Insurance confusion - please advise?

[arjunajane]

Hey all,
apologies in advance for another "boring" insurance question, but I really do need advice, and I'm hoping it may assist others.

Also, for the sake of getting accurate replies, I am going to post the actual cost and appraisal value of my ring, I hope nobody thinks me impolite in doing so..I couldn't really think of a hypothetical way to do it without making it too confusing..Please excuse this if you think it offensive

My situation is this:

I have just gotten my new ering, which is a 1.25 RB from GOG in Legato setting from WF.
I live in Australia, so after currency conversion and paying customs/tax/shipping, the total cost of my ring was just over $7,000 AUD.
I received the evaluations from both GOG and WF, which combined together advised the value of the piece to be ~ $8700 AUD.

The other day I had my independent appraisal done with somebody who's conclusion I respect and trust. She advised if I had wanted to buy this piece in our local market, it would've cost ~ $10,500. She has put the official appraisal value at $11,000 AUD, (and I requested that she be conservative with this figure).

Now...my question (phew!):

What amount do I insure the ring for???
I have already established with my Ins. Co. that, in the case this ring needs replacing I will only accept a replacement from GOG/WF - they have agreed, and said they would offer me a cash out in that situation.
So, for replacement purposes, probably 7 or 8k AUD would be a good figure.

But then, what happens if it needs repairs in Australia? I don't want my 11k ring (what it would be worth to purchase here), being treated like a 7k ring - does this make sense?

Of course, I don't want to pay extra premiums with an inflated sum insured.

Also, I know this is one to essentially nut out with my Ins. Co., but does anybody have an idea - when they say they would offer me cash out, would this be on the price I originally paid in the US; or on the replacement value in the market here; or on the appraisal amount..???

This is why I am having trouble deciding what to do, as there is a large disparity with the figures.

Neil Beatty, are you out there?! lol

Again, I hope nobody thinks me vulgar for posting the numbers, I just needed accurate advice.

TIA for anybody who can offer insight!
regards
AJ.

 

[oldminer]

The lower value will likely work for you in all cases. In case of total loss, you can currently buy a complete replacement for near what you just paid. In case of damage or partial loss, you will get the component replaced or repaired up to the value of your policy and it can't happen that replacement of a component will exceed the replacement of the entire item in your case. I'd say you are currently okay with the $8700AUD value.

If we continue to have inflation and currency value shifts, which always have happened, then you may need more insurance or later on. You'll pay more for more coverage, so don't rush to spend for it yet.

 

[arjunajane]

Thankyou Dave for your response, what you have said makes sense.

Do others agree with Oldminer?

 

[dockman3]

I do agree with him. I had a similar situation with my ring that I just worked to get insured. The difference for me is that I bought it at a B&M and the only valuation I had was from them, which I didn''t wholly trust, so I got an independent appraisal. The independent appraisal was for more than the B&M''s valuation, but it also had more detail on the report and actually found an error (in my favor) with my side stones, so I ended up getting insured based on the independent appraisal. The other thing I had to consider is that I will only be in my current market for another year and then I''m moving, so I wanted a number that will travel with me since the cost of living where I am at currently is very low.

But in your case, I think going with the total valuation from WF and GOG is perfect since they are the ones who are going to replace it in the unlikely event it needs replacing. If you are worried about it being treated as an 8700 piece of jewelery as opposed to an 11000 piece of jewelery, just take it to a reputable B&M in your area and they should treat all jewelery like its priceless.

PS. I still love your ring!

 

[goobear78]

As someone who just needed to use insurance when my rings were stolen, I would highly recommend getting your ring insured for whatever amount makes your comfortable.

With my insurance payout, I am actually going to get more than I originally paid for my rings, but given that it was 3 years ago when I purchased them and given inflation, I should come out about even when I replace my rings. I am very happy that I opted to insure my ring for the full value given in a separate appraisal. I also paid for inflation and my appraisal went up (slightly) this year. I was insured with State Farm. I can''t say enough nice things about them and even though I never expected or wanted this to happen, I am hopeful that I will turn a terrible situation into something positive. I can''t imagine how much harder this would be for me if I wasn''t insured.

So my advice would be to insure it for the full amount just incase the unexpected happens. It depends on how much this alters your premium.

