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Insurance coverage available for loose stones to be mounted

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froufrou

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Chubb told me they do not cover anything below the cost of $5000 although they will accept receipts for coverage of items bought on Blue Nile above that cost, that''s all I know about Chubb.

JM though does cover below 5000 which is why I am interested, but their website application is too generic for me to figure out how to cover my loose stone.

pebbles: i do know JM requires the cost of the setting as well as the loose stone, i imagine its because that way they know you WILL in fact be setting it in the very soon future. if you call them and figure out how to go about getting a loose stone and setting covered reply back and let me know, ive been busy today studying so I might not have time to do it (although yes i do have time to spend online, haha) Also I think they do accept an appraisal from Any Jeweler, so if you got an appraisal with your purchase i think that is probably fine?
 

Regular Guy

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Date: 6/6/2006 11:15:27 AM
Author: froufrou
Chubb told me they do not cover anything below the cost of $5000 although they will accept receipts for coverage of items bought on Blue Nile above that cost, that's all I know about Chubb.
Anya,

From what I read here (I use Nationwide for engagement ring insurance on a rider to our homeowner's policy), Chubb can reliably help you, if you ask the right person there. What you want to do is have a reliable procedure to get the information you want to get the job done. (edited to add...however...admittedly, because of the cross and mis-information Chubb agents, internal and in the field, are comfortable to give to consumers, their corporate profile leaves a lot to be desired on this as well).

To know who to reach at Chubb, I can reliably search on RockDoc and Chubb in Pricescope, and come up with the name of the guy he knows sells Chubb nationally. You can read this here.

Try again. I'll bet that will work. Also, I'll bet it will not only work on Pricescope, but that your Chubb agent will reliably confirm your coverage with them.
 

sfritz

Rough_Rock
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Re: Froufrou, kpebbles, Ira:

Our customer service staff is happy to answer questions and guide you through the application process. I’m not sure that I can list the phone number in this discussion forum. If you have used our online application, the phone number is listed there.

We accept an insurance appraisal/evaluation from a variety of sources, including an independent appraiser, the jeweler who set your stone, the jeweler who sold the stone and/or setting, or the web site that sold the item. We look for a complete description and a retail replacement value sufficient to replace the item with like kind and quality if it is damaged or lost.

When insuring a stone that is about to be set, the appraisal should include the stone AND the setting.


Ira asked for a flow chart, so here goes.


1. Obtain an insurance appraisal/evaluation for the stone and the setting.
2. Complete an insurance application, either online or using the paper form, and send it to Jewelers Mutual with your payment and the appraisal. You can email, fax, or mail the appraisal; include an explanation that you are having the stone set as soon as you receive acknowledgement of insurance.
3. If the stone and setting are more than $50,000 or you were previously denied or canceled coverage by Jewelers Mutual, you must request prior approval by calling the Personal Jewelry Insurance Department.
4. When you are notified that you are insured, tell the jeweler to set the stone. You are insured for 12 months.
5. If you have any questions, contact the Personal Jewelry staff by phone or email.

Sue



 

LaserLady

Rough_Rock
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Great information Sue...thanks !!!

Nancy
 

Regular Guy

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Date: 6/8/2006 10:35:10 AM
Author: Sue Fritz

4. When you are notified that you are insured, tell the jeweler to set the stone. You are insured for 12 months.
Presumably, you are notified in writing? On corporate letter head and all. This should work, I''m sure.

Still, I should tell you that when I go to the gas pump and put gas in my car, I do specifically prefer Shell (and others) over some other purveyors of gas, where I am only asked whether I want a receipt or not (I always say no)...after I have pumped my gas. I''ll bet I am not alone in this. In the case of cell phone charges, I should think the difference is more than conjecture, when the claim is that you are paying "x" per month, but the actuals may be substantially different, once the month is said and done, with taxes and other fees.

So, in the case of the gas pump, when I am asked immediately whether I want a receipt or not, and I say no, I can fancifully imagine those guys at Chevron (or whoever) saying to themselves, after I say I don''t want that receipt...OK...let''s charge this guy up the wazoo, since he''s not taking his receipt, and he won''t know. Of course, this is not likely to happen, but one can easily imagine it...inasmuch as you can imagine anything.

