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Insurance coverage with jewelers mutual

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MattyB5576

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I have been reading the threads on PS and am not sure exactly how this works with jewelers mutual. I have picked out a diamond at a jewelry store that they stated will have an appraisal as well as a GIA cert that comes with it. I have ordered a ring from an online vendor and am not sure if that comes with an appraisal or if that is even standard practice. I will probably be getting the diamond mounted at the jewelry store. So here are my questions........ Do I need 3 appraisals total? One for the diamond, one for the ring, and one for the total package(diamond+ring) prior to setting? From what I read it seems I only need 1 for the diamond and 1 for the total package or what the diamond and ring combined will be appraised at. I wont need the unmounted ring seperate. I would then fill out an online application and fax these documents to jewelers mutual with payment and I should be covered prior to the stone being set in the ring. If someone can tell me if I am on the right track it would be mcuh appreciated.
thanks,
MB
 

elle_chris

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I''m not 100% sure but am calling Jewelers Mutual tomorrow to find out exactly how it works.

If no one responds with more info., I''ll post what they tell me.
 

NewEnglandLady

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MY JM policy only has the price for the ring--I didn''t break it the diamond and setting. I did get the diamond and setting from the same place, though. JM replaces the ring from the same place where you originally purchased it, so I''m not sure if you need to break it out since yours are different? Hopefully somebody can chime in.
 

gemgirl

Ideal_Rock
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As far as I know, no insurance company in the country will insure a loose stone. I had my loose stone appraised (three times, long story) for my own benefit, then I took the finished product after my mountings were made and the center stone set, to have the "ring" appraised for insurance purposes. I then took the appraisal and the GIA cert to my insurance broker (with my checkbook) and insured it through the Chubb. It was insured from that moment on.

Chubb has something called Masterpiece policies that insures precious gems, fine art, collectibles etc. I''d look into their rates in your area. I remember Jeweler''s Mutual being the company that would replace your stone and ring with as close a match as possible (that they find). Chubb will send you a check immediately and allow you to do your own shopping.
http://www.chubb.com/personal/masterpiece_adv_vac.jsp


From their website-


Invaluable Protection for the Things you Cherish

Chubb''s Masterpiece® Valuable Articles Coverage helps you protect your financial investment in jewelry, collectibles, china, crystal, silver, artworks, furs, antiques and virtually any other type of valuable. It offers you:


Itemized coverage. This option allows you to determine the insured value of each of your possessions. In the event of a total covered loss of an item, you will receive 100% of the insured value. There is no deductible, no depreciation, no surprises.



150% replacement cost. Chubb''s valuable articles policy provides safeguards for items that appreciate. If the market value (before the loss) of an item lost or damaged in a covered loss is greater than the itemized amount listed on the policy, we will pay the market value up to 150% of the itemized coverage amount for the item.*

Breakage protection. Coverage for breakage or damage to fragile items is automatically included. This coverage is typically restricted or excluded in homeowners policies.

Coverage for "mysterious disappearance." Many homeowners policies don''t cover valuable items that are lost or misplaced, especially when they disappear away from the home. A Chubb valuable articles policy provides coverage in these situations.

Worldwide coverage. Your valuables are automatically covered wherever you take them—anywhere in the world.

Hassle-free appraisal requirements. Unlike many other insurance companies, Chubb does not require an appraisal for every piece that you itemize. For most possessions, we simply need a description of the item and a value. We generally require an appraisal only for fine art worth more than $100,000, jewelry worth more than $50,000, and any other item valued over $25,000.

Coverage for pairs and sets. If a piece of an itemized pair or set (like earrings or a set of silver) is lost or damaged in a covered loss, you have the option to provide us with the remaining piece(s), and you will receive the coverage amount for the entire set.

Cash settlement. Unlike other insurance companies, you are not required to replace itemized valuables in the event of a loss. You can choose a cash settlement, or replace your valuables at the dealer of your choice. The decision is yours.

Coverage for newly acquired items. If you acquire a new item and already have similar articles insured with itemized coverage, your new item is automatically covered for 90 days for up to 25% of the total itemized coverage for those similar articles (maximum $50,000).

Exceptional claim service. In a recent survey of Chubb customers who reported a claim, more than 97% of respondents said they were "very satisfied" with our claim service.

For more information about Chubb''s Masterpiece Valuable Articles Coverage or to get a quote, contact a Chubb agent or broker today.