 

[arjunajane]

Date: 7/16/2008 9:17:23 AM
Author: dockman3
I do agree with him. I had a similar situation with my ring that I just worked to get insured. The difference for me is that I bought it at a B&M and the only valuation I had was from them, which I didn''t wholly trust, so I got an independent appraisal. The independent appraisal was for more than the B&M''s valuation, but it also had more detail on the report and actually found an error (in my favor) with my side stones, so I ended up getting insured based on the independent appraisal. The other thing I had to consider is that I will only be in my current market for another year and then I''m moving, so I wanted a number that will travel with me since the cost of living where I am at currently is very low.

But in your case, I think going with the total valuation from WF and GOG is perfect since they are the ones who are going to replace it in the unlikely event it needs replacing. If you are worried about it being treated as an 8700 piece of jewelery as opposed to an 11000 piece of jewelery, just take it to a reputable B&M in your area and they should treat all jewelery like its priceless.

PS. I still love your ring!

TY dockman for your info. Good for you with the appraisal result - what a nice surprise!
It seems we have another similiarity - insuring for 2 different markets is tough!

The area of your response I''ve highlighted is whats concerning me - for practical reasons, if I bend a claw etc on the setting, I doubt I would send it back to US to be fixed.
However, I do know that the usual B&M''s that the Ins. Co''s use for repairs are mainly BS chainstores/chop shops. I don''t mean to sound prestigious, but I wouldn''t leave them with my ring for anything.!

Q: I guess thats another clause I should request to add to my policy - that I get to choose the vendor for repairs?

PS. thankyou for all your support and compliments!

 

[arjunajane]

Date: 7/16/2008 10:21:42 AM
Author: goobear78
As someone who just needed to use insurance when my rings were stolen, I would highly recommend getting your ring insured for whatever amount makes your comfortable.

With my insurance payout, I am actually going to get more than I originally paid for my rings, but given that it was 3 years ago when I purchased them and given inflation, I should come out about even when I replace my rings. I am very happy that I opted to insure my ring for the full value given in a separate appraisal. I also paid for inflation and my appraisal went up (slightly) this year. I was insured with State Farm. I can''t say enough nice things about them and even though I never expected or wanted this to happen, I am hopeful that I will turn a terrible situation into something positive. I can''t imagine how much harder this would be for me if I wasn''t insured.

So my advice would be to insure it for the full amount just incase the unexpected happens. It depends on how much this alters your premium.

Hi goobear - thats just the dilemma, I''m unclear what amount is appropriate, due to me being in Australia but buying from online in the US.
State Farm sounds like they did you right, but we don''t have that Co. here.

question to clarify - when you suggest ins. for the full amount, are you referring to the appraisal amount (ie. ~11k) ?

thanks for your advice

 

[denverappraiser]

Date: 7/16/2008 8:34:08 AM
Author:arjunajane


Neil Beatty, are you out there?! lol

AJ.

Yes, I’m here.

My suggestion is to follow the advice of your appraiser. As I recall, Australian valuers require a license and you can bet the insurance companies do. I’m actually a little surprised that your insurance company will accept documentation from 2 separate overseas authors. I've had situations with other non-US clients where it was necessary to collaborate with a licensed local appraiser in order to comply with the insurance regulations. Remember to include the import duties and the VAT that you will have to pay at time of replacement.

The appraiser can, and should, specify the brand preference as part of the description of the product which should force the replacement with the appropriate branded goods and the valuation should provide appropriate funding to do that. Who knows, before you need to file a claim, GOG may have a branch store in your neighborhood or the US dollar may be back where it was 2 years ago. You have to base it on how things will work if there's a loss TODAY but with an eye towards the future. As I recall, Aussie taxes are going to add about 15% to your cost so this brings you to within a thousand dollars of matching. If you feel inclined, argue with the appraiser for a different amount. She may not agree with you or do what you want, but she should be prepared to defend her position. It's part of what you paid her for.

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

 

[Deelight]

AJ is your insurance company going to allow you to replace outside the Aussie market because a lot of companies I talked to refused to do so.