Likewise, wouldn''t it be nicer to be asked to make payment after one knows that ones insurance is bound, in the way you would like. But now...at least using your website, one must presumably accept, when making payment, the statement in black in white, that you are accepting your terms which state the diamond is not unmounted.

Of course, if problems are experienced, we can turn to your Pricescope text. Surely this will not be not be necessary, but it is easy to imagine anything.

Thanks for taking the time to respond, Sue. Despite my grumblings, I actually do think that what you have written here should be quite helpful.

Regards,
 

Modified Brilliant

Brilliant_Rock
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Thank you Sue at Jewelers Mutual for clarifying this important coverage issue.
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www.metrojewelryappraisers.com
 

Regular Guy

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Date: 6/6/2006 11:38:37 AM
Author: Regular Guy

Date: 6/6/2006 11:15:27 AM
Author: froufrou
Chubb told me they do not cover anything below the cost of $5000 although they will accept receipts for coverage of items bought on Blue Nile above that cost, that''s all I know about Chubb.
Anya,

From what I read here (I use Nationwide for engagement ring insurance on a rider to our homeowner''s policy), Chubb can reliably help you, if you ask the right person there.
Guess I better correct myself...as casual reading reviews at least third hand (per notes here from diamondlove) that Chubb, unlike JM, will not insure a loose stone.
 

diamondlove

Shiny_Rock
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Apr 18, 2006
Messages
409
hi guys,

This thread has been particularly helpful bc we are currently in the process of getting our loose stone insured so that we can send it off to the jeweler''s to set. The jeweler who is making our setting will not insure it while it is being set because the stone was not purchased from them so we would feel more comfortable if the loose stone was insured against any chipping, loss, etc while it''s there.

The problem I am encountering is that our appraiser says he needs the stone to be set before he can finish his appraisal-- he''s already inspected it as a loose stone but he was going to wait for the stone to be set and returned before he will complete the appraisal. However, JM needs an appraisal before they will insure the loose stone. *sigh*

Anyone encounter this issue? Does the appraiser just usually change their typical route and give two appraisals? Ours is currently away these few days so we haven''t been able to receive a confirmation if he will do this to accomodate our situation. I just know that prior to going out of town he told us that he won''t be completing the appraisal until the stone has been set and returned to him for a final inspection while mounted.

Also, JM insures based on appraisal value rather than purchase value which causes our premium to be much higher rather than going with Chubbs or our home insurance but Chubbs won''t cover loose stones (per Bill Castro who was recommended on a few PS threads). However, as you guys understand bc we bought from an internet vendor it''s bc we received a very competitive price and not because our appraisal is inflated.

Any suggestions on lowering the premium?


Thanks for any help on this matter!!
DL
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denverappraiser

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Diamondlove.

This is an odd and unique sort of appraising. We're talking about what appraisers call a 'hypothetical assumption', which is an assumption contrary to known fact. Usually this is done in post-damage insurance type work where the company is trying to determine what a piece would have been worth prior to the damage. The assumption in this case is that the finished ring exists at all. Most appraisers have never encountered it but if you explain it to them they should be able to work through how to do it. If you want your appraiser to tell you if the ring is properly made and set, if the stones ware damaged in the setting or other similar things you will need a second appraisal after it's completed but JM doesn't require this.

Have your appraiser call me if they want and I'll walk them through how to do it.

Also talk to your appraiser about how they made their value conclusions. It sounds like they are being unrealistic and it's doing you no favors.

Neil Beaty
GG(GIA) ISA NAJA
Professional Appraisals in Denver
 

diamondlove

Shiny_Rock
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Thanks for the helpful offer-- I will wait on their response and see if a call to you is necessary. I really appreciate the gesture though.

When we asked about the appraisal value he said that he does it based on a certain formula software and data gathered from his inspection. Does that sound right?

