement with one of their approved vendors or a cash-out, which I chose. I would highly recommend State Farm.


I purchased that policy never thinking I would really need it, but as a ''just in case.'' Thank god I did. And I''m not an insurance salesperson or anything, just a very happy customer who will now be a loyal State Farm customer.

A lot depends on your claim adjuster, they have lost a ton of business in my area because of the bad quality of the adjusters anytime I hear a horror story locally it is almost always State Farm.
I switched away from them for that very reason.
Others is different areas have had a better experience with them.

 

[goobear78]

Date: 8/18/2008 4:19:36 PM
Author: strmrdr

Date: 8/18/2008 4:06:27 PM

Author: goobear78

I went with State Farm since we also had our auto and house insurance with them. I know that they have a cash-out policy as well. Unfortunately, I found this out when my ER & WB were stolen. It was a terrible situation, but they were wonderful to deal with and I received the full amount of my policy. I had the option for a replacement with one of their approved vendors or a cash-out, which I chose. I would highly recommend State Farm.



I purchased that policy never thinking I would really need it, but as a ''just in case.'' Thank god I did. And I''m not an insurance salesperson or anything, just a very happy customer who will now be a loyal State Farm customer.

A lot depends on your claim adjuster, they have lost a ton of business in my area because of the bad quality of the adjusters anytime I hear a horror story locally it is almost always State Farm.

I switched away from them for that very reason.

Others is different areas have had a better experience with them.

Can''t speak about other areas, but like I said, I''ve always had great experiences when dealing with State Farm and their claim adjusters. Hopefully, it will stay that way.

 

[Fly Girl]

Date: 8/18/2008 4:06:27 PM
Author: goobear78
I went with State Farm since we also had our auto and house insurance with them. I know that they have a cash-out policy as well. Unfortunately, I found this out when my ER & WB were stolen. It was a terrible situation, but they were wonderful to deal with and I received the full amount of my policy. I had the option for a replacement with one of their approved vendors or a cash-out, which I chose. I would highly recommend State Farm.

I purchased that policy never thinking I would really need it, but as a ''just in case.'' Thank god I did. And I''m not an insurance salesperson or anything, just a very happy customer who will now be a loyal State Farm customer.

My local jeweler also told me that SF has a cash out policy. However, my agent checked for me and says no. Not sure now how to get this mysterious SF cash out policy.

 

[goobear78]

This is how it worked for me. Once I made a claim with my local state farm agent, they connected me with a claim specialist. This took a few days, but I know they first said I would hear from someone in 48 hours. They gave me a list of local approved state farm jewelers to pick from which would give me a replacement estimate. Even though my policy was in NY, I was able to go to a jeweler that I was familiar with in NJ. I went in to see that jeweler and discussed what my rings were like and what they could do to replace them. Then the jeweler put in a replacement quote with State Farm. It was actually a little more than my policy amount. Now it is true that whatever the jeweler can replace your ring for is what they will cash you out for if you choose that route which can be less than the max your policy covers. Lucky for me, my entire policy was covered. Once they confirmed everything with the police and my police report, I was given the choice to replace the rings with their approved jeweler who I met with or cash out the policy to get my replacement at another vendor. As I mentioned above, I chose to cash-out and I'm now looking for a replacement. The approved vendor was very costly and couldn't match the quality of my stone.

 

[Fly Girl]

Date: 8/18/2008 6:15:24 PM
Author: goobear78
This is how it worked for me. Once I made a claim with my local state farm agent, they connected me with a claim specialist. This took a few days, but I know they first said I would hear from someone in 48 hours. They gave me a list of local approved state farm jewelers to pick from which would give me a replacement estimate. Even though my policy was in NY, I was able to go to a jeweler that I was familiar with in NJ. I went in to see that jeweler and discussed what my rings were like and what they could do to replace them. Then the jeweler put in a replacement quote with State Farm. It was actually a little more than my policy amount. Now it is true that whatever the jeweler can replace your ring for is what they will cash you out for if you choose that route which can be less than the max your policy covers. Lucky for me, my entire policy was covered. Once they confirmed everything with the police and my police report, I was given the choice to replace the rings with their approved jeweler who I met with or cash out the policy to get my replacement at another vendor. As I mentioned above, I chose to cash-out and I''m now looking for a replacement. The approved vendor was very costly and couldn''t match the quality of my stone.

I had a loss with SF two years ago, and I can relate to your experience, goobear. I could only get the cash out if the replacement value quoted by the SF approved jeweler was more than the insured value of my ring. If the SF approved jeweler had said that he could replace my ring for less than the insured amount, I could only get that amount, not the insured amount. I interviewed a couple of SF approved jewelers, and the first guy said he could replace my ring for $12,000 and the second guy said it would take $22,000. Since the insured value of my policy was $18,000, I picked the $22,000 guy, and cashed out so I could go to my preferred jeweler who was not SF approved. Fortunately, I found my lost ring at that point and returned the SF check and increased the coverage on my ring, but it was an enlightening process.

My latest appraisal says the full retail replacement value of my ring is $32,000! If I insure my ring with SF for that amount, I will never be able to cash out, because no SF approved jeweler is going to tell SF that it costs them $32,000 to replace the ring. So, the policy won''t be cash out, and I won''t be able to go to my original designer for the replacement. I''d like to insure it for the actual SF jeweler replacement amount, and not the full retail value, and not pay SF premiums for inflated coverage. But better would be to get an actual cash out policy.

 

[kcoursolle]

Date: 8/18/2008 9:31:02 AM
Author:stone_seeker
Having just called about 10 insurance companies who cover valuable articles, Chubb was the only one that does a cash value policy.

Everyone else has replacement value. So lets say you spent $10K on a ring, if they can replace it for $5K, thats the check they send you. People here spend a lot of time finding the right stone so why have an insurance agent find your replacement??

FYI - I dont work for any insurance company but some people here may want to read up on replacement vs cash value insurance.

That''s not exactly how replacement policies work, at least not when I made a claim at JM. They covered up the insured amount and I got to pick my jeweler to work with.

Chubb is fine, but there isn''t necessarily anything wrong with a replacement value policy if you plan on replacing.