 

MattyB5576

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Feb 17, 2008
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I thought I had read on here that JM will insure a loose stone as long as it''s getting mounted and they need all the appraisals prior to the mounting. I guess my confusion is if this is the case i know i will get the loose diamond appraisal but will i need the loose ring appraised and then the combined diamond and ring appraised for a total of 3 appraisals. I hope a lose stone can be insured prior to setting. Now i am nervouse.
-MB
 

elle_chris

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From Jewelers Mutual Website
"What are the exclusions to this policy?
This policy is not available for damaged watches or jewelry, loose stones that won''t be set, antique jewelry, items missing stones or pieces, non-jewelry items, or persons living outside the United States"

From that I got the impression it is covered if you''re planning on setting it. I also did a search here and someone from Jewelers Mutual said you''d need an appraisal
that showed the total value of the item which would include the setting. So I guess you''d need to go back to the apprasier and have them add the value of the setting for a complete number.

Again, not sure that''s why I''m calling them.
 

denverappraiser

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Most people in this situation really only need one appraisal, the one of the completed ring unless you are using the appraisal as part of the decision process for the diamond. Jewelers Mutual has a special program where you can get a policy based on a ring that still requires assembly. This is, in effect, the same as insuring a loose stone. You can either get an appraisal or you can use the one the jeweler is giving you with the diamond and the emailed receipt for the mounting from that supplier. Call up the JM people and fax or scan them all of this and it will probably be sufficient to bind the policy. When the piece is completed, get a real appraisal done and submit that as an ‘update’ to the policy. They will then either charge you extra or issue a refund based on the differences with what you had already submitted.

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

Allison D.

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I just researched this very thing for a client of ours about two weeks ago.

Get an appraisal on the loose stone, and get either an appraisal or a receipt for the mounting. Submit both to Jewelers Mutual (there is a fax number to do that), and they will bind coverage for it as a total piece. This will cover the stone while being set.
 

MattyB5576

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thanks for all the info. I think i have the idea now
-Mb
 

thegoat

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My wife''s engagement ring and other jewelry is covered with JM. Recently she lost her ring. Within 2 weeks of reporting it to them, they sent me a letter with conditions (police report, notarized letter, etc) and they were ready to send me to the jeweler of our choice to remake the ring.


I only sent them one appraisal and the GIA when we originally insured it. They never asked me for anything else. I am going to see Mark at ERD this week with my wife to not only replace the ring, but to upgradge it as well.

One of the big differences between insuring with Jewelers Mutual and say, Allstate, is that JM replaces the ring where Allstate gives you the option for a cash payout. In our case, the ring is more important than the cash and the premium was 1/3 that of Allstate in NYC so we went with JM.

All in all so far, my dealings with JM, especially during a claim, has been 100% satisfying.

 

elle_chris

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Date: 3/3/2008 10:01:27 PM
Author: thegoat

My wife''s engagement ring and other jewelry is covered with JM. Recently she lost her ring. Within 2 weeks of reporting it to them, they sent me a letter with conditions (police report, notarized letter, etc) and they were ready to send me to the jeweler of our choice to remake the ring.



I only sent them one appraisal and the GIA when we originally insured it. They never asked me for anything else. I am going to see Mark at ERD this week with my wife to not only replace the ring, but to upgradge it as well.

One of the big differences between insuring with Jewelers Mutual and say, Allstate, is that JM replaces the ring where Allstate gives you the option for a cash payout. In our case, the ring is more important than the cash and the premium was 1/3 that of Allstate in NYC so we went with JM.

All in all so far, my dealings with JM, especially during a claim, has been 100% satisfying.

Sorry to hear about your wifes ring but it''s good to know that JW is taking care of it.

I''m also NYC (manhattan) and am really surprised to hear that Allstates premium was more than JW. The quote I received from Travelers is 1/2 the price of the quote I received from JW.
 

thegoat

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Feb 21, 2008
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Im in Brooklyn and the insurance to add a personal articles floater is more expensive than in Manhattan, so that''s why i selected JM plus they had excellent customer reviews.

I purchased original EC stone from ERD but had the setting redone elsewhere in NYC but I am now letting Mark help us not only select another EC which will be about 1/2 ct larger but to make the setting as well.
 

BlueJeans

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Jan 19, 2008
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Oh lots of good information here I was wondering about JM insurance as well. I would really love to go with state farm because I have other things insured through them. I haven''t heard many good things about them though.
38.gif
 

thegoat

Rough_Rock
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Feb 21, 2008
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BlueJeans, I would consider JM.

Ive been dealing with the big 3 insurance companies for years and yes, they are all excellent but JM exclusively insures jewelry so they are on top of their game all of the time.

They expedite the claim process without going through any red tape and return calls promptly. They even went ahead and approved my payment before receiving the police report back. They will await it since they have an incident number.

My excellent experience with them assures me that if I ever have another problem, they will be there. And I do believe their rates are very competitive as well. Good luck!
 

gastro

Rough_Rock
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Feb 23, 2008
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I also debated who to insure my newly purchased loose stone + soon to be customized-mounting. I called all around and finally decided on JM based on what the positive feedback on this forum.

