Insurance advice?

[arockforher]

Hello everyone,

Anyone have any insurance tips for insuring a ring and diamond? I''ve heard Jeweler''s Mutual and Touchstone are two of the best....anyone have any goode experiences with either of these? Or perhaps horror stories with either of these companies?

Thanks!

 

[boston_jeff]

Big thumbs up for Jewelers Mutual... fast, easy, and the application is entirely online.

 

[kcoursolle]

I have jewelers mutual, but I''ve also heard Chubb is great. I''ve never actually had to use it, so I can''t really comment too much on the service.

 

[babamukuru]

I am also researching insurance... there is a lot of good information if you use the search feature.
Very high level summary of what I found out so far is that Chubb offers a superior product (they will cut you a check for the agreed upon price... that price can be changed once a year... you can get up to 50% more based on market adjustment), but on the downside it may be a challenge to find a Chubb agent willing to insure you (agents not fully informed on their product).
Jewelers Mutual is the fast and easy way to go and you can insure a loose diamond if it is going to be part of a setting. Both setting and diamond need to be appraised separately under the same policy for underwriting and then the piece (once the diamond is mounted) needs to be appraised. You get 30 days to set the diamond. I emailed JM and waiting on a response on whether I can get an extension to the 30 day mounting limit, if I choose them.

Anything I missed from any of the experts?

 

[pyramid]

I notice that www.Whiteflash,com who are one of the approved vendors on this Pricescope site are marketing Touchstone on their website.

 

[dfm00]

I went with Chubb because of the cash payout. If something happens to the stone I don''t want anyone other than myself having a say in what an equivalent replacement is, since I put a lot more thought and effort into choosing it than the basic "4Cs". I have heard that is becoming increasingly difficult to find a Chubb agent who will write a stand-alone policy for jewelry. I called William Castro at Total Dollar and had no problem at all, the policy went into effect last week. Chubb will likely be relatively expensive; mine worked out to almost 2.5%

Dave

 

[alyson423]

I have Chubb insurance for my ring and think it''s a great, no-hassle, comprehensive policy. Having said that, I seem to remember stories from PS from women who were told by Chubb representatives that they couldn''t sell them separate engagement ring policies. (?) Check out the Chubb national website- www.chubb.com- it gives the names and contact information of local insurance agents. If you get the run-around from one agent, I would just contact another. Good luck!

 

[kohdy]

I have Chubb insurance but am thinking about switching to State Farm since I have multiple policies under them. Although I have been insuring with Chubb for almost 6 years, I never had to use it so I cannot comment on how great their service is. I do like their cash out policy, though, and this is the main reason I chose them in the first place. I am hoping that State Farm will offer something equivalent. If not, I may be stuck with Chubb for a very long time.

 

[JohnQuixote]

 

[WinkHPD]

 

[babamukuru]

I am bumping this up to see if we can get some input from Sue (JM), if at all possible.

 

[stannyboy]

Would a copy of an AGS report, along with a value appraisal describing the setting and diamond be sufficient for insurance purposes?

 

[RockDoc]

Date: 4/11/2007 11:45:23 AM
Author: stannyboy
Would a copy of an AGS report, along with a value appraisal describing the setting and diamond be sufficient for insurance purposes?

It depends........."Insurance Purposes" isn''t a "catch all" thing.

How detailed the appraisal needs to be depends on the following:

1. the type of policy you are buying....
2. how your intended insurance company settles its claims
3. the value in some cases (Chubb doesn''t require detailed appraisal documents if the value is less than $ 50,000, in excess of that value they do.)
4. You preferences on how the claim will be settled in the event of a loss or damage

Your appraisal needs to parallel the type of coverage that you''re purchasing.

Rockdoc

 

[Psoasmajorman]

I appreciate this topic a lot...given that I just purchased a diamond ring from Blue Nile and am looking to insure it.

Based on the comments mentioned in this forum, I contacted Chubb yesterday. This particular agent told me they weren''t interested in insuring the ring unless I switched my homeowners over to them. Oh and there''s more. The home had to have a value of $600,000 or more to qualify. For what it''s worth, I could keep my current home, and buy two more of equivalent value and still not hit $600,000.

Let me add this caveat. I live in Texas, where hail and black mold are as common as Mom and Apple Pie. Many insurance companies in this state have been beaten to a pulp over claims. I guess they''re just being selective.

 

[FireGoddess]

Yikes. I had a similar issue with Chubb - that they wanted a renters policy from me in order to do the ring. Certainly not with that kind of limit though!! Some Chubb agents will do standalone jewelry policies, but I don''t have the info on which.

I have Travelers. I can''t comment cuz I''ve never filed a claim. But the bonus with them in my book is that they do a cash payout for insured value. No replacement hassles, just the cash.

 

[candlelite80]

I had looked into Chubb and thought that was who I was going to use but I will have to contact them now for more information. I was interested in a stand-alone policy as we live with family and will not be adding it to homeowners insurance. Does anyone know if Chubb does stand-alone policies?

 

[sfritz]

Greetings. I am responding to specific questions asked in this forum. At Jewelers Mutual, we direct our Personal Jewelry Insurance insureds to use their preferred jewelers for repairs or replacements covered by our policy. We have made NO change in that provision, nor do we plan to.