I don''t think he inflated the value because this appraiser is quite experienced and has had a good amount of exposure to superideal stones including ones from Whiteflash bc he is located in Houston. Our stone is from Superbcert but it''s a similar situation as in internet vendor and H&A stones. I''d question it more if the guy was not exposed to the same type of vendors and stones we are used to here on PS but this guy actually has a good amt of exposure and knows that we don''t need him to give us a ''feel good'' appraisal.

He says that his appraisal value is based on retail and not based on ''internet'' prices which is also what JM says they suggest bc a replacement may not be done within a long time frame when a consumer might want to patiently search for a great deal but would rather impatiently want that ring replaced with like kind within a much smaller time frame = less probability of a great price.


DL

p.s. our appraised value is 50% higher than our purchase price.
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denverappraiser

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A price differential from online to retail of 50% for superficially similar items is not particularly unusual although it’s worth considering what would constitute an acceptable replacement in the case of a loss. In the case of branded goods, it is necessary to replace with the same brand? Usually it is. This will depend on the wording of the description in the appraisal and what you identify as the important attributes of your stone. A Tiffany piece replaced with a non-Tiffany, for example, would not be a like kind replacement, even if both the ring and diamond are of similar quality. If the appraisal specifies a Superbcert branded item (some of things they sell are and some aren’t), then it must be replaced with a Suberbcert branded stone or an alternative brand that you approve as being acceptable. This means that the replacement must be at a dealer who sells Superbcert branded goods. To the best of my knowledge, there is only one such dealer so the question becomes ‘What will Superbcert be reasonably expected to charge for a replacement in the case of a loss?’ There are other costs to be considered in the replacement, such as shipping, taxes, the mounting, setting labor, and the logistics of putting the deal together but since it is not possible for the local retailer to replace with ‘like kind and quality’ unless they buy it from Superbcert, it’s usually ineffective for the insurance company to use them as a supplier for the replacement (at least for the diamond component). The sames sorts of rules apply for designer jewelry, watches, cars and pretty much everything else that you insure. A knockoff is not the same thing.



Neil Beaty
GG(GIA) ISA NAJA
Professional Appraisals in Denver
 

sfritz

Rough_Rock
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Nov 22, 2003
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Diamondlove: As an alternative, you can submit two appraisals: one for the stone and the other for the setting. We write the policy as if it were one piece. You have 30 days from the policy inception date to have the stone set. I hope that helps.

Sue Fritz
Jewelers Mutual Insurance Company
 

denverappraiser

Ideal_Rock
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Sue,

This is way better. As an appraiser, would it work if I just appraise these projects as 2 items on the same appraisal and have the client make some kind of statement at the time they bind the policy that it is their intention to have the stone set into the mounting? This completely avoids all of the 'hypothetical' business.

Neil Beaty
GG(GIA) ISA NAJA
Professional Appraisals in Denver
 

strmrdr

Super_Ideal_Rock
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Nov 1, 2003
Messages
23,295
Sue,
Maybe im just grouchy from a sore tooth and pain meds but it is sounding like this option isnt well thought out and documented yet.
I think its awesome that your offering it but this thread is making me more confused instead of less.
Is there someplace where this is in writing with the specific rules listed either on the website or in writen form?
 

sillyboy

Rough_Rock
Joined
Jun 12, 2006
Messages
16
I called Jewelers Mutual today for coverage for a loose stone..22000, that will be set by mark morrell. The appraisal is about 30k. JM said NO..NO...NO they do not cover loose stones.......
Sue? What is going on??? Can I have your number? So that we can get this stone insured?????
USAA said NO. GEICO said NO, I am waiting for a response from Chubb. Overall, GEICO had byfar the lowest rate for a 30k cash policy.

150 cheaper than JM

Thanks
 

WinkHPD

Ideal_Rock
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I do not know what Sue''s extension is, but JM is 1 888 884-2424. Ask for Sue and they can get her or her answering machine for you. Simple guideline for calling companies, if you do not get the answer you are looking for, ask for a supervisor and keep going until someone knows what you are talking about.