In fact I just finished my online appliance with JM, and it was super easy. Had a few questions so I called the customer service; they were all very helpful. Don''t even have to fax them any documents, I can upload all my receipts/PDF files of my diamond and setting. Hopefully I won''t have to write a claim anytime soon, but so far so good.
 

elle_chris

Ideal_Rock
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Feb 19, 2004
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Thegoat-
Quick question, since they replace the "ring" do you need to purchase the stone and setting from the same place?
For instance, my stone was purchased from Whiteflash, my setting is being purchased from Soho Gems.
How does JM work with that in case of loss as two seperate vendors are involved.

For that matter, how does that work with any company that replaces a ring instead of a cash payout.
 

thegoat

Rough_Rock
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Feb 21, 2008
Messages
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Good question. I had purchased my EC and setting from two different vendors but I had it appraised afterwards, so they used the appraisal.

They simply asked the name of the jeweler I would like to work with and used PS as my guide to the best vendors that could find me the diamond we needed plus had a good selection of settings or was able to create one. We had selected Mark from ERD.

They also advised me that if I wasn''t sure that they could recommend local vendors that work with JM.

As far as usiing two different vendors to replace the lost/stolen ring, that may be a good question to call JM with.

Let us know!
 

dani13

Ideal_Rock
Joined
Nov 12, 2004
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Date: 3/4/2008 10:44:21 AM
Author: thegoat


Good question. I had purchased my EC and setting from two different vendors but I had it appraised afterwards, so they used the appraisal.


They simply asked the name of the jeweler I would like to work with and used PS as my guide to the best vendors that could find me the diamond we needed plus had a good selection of settings or was able to create one. We had selected Mark from ERD.


They also advised me that if I wasn't sure that they could recommend local vendors that work with JM.


As far as usiing two different vendors to replace the lost/stolen ring, that may be a good question to call JM with.


Let us know!

Thegoat-

Which EC did you end up getting, if you dont mind me asking? I'm very curious! I love EC's and got mine through Mark too...he's so awesome!
And, what setting did you end up going with??

Sorry for the thread hijack!!!
 

thegoat

Rough_Rock
Joined
Feb 21, 2008
Messages
38
Mark got my wife a 1.92 EC which we just loved. All stats were good, although a little deep, but still had the look of a fiery, brilliant emerald. G color/VS2/Table 61.

The setting is a basic 3 stone white gold with 1.92 center EC and side diamons are .46 each EC. Total of 2.84 CT.


I have attached a photo of the setting that Mark found for my wife. We are going to pick it up on Thursday of next week.

We bought the first diamond EC from Mark as well, so we are repeat customers. Hes a real easy guy to deal with...low key and never any pressure.

emerald 3 stone.jpg
 

nyvelocet

Rough_Rock
Joined
Mar 14, 2008
Messages
21
I spoke to JM about a ring I''ve just bought. Slight difficulty for me as I''m leaving the US in 2 months time to return home so I just want a partial plan. The woman was very helpful and suggested that if I purchase their annual plan, I can cancel it when I need to and receive a refund for the 10 unused months.

Very nice of them to suggest that without being prompted!
 

AnitaT

Shiny_Rock
Joined
Dec 13, 2007
Messages
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Date: 3/4/2008 10:32:23 AM
Author: elle_chris
Thegoat-
Quick question, since they replace the ''ring'' do you need to purchase the stone and setting from the same place?
For instance, my stone was purchased from Whiteflash, my setting is being purchased from Soho Gems.
How does JM work with that in case of loss as two seperate vendors are involved.

For that matter, how does that work with any company that replaces a ring instead of a cash payout.
Elle,
Did JM explain how they would handle situations involving two different vendors? I am curious.
--AT
 

ajl

Shiny_Rock
Joined
Jan 23, 2008
Messages
107
My kiddos recently lost my wedding and e/ring. We had a seperate rider on it through our homeowners . (I can''t speak to rates.) Our company sent the last appraisal to "their diamond guy" in NY who reviewed and determined that my set was underinsured. The company then issued a check. If "their diamond guy" (never could figure out who this was) had determined that their was enough coverage then he would have set out to recreate it. I also would have had the option of paying extra for an upgrade.
 

elle_chris

Ideal_Rock
Joined
Feb 19, 2004
Messages
3,504
Hi AnitaT-
Yes they explained it.
The way I did was- send them my appraisal for the stone, and the receipt/invoice from the vendor selling the setting with all the information. They added the two together and that was my premium.

In case of a loss, they said they "first" work with the vendor who sells you the setting, yes it''s odd. If that person can''t find you a stone that meets your specs. THEN you can work with another vendor. I find it strange but that''s how it was explained to me.

Hope thsi helps.
 

AnitaT

Shiny_Rock
Joined
Dec 13, 2007
Messages
362
Elle,
Thanks for the information. It certainly is reassuring. One last question: how long did it take to put the policy together?
 
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