Insurance coverage available for loose stones to be mounted

[msterling21]

RE: https://www.pricescope.com/community/threads/insurance-coverage-available-for-loose-stones-to-be-mounted.45742/

I didn''t see a "reply" button to bump an old thread about this topic. I was wondering if anybody has had any experience(s) or trouble getting their loose diamond insured by JM for the setting process. I bought my diamond from James Allen and would like it set by a local Robbins Brothers (Scott Kay ring). I''m getting the loose appraised this Friday, however, from reading the old thread, I also need the ring appraised. What am I suppose to do? Buy the ring and get it appraised also, then get the insurance before I let them set it? Please advise.

 

[Regular Guy]

msterling,

The thread you identified certainly contains the goods, including contact numbers and all. Unfortunately, the process hasn't been streamlined, nor, so far as I can tell, has there been much "reportage" from Pricescope writers on using this process. But, in pieces, it is laid out.

Without going back to re-read...can I gather that, unless your ring (to hold the diamond) proper costs in excess of $5K, that, per what Sue has written there, rather than even including the Robbins setting, you can just include their receipt as part of receipt #2 in the piece that's intended to be created? If you're of a mind to either reach Sue directly to confirm, or one of the others she mentions (less ideal), that might be good.

Alternately, as you say, bringing both to your appraiser is clearly laid out, as one of the explicated options. It also might save you an extra phone call.

Regards. And report back!

(edited to add)...one suggestion...unless your appraiser is Denver Appraiser...and even then...I suggest you print out this thread, and bring it to your appraiser. What's being suggested is not common practice, and though it should get the job done, I don't think any of this is really common knowledge.

 

[sfritz]

Ira is correct. If the stone and setting are less than $5,000 when added together, you could send in the receipt for the setting and the appraisal for the stone. If together, they are greater than $5,000, we need an insurance evaluation/appraisal. Ask the retailer for an insurance appraisal for the setting.

Here is the process for insuring a loose stone that is being set.

1. Obtain an insurance appraisal that includes the stone and the setting, as well as applicable taxes.

2. Complete our insurance application. You can use a paper application or our online application at www.InsureYourJewelry.com. For the online application, you can attach, email, fax, or mail us the appraisal.

3. Submit the completed the application, appraisal, and payment BEFORE the stone is set.
4. When you have confirmation that the policy is in place, tell the jeweler to set the stone. This assures that you have insurance coverage for damage to the stone while it is being set.

Not only will you have coverage while the jeweler is setting the stone, you will have insurance for an entire year for breakage, loss, theft, and even mysterious disappearance.

I hope that helps. Please don''t hesitate to ask additional questions.

Sue Fritz
Jewelers Mutual Insurance Company

 

[msterling21]

Thank you both for the reply. My stone cost me ~15k and the setting will be approx 2k. Clearly I don''t want any work done on it until it''s insured. I''m going to find out from Robbins Brothers if they can provide me with an appraisal on the setting. I can, however, foresee getting 3 appraisals... 1 for the stone, 1 for the setting and 1 for both (mounted). At $125 per pop, it''s a bit costly. If you''re wondering why not wait until I get the setting before doing the first appraisal. Robbins Brothers has to order the Scott Kay and it can take from 4-6 weeks. I recently bought the stone from JA and would like an appraiser to confirm what I paid for as soon as possible (30 day return).

I''ll keep you posted nevertheless, thanks again.

 

[linzp]

Date: 6/28/2007 8:20:06 AM
Author: Sue Fritz
Ira is correct. If the stone and setting are less than $5,000 when added together, you could send in the receipt for the setting and the appraisal for the stone. If together, they are greater than $5,000, we need an insurance evaluation/appraisal. Ask the retailer for an insurance appraisal for the setting.


Here is the process for insuring a loose stone that is being set.



1. Obtain an insurance appraisal that includes the stone and the setting, as well as applicable taxes.



2. Complete our insurance application. You can use a paper application or our online application at www.InsureYourJewelry.com. For the online application, you can attach, email, fax, or mail us the appraisal.



3. Submit the completed the application, appraisal, and payment BEFORE the stone is set.

4. When you have confirmation that the policy is in place, tell the jeweler to set the stone. This assures that you have insurance coverage for damage to the stone while it is being set.



Not only will you have coverage while the jeweler is setting the stone, you will have insurance for an entire year for breakage, loss, theft, and even mysterious disappearance.



I hope that helps. Please don''t hesitate to ask additional questions.


Sue Fritz

Jewelers Mutual Insurance Company

Just a quick question - do you offer your services in Canada as well? Or just the U.S.? Thanks!

 

[WinkHPD]

Date: 6/28/2007 8:03:51 AM
Author: Regular Guy
msterling,

The thread you identified certainly contains the goods, including contact numbers and all. Unfortunately, the process hasn''t been streamlined, nor, so far as I can tell, has there been much ''reportage'' from Pricescope writers on using this process. But, in pieces, it is laid out.


(edited to add)...one suggestion...unless your appraiser is Denver Appraiser...and even then...I suggest you print out this thread, and bring it to your appraiser. What''s being suggested is not common practice, and though it should get the job done, I don''t think any of this is really common knowledge.

We have done it for several of our clients, and it has always worked VERY smoothly.

Good advice about Denver Appraiser though, most jeweler/appraisers will NOT know what you are referring to.

Wink

 

[sfritz]

linzp: We insure jewelry businesses in Canada, but our Personal Jewelry Insurance program is available only in the United States at this time. We have been encouraged to offer the program in Canada.

Sue Fritz
Jewelers Mutual Insurance Company