Just another thing to make sure of

 

[dockman3]

Date: 7/16/2008 10:43:33 AM
Author: arjunajane

Date: 7/16/2008 9:17:23 AM

Author: dockman3

I do agree with him. I had a similar situation with my ring that I just worked to get insured. The difference for me is that I bought it at a B&M and the only valuation I had was from them, which I didn''t wholly trust, so I got an independent appraisal. The independent appraisal was for more than the B&M''s valuation, but it also had more detail on the report and actually found an error (in my favor) with my side stones, so I ended up getting insured based on the independent appraisal. The other thing I had to consider is that I will only be in my current market for another year and then I''m moving, so I wanted a number that will travel with me since the cost of living where I am at currently is very low.


But in your case, I think going with the total valuation from WF and GOG is perfect since they are the ones who are going to replace it in the unlikely event it needs replacing. If you are worried about it being treated as an 8700 piece of jewelery as opposed to an 11000 piece of jewelery, just take it to a reputable B&M in your area and they should treat all jewelery like its priceless.



PS. I still love your ring!

TY dockman for your info. Good for you with the appraisal result - what a nice surprise!

It seems we have another similiarity - insuring for 2 different markets is tough!

The area of your response I''ve highlighted is whats concerning me - for practical reasons, if I bend a claw etc on the setting, I doubt I would send it back to US to be fixed.

However, I do know that the usual B&M''s that the Ins. Co''s use for repairs are mainly BS chainstores/chop shops. I don''t mean to sound prestigious, but I wouldn''t leave them with my ring for anything.!

Q: I guess thats another clause I should request to add to my policy - that I get to choose the vendor for repairs?


PS. thankyou for all your support and compliments!

Yes, I would make sure you can use whatever jeweler you want for the repairs. I have Jeweler''s Mutual, which I think is only a US company, but they let me choose my jeweler for repair and replacement. Even though its not a cash out policy, being able to choose the jeweler is good enough for me.

 

[arjunajane]

Date: 7/16/2008 10:52:20 AM
Author: denverappraiser

Date: 7/16/2008 8:34:08 AM
Author:arjunajane


Neil Beatty, are you out there?! lol

AJ.

Yes, I’m here.

My suggestion is to follow the advice of your appraiser. As I recall, Australian valuers require a license and you can bet the insurance companies do. I’m actually a little surprised that your insurance company will accept documentation from 2 separate overseas authors. I''ve had situations with other non-US clients where it was necessary to collaborate with a licensed local appraiser in order to comply with the insurance regulations. Remember to include the import duties and the VAT that you will have to pay at time of replacement.

The appraiser can, and should, specify the brand preference as part of the description of the product which should force the replacement with the appropriate branded goods and the valuation should provide appropriate funding to do that. Who knows, before you need to file a claim, GOG may have a branch store in your neighborhood or the US dollar may be back where it was 2 years ago. You have to base it on how things will work if there''s a loss TODAY but with an eye towards the future. As I recall, Aussie taxes are going to add about 15% to your cost so this brings you to within a thousand dollars of matching. If you feel inclined, argue with the appraiser for a different amount. She may not agree with you or do what you want, but she should be prepared to defend her position. It''s part of what you paid her for.

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

Hi Neil - thankyou kindly for checking in

Just fyi, the 7k purchase price is total, including all GST/import taxes etc that I had to pay. So, lets say this is what it would cost me to get the same ring, tomorrow if I had to, all up.

The appraiser did not specify any brands in my report, except to note that it is an H&A diamond.
When I pushed the issue, she said that the evaluation in combination with my original purchase records should be well enough to get me what I want in way of a replacement (ie. GOG and WF product Only).

For the record, my Ins. Co. does not require any documents before writing a policy, or on record, these will only come in to play at the time of claiming.

With this other info, can you pls clarify your advice - do you think the appraiser has wrongly informed me?

And which value would you suggest for a sum ins? - the $8700?

thanks in advance!

 

[arjunajane]

Date: 7/16/2008 10:55:50 AM
Author: Deelight
AJ is your insurance company going to allow you to replace outside the Aussie market because a lot of companies I talked to refused to do so.

Just another thing to make sure of

hey Dee - yeah, because they agree they could not obtain the "like kind and quality" in Perth, due to the specific nature of my ring, they agreed for a replacement they will give me cash out so I can buy again from the US.
But I will definately be getting this in writing, trust me! (no Michael Hill frozen spit for me, no sirree!)

Cheers Dockman - I will make sure I have this repairs choice as a clause aswell. I know the stores they use for standard stuff, so noo-oo thankyou!

