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Insurance - Anyone Have Any Experience With GemShield

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Rod

Ideal_Rock
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Happy Friday Everyone,

I had believed that I had purchased insurance for our rings over 2 months ago. Imagine my surprise when my agent returned my money and informed me the company they had bought the insurance from would no longer be insuring jewelry.

Being a bit aggravated about not having the coverage I believe I had, I asked my jeweler if they had any recommendations and they referred me to a company called GemShield. They evidently only recently began insuring private owners jewelry. Their rates are reasonable, from what I was previsously quoted. The only issue I see is that if anything ever happens to our rings, they don''t just send you a check, they work with a participating jeweler (the jeweler who custom made our rings is a participating jeweler) and have that jeweler replace them with the same quality, or we can upgrade at that time if we so choose and pay the additional cost out of pocket.

So, my question. Has anyone had any experience with GemShield and does what they''re offering seem reasonable? BTW.......they charge 1.50 per $100 worth of coverage and you choose the amount of coverage you want. i.e., while they require copies of the appraisals, they don''t require you insure at the appraised value. In my case, since I think the appraised value is much higher than the true replacement value, I won''t insure at that level.

Finally, since many on the forum have had issues finding insurance for loose stones, I inquired if they offer loose stone coverage, but they do not. They only provide coverage after a stone has been set and the piece of jewelry has been appraised. I did ask why and they said it''s because the chances of something happening to loose diamonds before being set are higher and most insurers don''t want to accept risk until the stone is set.

Anway, please let me know what you think. I hate knowing we''re walking around with these really expensive rings and we have no insurance.

Thanks everyone...........
 

oldminer

Ideal_Rock
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Contact the Insurance Commisioner''s office in your state and be sure that GemShield is licensed to sell coverage in your state and that they have a clean record at the present time. This may sound easy to do, but may prove difficult. It depends on your state an how insurors are regulated and licensed. It sounds okay, but you have already had one problem. Check them out and let us know what you discover.
 

Rod

Ideal_Rock
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Thanks for the advice David. I will do just that and report back.

Thanks again,
Rod
 

Rod

Ideal_Rock
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So I took David's advice and checked with Florida State Insurance Commission office. GemShield is actually underwritten by XLInsurance and they have been providing insurance in the state of Florida since 1915. According to the Insurance Commission Office, their incidence of issues and complaints (there evidently have been some, but not related to GemShield) are extremely low in comparison to other insurer's in the state. Given the number of hurricane claims over the last couple of years and the fact the XLInsurance also covers property, I was assured they are reputable and safe to work with.

So, if anyone is interested in getting insurance with GemShield, here's how to contac them:

www.gemshield.com or call 1-866-207-9428.

I'm going to fill out the application, mail my check and appraisals today. They said my coverage would begin on the date of postmark.

Thanks everyone and have a great weekend. May you find plenty of places to let your beautiful pet rocks shine!
 

Small

Brilliant_Rock
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Feb 2, 2006
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Thanks for the info Rod


I''m having a HORRIBLE time right now trying to get Chubb insurance so I may be taking that phone number and calling. The agent, Mr. Castro, has repeatedly taken my info and keeps saying he will get back to me but has not. I don''t even think he''s submitted an app for me to tell you the truth. He told me 5 minutes ago he''ll contact me on Monday and I know he won''t. I''m really fed up
I really would like a cash out policy rather than going with ''like kind'' replacement but it looks like I have no other choice. I do have an appraisal from Richard Sherwood that I can submit to State Farm so I guess I can fight with them about everything in the event of a loss
I can''t believe getting an insurance policy for jewelry is this tough


Sorry about the rant...I''m just extremely fed up right now. I''ve been uninsured for two weeks with my ring and it makes me nervous...but it''s not been from lack of effort on my part


It''s nice to have other choices. I''m not happy with State Farm at least for this policy so I''m definitely going to be looking up more options and this will be one of them
 

Rod

Ideal_Rock
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Date: 4/7/2006 5:04:28 PM
Author: Small
Thanks for the info Rod


I''m having a HORRIBLE time right now trying to get Chubb insurance so I may be taking that phone number and calling. The agent, Mr. Castro, has repeatedly taken my info and keeps saying he will get back to me but has not. I don''t even think he''s submitted an app for me to tell you the truth. He told me 5 minutes ago he''ll contact me on Monday and I know he won''t. I''m really fed up
I really would like a cash out policy rather than going with ''like kind'' replacement but it looks like I have no other choice. I do have an appraisal from Richard Sherwood that I can submit to State Farm so I guess I can fight with them about everything in the event of a loss
I can''t believe getting an insurance policy for jewelry is this tough


Sorry about the rant...I''m just extremely fed up right now. I''ve been uninsured for two weeks with my ring and it makes me nervous...but it''s not been from lack of effort on my part


It''s nice to have other choices. I''m not happy with State Farm at least for this policy so I''m definitely going to be looking up more options and this will be one of them
Don''t apologize at all about the rant. I too was VERY annoyed to learn I had no insurance after paying for coverage. And I understand about not getting returned phone calls. I am a pussy cat in life. Honest, I''m a really nice guy and it usually takes a lot to get me angry and even then, I usually keep inside (you should see my insides, probably not a pretty sight - LOL), but it really TICKS me off when I try to spend money with someone and am ignored.

I''m not thrilled with the "It must be replaced by a participating jeweler" part myself. But I need coverage and I would most certainly go back to the jeweler who made my rings in the first place, so I''m ''just doing it'' as the Nike commercial suggest.

You take care.............
 

Small

Brilliant_Rock
Joined
Feb 2, 2006
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958
Thank you!!! I appreciate your calming words!

I wrote him one last email as he said he would contact me on Monday. Basically I told him that I had contacted him 6 times (one of which he told me I was insured and congrats) and I have yet to be insured and that while I appreciated that he was extremely busy I am walking around without insurance and would just appreciate him telling me if he can help me or not. I also told him this would definitely be my last contact with him that it was now time for him to contact me via phone or email as he said he would on Monday per our conversation. So now the ball is in his court...

Generally I''m a nice and patient person as well but how many times do I have to contact someone to ask them to take my business? I would really appreciate him just saying he couldn''t help me at this time other than giving me this runaround.

We''ll see on Monday but I''m not holding my breath LOL

Take care and thanks again!!!!
 

Rod

Ideal_Rock
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Hey Everyone. Happy Monday. If you celebrate Easter or Passover I hope it was nice! Just wanted to give an update on getting a policy with GemShield Insurance.

I printed the application form from their website. I attached copies of both ring appraisals and mailed the completed paperwork with a check on April 10, 2006. Today, a package arrived from GemShield stating my policy is underwritten effective April 10, 2006.

It was just that simple. I know for many getting insurance has been a real hassle and it''s like a netherworld of red tape. This simply couldn''t have been easier.


Cheers everyone!
 

Small

Brilliant_Rock
Joined
Feb 2, 2006
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958
Congrats Rod!
I finally got my policy done with Chubb...after the mean email I guess he decided to help me LOL!
Hope you had a nice holiday as well
 
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