I want to clarify one of the posts in this discussion. If you purchase a stone and wish to have it insured through the setting process by Jewelers Mutual, we require an insurance appraisal/report for the stone and setting; the policy must be in force before the setting work begins. If you have an insurance appraisal for each component, that works just fine. We do not REQUIRE a second appraisal after the setting is complete, but we recommend that you have one completed within the first year for your protection. We ask customers for a copy of that second appraisal if they choose to obtain one.

Let me know if you have any other questions.

Sue Fritz
Jewelers Mutual Insurance Company

 

[goldenstar]

Date: 4/11/2007 5:11:43 PM
Author: Sue Fritz

I want to clarify one of the posts in this discussion. If you purchase a stone and wish to have it insured through the setting process by Jewelers Mutual, we require an insurance appraisal/report for the stone and setting; the policy must be in force before the setting work begins. If you have an insurance appraisal for each component, that works just fine. We do not REQUIRE a second appraisal after the setting is complete, but we recommend that you have one completed within the first year for your protection. We ask customers for a copy of that second appraisal if they choose to obtain one.

Let me know if you have any other questions.

Sue Fritz

Jewelers Mutual Insurance Company

I am in the process of having my stone set and I have a detailed appraisal for the unmounted stone. However, I cannot get an appraisal of the mounting alone because it is a custom piece and is not in existence yet. Do I have to have the mounting created, have it appraised, then have the stone set? I have already sent my application and payment to JM, and the appraisal for the stone.

 

[JohnQuixote]

Date: 4/11/2007 5:11:43 PM
Author: Sue Fritz


Greetings. I am responding to specific questions asked in this forum. At Jewelers Mutual, we direct our Personal Jewelry Insurance insureds to use their preferred jewelers for repairs or replacements covered by our policy. We have made NO change in that provision, nor do we plan to.

Thank you for the response Sue.

 

[kohdy]

Date: 4/11/2007 4:07:42 PM
Author: Psoasmajorman
I appreciate this topic a lot...given that I just purchased a diamond ring from Blue Nile and am looking to insure it.

Based on the comments mentioned in this forum, I contacted Chubb yesterday. This particular agent told me they weren't interested in insuring the ring unless I switched my homeowners over to them. Oh and there's more. The home had to have a value of $600,000 or more to qualify. For what it's worth, I could keep my current home, and buy two more of equivalent value and still not hit $600,000.

Let me add this caveat. I live in Texas, where hail and black mold are as common as Mom and Apple Pie. Many insurance companies in this state have been beaten to a pulp over claims. I guess they're just being selective.

I was able to get a stand-alone policy with Chubb but that was in 2001. I guess they must have changed their policies or something since then. It is interesting to know that your house must be valued at $600K or more to quality for the insurance. Well, that is not a big amount here in the silicon valley in California (my house is well over that amount) but if you consider the rest of the country, that is kind of stiff. Thanks for the info! I think it wil help a lot of people.

 

[jaz464]

I use State Farm and am quite happy, though I haven''t had to actually use the insurance. I was told I would get a cash out if my diamond needed to be replaced.

 

[neatfreak]

Date: 4/11/2007 6:51:15 PM
Author: jazmine
I use State Farm and am quite happy, though I haven''t had to actually use the insurance. I was told I would get a cash out if my diamond needed to be replaced.

Really?!?! My agent just today said they generally don''t cash out and won''t promise that you can even work with your own jeweler. I wonder if that varies by agent or something. Really weird. I ended up going with JM because they said you can work with your own jeweler which is the most important factor for me.

 

[jaz464]

Yes, I have heard of other State Farm customers saying they were told they would not be cashed out. It''s weird. It seems it might vary from agent to agent.

 

[neatfreak]

Date: 4/11/2007 6:55:55 PM
Author: jazmine
Yes, I have heard of other State Farm customers saying they were told they would not be cashed out. It''s weird. It seems it might vary from agent to agent.

Too bad for my agent then! He lost out. He told me it depended on the person doing the claims for state farm on what they preferred to do. But said that almost always it is replaced and couldn''t guarantee me that I could work at my own jeweler.

Does it say that they will cash it out directly in your policy?

His loss!

 

[kohdy]

Date: 4/11/2007 6:54:06 PM
Author: neatfreak

Date: 4/11/2007 6:51:15 PM
Author: jazmine
I use State Farm and am quite happy, though I haven''t had to actually use the insurance. I was told I would get a cash out if my diamond needed to be replaced.

Really?!?! My agent just today said they generally don''t cash out and won''t promise that you can even work with your own jeweler. I wonder if that varies by agent or something. Really weird. I ended up going with JM because they said you can work with your own jeweler which is the most important factor for me.

I am so glad to hear that about State Farm because I am going to look into switching to possibly reduce the premium under multiple policies! If different agents can do different things, hopefully I can convince my agent to grant me a cash out policy- my insurance agent is a father of my close friend''s so I think I have a great chance of winning him over to my side! We''ll have to see about that, though.

I need to get my ring back first, of course... I have been waiting for my new setting for more than 4 weeks and I cannot bear it any longer!!!