 

[strmrdr]

How much difference is the policy price per year between $8700AUD and $11000AUD?
In this situation I would insure it for the local market.
This will also cover the price increases going on right now.

My personal opinion is that we will likely see at least another 10%(20% wouldn't surprise me) price increase in the next year on the total ring in that range. (combined metal and diamond price)
I could be wrong and the prices may bomb tomorrow of course.

 

[Deelight]

Date: 7/16/2008 11:06:25 AM
Author: arjunajane

Date: 7/16/2008 10:55:50 AM

Author: Deelight

AJ is your insurance company going to allow you to replace outside the Aussie market because a lot of companies I talked to refused to do so.


Just another thing to make sure of

hey Dee - yeah, because they agree they could not obtain the ''like kind and quality'' in Perth, due to the specific nature of my ring, they agreed for a replacement they will give me cash out so I can buy again from the US.

But I will definately be getting this in writing, trust me! (no Michael Hill frozen spit for me, no sirree!)

Cheers Dockman - I will make sure I have this repairs choice as a clause aswell. I know the stores they use for standard stuff, so noo-oo thankyou!

Definitely get it in witting, so many I spoke to were like well it depends on what the valuer says at the time of the incident I was like WTH you have to be kidding (I used the MHJ analogy as well)

I would and what I am doing is getting it insured for the local market for my ring when I can find a bleeding insurance company

, why is it so hard.

 

[denverappraiser]

I hate second guessing a local appraiser who has both seen the merchandise and who is familiar with local insurance regulations but $8700 strikes me as reasonable given the facts you’ve presented.

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

 

[arjunajane]

Date: 7/16/2008 11:17:31 AM
Author: strmrdr
How much difference is the policy price per year between $8700AUD and $11000AUD?
In this situation I would insure it for the local market.
This will also cover the price increases going on right now.

My personal opinion is that we will likely see at least another 10%(20% wouldn''t surprise me) price increase in the next year on the total ring in that range. (combined metal and diamond price)
I could be wrong and the prices may bomb tomorrow of course.

TY Strm for your input.
I will have to get back to you on the exact $$ for the quotes, but I imagine around $100 or so...

So to clarify, even though for a replacement I will be buying again from GOG/WF, you would still advise to ins. for the Australian market?
I guess my main concern with that would be bringing me back to my original question - will they pay out 11k if thats what I insure it for? Or will they only pay whats on my purchase receipts (ie. ~ 7k ?). Sorry, I realize I should really be asking my Ins. Co. these questions - just wanted to hear some informed opinions here first.

Also, you would advise to compensate for potential price increases now? Or should I just review in 9mths - 1yr?

cheers for your help.

 

[arjunajane]

Date: 7/16/2008 11:31:31 AM
Author: denverappraiser
I hate second guessing a local appraiser who has both seen the merchandise and who is familiar with local insurance regulations but $8700 strikes me as reasonable given the facts you’ve presented.

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

I understand Neil, thankyou for your input.
So in your final opinion, I wouldn''t have anything to gain for insuring it ~10k? ie. If I insure it for 10k, will they still only pay me out the $8,700 ?
I guess one for the claims officers to answer huh? lol

 

[arjunajane]

Definitely get it in witting, so many I spoke to were like well it depends on what the valuer says at the time of the incident I was like WTH you have to be kidding (I used the MHJ analogy as well)
I would and what I am doing is getting it insured for the local market for my ring when I can find a bleeding insurance company , why is it so hard.


Dee, a question - so even though I presume you will have your ring replaced from the US like myself, you are still choosing to ins. for local market value? Do you mind to expand on your reasons...?

lol, I hear ya there about ins. co's hon. If you like, despite my queries here I am v. happy with what has been offered by my Ins Co. But they are WA - based.
The valuables policy will cover you anywhere in Aus though - just throwing it out there incase you still can't find one.

cheers
aj

 

[Deelight]

Date: 7/16/2008 11:58:21 AM
Author: arjunajane
Definitely get it in witting, so many I spoke to were like well it depends on what the valuer says at the time of the incident I was like WTH you have to be kidding (I used the MHJ analogy as well)

I would and what I am doing is getting it insured for the local market for my ring when I can find a bleeding insurance company , why is it so hard.