Wink
 

WinkHPD

Ideal_Rock
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P.S. We just delivered a diamond this morning that will be set into a nice ring, total value is just over 28k, no problems submitting it to JM. If you are having problems then you need to find a jeweler and an appraiser who can follow the simple directions given earlier in this thread. It is not difficult, nor should it be.
 

diamondlove

Shiny_Rock
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Messages
409
Sue may not be in town right now but either way she does not really process applications from what I understand. I contacted Sue and she directed me to Kelley who was very prompt in getting our application processed and we had coverage the following day on our loose stone.

Her contact info is:

Kelley A. Green, Personal Lines Manager
Jewelers Mutual Insurance Company
888-884-2424 ext. 2226 Fax 920-969-7216
[email protected] www.jewelersmutual.com
 

WinkHPD

Ideal_Rock
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Thanks Diamond Love, I appreciate the assist.

Wink
 

sillyboy

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Thanks Wink.....For some reason, it does seem hard. I pushed the lady pretty hard at JM. I will call the above number tommorrow. I will certainly post my results.
 

sillyboy

Rough_Rock
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Messages
16
Hmmmm Wink,
Still No response from Ms Green, and again today JM said no, was on hold for 30 minutes, then had to get back to surgery..kept a pt waiting that time. What shouldn''t be that hard certainbly is.
 

sillyboy

Rough_Rock
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Jun 12, 2006
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16
ahah,
Got a message from kelley, this just MAY actually work out......about 5 hours so far trying to get this stone covered.....
 

froufrou

Shiny_Rock
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hmm... i thought since Sue posted on here you could just send it to her. I sent my stuff to JM and wrote a little note "Attn Sue" that explained " it is a loose diamond and a ring waiting to be set, i read your info on PS, call me if there''s a problem". That was last weds and I did not hear anything back yet.

sillyboy - let me know how it goes if you finally contact the other person.
 

sillyboy

Rough_Rock
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Jun 12, 2006
Messages
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Yes,
Still the runaround from JM. GOt p[assed on to someone else. IN all, I would have to say to AVOID JM. GEICO and USAA all beat JM price by over 25% once the stone was set. It was simply too much of a pain in the ass.
 

WinkHPD

Ideal_Rock
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I emailed information about this thread to Sue Fritz who is out of the office this week. Here is her reply.

Wink: I''ve been on the road for the past two days and just picked up my messages. I am disappointed that a Pricescope member called here and received incorrect information about insuring loose stones.

I am equally relieved that another person was very satisfied with her experience with Kelley Green.

For your information, we can email documentation about the process for insuring loose stones to anyone interested. It''s the same process that I outlined earlier.

We are updating our web site to clearly explain this option. That may take a couple weeks because we are completing another major project.

Thanks for your continued support
.


I just had a nice easy experience sending in an appraisal for a stone that is to be set next week, so I know it is happening. Sorry that you had so much problem with yours sillyboy. It probably works easier when you are dealing with a jeweler and an appraiser that are on the same page and that are familiar with JM.

Wink
 

sfritz

Rough_Rock
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Many thanks to Wink for his last post. I am cognizant of this discussion channel''s rules and hope that I am not violating the rules by addressing issues raised in previous posts.

1. A number of Pricescopers have called or emailed Kelley Green in our company with questions or to insure their jewelry. As a manager, Kelley is frequently away from her desk and phone, so she is unable to provide an immediate response. Please contact our Personal Jewelry customer service team at 1-888-2424 for an immediate response (7 a.m.-5 p.m. Central Time, Monday-Friday). You will talk with a real person who can answer your questions. Send email to [email protected].

2. EVERYONE on our Personal Jewelry Insurance team knows that we will insure loose stones being set within 30 days of the policy issuance. We are stumped about how a customer received a conflicting response unless the customer was accidentally transferred to the wrong department. To address that, we are sending a message to EVERYONE in the entire company about this coverage and reminding them to transfer Personal Jewelry callers to the Personal Jewelry team.

3. The policy that an insured receives states "We cover direct physical loss or damage occurring worldwide to your covered property unless the loss is excluded." Covered property is defined as the items shown on the declarations page under scheduled jewelry. The declarations page is customized for each policyholder with name, contact information and a description of the items being covered. This page shows each policyholder what is covered.