Dee, a question - so even though I presume you will have your ring replaced from the US like myself, you are still choosing to ins. for local market value? Do you mind to expand on your reasons...?

lol, I hear ya there about ins. co's hon. If you like, despite my queries here I am v. happy with what has been offered by my Ins Co. But they are WA - based.

The valuables policy will cover you anywhere in Aus though - just throwing it out there incase you still can't find one.

cheers

aj

No worries, the price is definitely cheaper in the US without a doubt, I looked up a "wholesaler" price list we first spoke to (they are drop shippers not that I knew what that was at the time) and the same colour/clarity slightly smaller supposedly H&A diamond here was substantially more then what we paid with GOG -about 10kish more

. I am still hoping to go with Chubb, and will be contacting another broker tomorrow so hopefully I can get this sorted once and for all, but for me the getting insurance for a ring that I have bought OS has been a major hassle, the buying of the ring not so, if I knew it would be this hard I don't know if I would have done it, then again the savings are fairly substantial too.

It would have been far easier to get a setting from GOG and then this would be a non-event but I have my heart set on an LM setting and I want the diamond insured before it gets set I know the risk is small but I am not willing to take the risk for something so pricey, I don't want to be the 1%. For me in the event of a loss I would like to know that I had enough to be able to cover the cost here if I should so, more options I guess.

I guess as well it depends on the difference between the Aussie market price and the US price, I plan to ahve the ring re-appraised when I get it back home and if there is a major major difference then I would probably reconsider and split the difference.


Hopefully it is never lost/damaged/stolen and this becomes a non-issue.


AJ I would love other options options are good

 

[strmrdr]

Date: 7/16/2008 11:46:41 AM
Author: arjunajane

Date: 7/16/2008 11:17:31 AM

Author: strmrdr

How much difference is the policy price per year between $8700AUD and $11000AUD?

In this situation I would insure it for the local market.

This will also cover the price increases going on right now.


My personal opinion is that we will likely see at least another 10%(20% wouldn''t surprise me) price increase in the next year on the total ring in that range. (combined metal and diamond price)

I could be wrong and the prices may bomb tomorrow of course.

TY Strm for your input.

I will have to get back to you on the exact $$ for the quotes, but I imagine around $100 or so...


So to clarify, even though for a replacement I will be buying again from GOG/WF, you would still advise to ins. for the Australian market?

I guess my main concern with that would be bringing me back to my original question - will they pay out 11k if thats what I insure it for? Or will they only pay whats on my purchase receipts (ie. ~ 7k ?). Sorry, I realize I should really be asking my Ins. Co. these questions - just wanted to hear some informed opinions here first.


Also, you would advise to compensate for potential price increases now? Or should I just review in 9mths - 1yr?


cheers for your help.

What they will pay depends on the policy.
Most of the time it is what they can replace it for in the local market or local market discounted.
The max you can get is local market replacement or the value of the policy in most cases if it works like it does here.
I would insure it for local market in your case the local appraisers amount.
$100 a year is less than $10 a month which is what a gallon of gas and a bottle of water a month?

 

[arjunajane]

What they will pay depends on the policy.
Most of the time it is what they can replace it for in the local market or local market discounted.
The max you can get is local market replacement or the value of the policy in most cases if it works like it does here.
I would insure it for local market in your case the local appraisers amount.
$100 a year is less than $10 a month which is what a gallon of gas and a bottle of water a month?



Cheers Strm for clarifying. Its making more sense now.
Like I said, I will need to check on the premiums difference, then I guess I''ll go from there.
cheers!

 

[arjunajane]

Date: 7/16/2008 12:26:26 PM
Author: Deelight

Date: 7/16/2008 11:58:21 AM
Author: arjunajane

Definitely get it in witting, so many I spoke to were like well it depends on what the valuer says at the time of the incident I was like WTH you have to be kidding (I used the MHJ analogy as well)

I would and what I am doing is getting it insured for the local market for my ring when I can find a bleeding insurance company , why is it so hard.




Dee, a question - so even though I presume you will have your ring replaced from the US like myself, you are still choosing to ins. for local market value? Do you mind to expand on your reasons...?

lol, I hear ya there about ins. co''s hon. If you like, despite my queries here I am v. happy with what has been offered by my Ins Co. But they are WA - based.

The valuables policy will cover you anywhere in Aus though - just throwing it out there incase you still can''t find one.

cheers

aj

No worries, the price is definitely cheaper in the US without a doubt, I looked up a ''wholesaler'' price list we first spoke to (they are drop shippers not that I knew what that was at the time) and the same colour/clarity slightly smaller supposedly H&A diamond here was substantially more then what we paid with GOG -about 10kish more

. I am still hoping to go with Chubb, and will be contacting another broker tomorrow so hopefully I can get this sorted once and for all, but for me the getting insurance for a ring that I have bought OS has been a major hassle, the buying of the ring not so, if I knew it would be this hard I don''t know if I would have done it, then again the savings are fairly substantial too.

It would have been far easier to get a setting from GOG and then this would be a non-event but I have my heart set on an LM setting and I want the diamond insured before it gets set I know the risk is small but I am not willing to take the risk for something so pricey, I don''t want to be the 1%. For me in the event of a loss I would like to know that I had enough to be able to cover the cost here if I should so, more options I guess.

I guess as well it depends on the difference between the Aussie market price and the US price, I plan to ahve the ring re-appraised when I get it back home and if there is a major major difference then I would probably reconsider and split the difference.


Hopefully it is never lost/damaged/stolen and this becomes a non-issue.


AJ I would love other options options are good

Oh Dee, I''m so sorry you''re having all this drama getting your insurance. It really is ridiculous how diffilcult it is here - I filled in my experience with Chubb in the other thread on Aust. Insurance, but I gave up on them pretty quickly - waay to complex and expensive for me.

But I hear exactly where you''re coming from - I had wanted LM with GOG originally aswell. As you know, I ended up going WF, also without the insurance.
When everything went smoothly and turned out perfectly I felt a lil silly about worrying so much - but I still would not recommend this route though.

Shame there is not somebody who has recognized the value that could come in brokering this service for customers like us!

For your options, I am with HBF insurance. But it is not a stand alone policy, you do need to have contents to get the valuables cover. I don''t have any policies with them yet, but I found out it would be cheaper for me to get the contents and valuables than insure just the one ring with Chubb!

I hope you have luck with the broker today. ((hugs))

 

[Deelight]

Date: 7/16/2008 10:54:49 PM
Author: arjunajane

Date: 7/16/2008 12:26:26 PM

Author: Deelight

Date: 7/16/2008 11:58:21 AM

Author: arjunajane


Definitely get it in witting, so many I spoke to were like well it depends on what the valuer says at the time of the incident I was like WTH you have to be kidding (I used the MHJ analogy as well)


I would and what I am doing is getting it insured for the local market for my ring when I can find a bleeding insurance company , why is it so hard.






Dee, a question - so even though I presume you will have your ring replaced from the US like myself, you are still choosing to ins. for local market value? Do you mind to expand on your reasons...?

lol, I hear ya there about ins. co''s hon. If you like, despite my queries here I am v. happy with what has been offered by my Ins Co. But they are WA - based.


The valuables policy will cover you anywhere in Aus though - just throwing it out there incase you still can''t find one.

cheers


aj

No worries, the price is definitely cheaper in the US without a doubt, I looked up a ''wholesaler'' price list we first spoke to (they are drop shippers not that I knew what that was at the time) and the same colour/clarity slightly smaller supposedly H&A diamond here was substantially more then what we paid with GOG -about 10kish more

. I am still hoping to go with Chubb, and will be contacting another broker tomorrow so hopefully I can get this sorted once and for all, but for me the getting insurance for a ring that I have bought OS has been a major hassle, the buying of the ring not so, if I knew it would be this hard I don''t know if I would have done it, then again the savings are fairly substantial too.


It would have been far easier to get a setting from GOG and then this would be a non-event but I have my heart set on an LM setting and I want the diamond insured before it gets set I know the risk is small but I am not willing to take the risk for something so pricey, I don''t want to be the 1%. For me in the event of a loss I would like to know that I had enough to be able to cover the cost here if I should so, more options I guess.


I guess as well it depends on the difference between the Aussie market price and the US price, I plan to ahve the ring re-appraised when I get it back home and if there is a major major difference then I would probably reconsider and split the difference.



Hopefully it is never lost/damaged/stolen and this becomes a non-issue.