4. We receive hundreds of applications every day, and mail service to some locations in the US can add to the time it takes for you to receive your policy. Any Personal Jewelry customer service person can respond to questions about the status of your policy. Please call whenever you have any questions.

Sue Fritz
Jewelers Mutual Insurance Company
 

scott32

Rough_Rock
Joined
Jun 21, 2006
Messages
23
I had difficulty with JM as well. I called a few times, and rather than the customer service rep telling me" I will take care of this as soon as possible." I got " well I don''t know, I will look into it." I immediately called USAA. I have an appraisal at about 34000, their price was 419 per year with a 250 deductible cash replacement for full value of the ring. THey issued the policy IMMEDIATELY. I had to fax in the appraisals within 24 hours. BUt boy, what a relief that was since the stone was being sent separately. IMMEDIATE coverage, now that is a company that stands behind its policy. JM? I do not know, they insure the dealer from which I bought the stone. I have heard good things about them. But HOW, and I repeat HOW have so many of us here been told they do not insure loose stones. THeir policy for my setting..at least their online quote with a 500 deductible was over 500$.
 

sillyboy

Rough_Rock
Joined
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Finally......
After all was said and done.this loose stone is insured...It will take Mark Morrell about 3 weeks to set my stone. Despite the fact that he has never had a problem in his shop,I just did not feel comfortable not having this stone insured for that amt of time. I was FORCED to go with Jewelers Mutual. I received a couple of estimates for the stone, and went with the lower estimate to try to save costs. The estimate I have, and the policy I have is for 30000. The fee from JM was 698$ with a 500 dollar deductible. That is over 250$ more per year than usaa, and 220 more than geico. the top two carriers I had looked into. Both USAA and Geico are a cash policy and will cut a check for the price of the stone, not simply replace it with a like stone. SO, JM is possible, but I had to push, and push, almost to the point of being rude. I spoke with no less than 6 people. I could tell they were getting annoyed with me. SO, I will keep this policy for the year, cancel it the day it runs our, then switch next year to USAA. If you have the opportunity to enroll in USAA, you will find no insurance company in the US better in customer satisfaction. I was surprised how good GEICOs plan was. I had them once on an auto claim and surprisingly they were great to deal with as well.
Perhaps my experience next time with JM would be much better and easier. On my first 3 phone calls I was turned down. Now I have what I believe is an irrationally priced policy at 700$ for the year....but it gives me some peace at mind for the setting process.
 

RockDoc

Ideal_Rock
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2,509
RE: USAA


I am not saying they are not a good company, but I think whoever told you it was a cash payout type policy was not telling you the whole truth, or eliminated some qualifying details.

I was very friendly with USAA ''s gemologist who was in charge of replacing items. I have even been hired by them as an expert for some matters.

I mention that I have not seen their policy, but from experience in working with them on claim questions, USAA does replace the item. They do not issue cash unless they cannot replace the items for the amount it is insured for.

USAA has a very active diamond department, and even sell diamonds to their policyholders, or at least did. It is POSSIBLE that they''ve changed this however.

My suggestion is that you carefully read the terms and conditions of the policy once they send it to you. Remember the sales consultants and agents don''t always tell "the whole truth" about how claims are paid. A lot of the companies tell you they will pay you cash, but that is either limited to the insured, stated amount in the policy or what their replacement company would charge them for a replacement item.

Let''s say they find a like, kind diamond, for $ 30,000.00 - if you tell them you want cash they will pay $ 30,000. less your deductible amount.

You may also find that if they replace it, they''ll never tell you how much they paid for the replacement. In some states this is rather important to know, as you are entitled to a refund for the amount overinsured that they collected premiums on - even if it is for multiple years. But in some states they are not bound by this.

Ask the agent if the policy is an ALL RISK, STATED VALUE POLICY.. Could be they are selling that type of policy now, but it is best to hear it from them.

Rockdoc
 

sfritz

Rough_Rock
Joined
Nov 22, 2003
Messages
74
Someone just pointed out that the phone number I posted in an earlier message was a short on numbers. It should be 1-888-884-2424 to reach our Personal Jewelry staff. Sorry about that.

Sue Fritz
Jewelers Mutual Insurance Company
 
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