AJ I would love other options options are good

Oh Dee, I''m so sorry you''re having all this drama getting your insurance. It really is ridiculous how diffilcult it is here - I filled in my experience with Chubb in the other thread on Aust. Insurance, but I gave up on them pretty quickly - waay to complex and expensive for me.


But I hear exactly where you''re coming from - I had wanted LM with GOG originally aswell. As you know, I ended up going WF, also without the insurance.

When everything went smoothly and turned out perfectly I felt a lil silly about worrying so much - but I still would not recommend this route though.


Shame there is not somebody who has recognized the value that could come in brokering this service for customers like us!


For your options, I am with HBF insurance. But it is not a stand alone policy, you do need to have contents to get the valuables cover. I don''t have any policies with them yet, but I found out it would be cheaper for me to get the contents and valuables than insure just the one ring with Chubb!

I hope you have luck with the broker today. ((hugs))

Thanks AJ I will give them a call but I don''t know if they will be suitable as I will need someone to cover me while I am in the US, Asia and Europe

, I think they only cover losses in OZ.

I didn''t get a chance to call today ended up sleeping all day dreaded head cold

, it is on my to-do list tomorrow

 

[arjunajane]

Hey again Dee - oh ok, I didn't realize you could get an international policy like that..yes, my insurer covers you Australia-wide only.

Also, an update for those who gave me advice and anybody interested - I had my policy written today, and when I bought up my sum insured questions, the girl insisted that they Had to go on the local Appraisal amount only!

I have had a clause added that in the case of replacement, it needs to be only from where I purchased in the US. This means they would offer me cash out for the full sum insured - 11k

Considering this is alot more than I actually paid, I asked the underwriter to double check a number of times, as I explained I didn't want to waste money on premiums for years if the story changes in the event of a claim.
But nope, her manager confirmed a number of times, they would only accept the Australian appraisal and that value, and I would get that value in event of a loss!
OK!

Its only costing me about another $100 a yr in premiums, so sounds like an okay deal to me..
Although I kind of feel like I'm doing something wrong? But I did explain the whole situation to her a number of times, and it was their decision..

So - Strm , looks like you take the prize!
Neil, I still essentially agree with your assessment, but

thankyou everyone who offered their guidance on this.

 

[Deelight]

Date: 7/18/2008 6:41:02 AM
Author: arjunajane
Hey again Dee - oh ok, I didn''t realize you could get an international policy like that..yes, my insurer covers you Australia-wide only.

You can with Chubb, I think they are the only ones that will. I did talk to the broker today I crumpled and said I would do home and contents as well as jewelery but looks like my dwelling may not be expensive enough to insure with them. Also they may not cover for resetting as I will physically not have the stone in my possession but they would cover me world wide. ARGH this is seriously really hard, good news for your insurance though .

 

[Deelight]

Double post

 

[softly softly]

Hi Arjunajane, it''s interesting to read your experience with insurance as I am pondering the same questions myself. I''m currently living in Vic, but could possibly be relocating to Perth soon (am actually flying over there at the end of the month so will definately be keeping an eye out for your ring), and I am expecting a ring of my own some time this year which will be purchased from the US, so I imagine I will go through the same issues, so thanks for posting your experience.

HBF - are they the ones who also do health insurance and who used to have the adds with the HBF bear?

 

[arjunajane]

Hey Dee - I really hope you get the value you need out of your Chubb policy. I hear ya on the requirements they have to insure you - very high imo, but I guess it is a "premium" type of product. Glad to hear you are at least making some headway!




Hi softly softly, not a probem. Its exciting for me to hear how many PS friends discuss coming to Perth

And yes, that is the one and same HBF - mainly do Health, but also general insurance.
Please don''t hesitate to ask me for any info if/when the time comes!

 

[Deelight]

Date: 7/18/2008 8:21:44 AM
Author: arjunajane
Hey Dee - I really hope you get the value you need out of your Chubb policy. I hear ya on the requirements they have to insure you - very high imo, but I guess it is a ''premium'' type of product. Glad to hear you are at least making some headway!





Hi softly softly, not a probem. Its exciting for me to hear how many PS friends discuss coming to Perth

And yes, that is the one and same HBF - mainly do Health, but also general insurance.

Please don''t hesitate to ask me for any info if/when the time comes!

I will be more then happy to just have the ring insured for the trip OS and the setting after that I can re-evaluate . Hence why at the moment my options are very limited