Insurance for $3,000-4,000 ring from WF

[mikayehu]

I know insurance gets discussed alot on this forum, but after reading through a number of posts, I''m not seeing an answer to my question. I apologize if I missed it. I should be receiving my engagement ring from WF here in a couple of weeks, and I would like to insure it. I don''t have home-owner''s or renter''s insurance so adding the ring to those is not an option. My understanding is that Chubb won''t insure a ring worth less than $5,000. Please correct me if somebody succeeded in finding an agent who could do that. If Chubb is not a possibility, then Jewelers Mutual would be my next option, and that leads me to my main question.

Jewelers Mutual requires an appraisal and Western South Carolina is not exactly a place swarming with good, qualified appraisers. Does anyone here know if WF''s letter of verification is sufficient for Jewelers Mutual or not? If it is, is it really safe for me to avoid getting a full appraisal, or do I really need all of the information (provided with a full appraisal) to make sure I would get a stone of comparable quality? Thanks so much for your help.

 

[diamondseeker2006]

I don''t know the answer for sure, but I believe that the information that comes from WF will be sufficient for insuring the stone. I am not too far from you, by the way! Welcome to PS!

 

[Mara]

I didn't know that Chubb wouldn't insure a ring under $5k?? Have you called an agent directly to ask? I used a gal in SF and it was super easy to get setup. We just faxed over paperwork.

Anyway re: the letter of verification, I just used that to get insurance on my last upgrade with Chubb...I wanted to get a full appraisal just because I plan to have this stone for a while...but I just didn't have the time or the appointment (and my appraiser is always booked like 3 weeks in advance) and I didn't want to wait to get it insured. The LOV is pretty detailed with description on the ring and stone etc...and I would imagine you could get insurance with it.

 

[sunkist]

Well i''m not super experienced, I just got insurance for my ring that''s being made just the other day. But I gave them all the info on the diamond that I had - the Sarin, the AGS cert, and even the IdealScope photo and 40x mag photo. I have no idea if that will really be able to be used if it needs to be replaced. But I hope it is.

Also, Jewelers Mutual is the company I went with. And they said an actual appraisal wasn''t necessary, just a detailed description that included color and clarity of all melee stones on the setting and when I finally have my ring, I''m going to send in a picture of it too I think. This is all very new to me though, I hope I''ve done well.

Just call and ask JM your questions, they were very nice.

 

[mikayehu]

style="WIDTH: 99%; HEIGHT: 78px">Date: 8/17/2006 1:09:10 AM
Author: Mara
I didn''t know that Chubb wouldn''t insure a ring under $5k?? Have you called an agent directly to ask? I used a gal in SF and it was super easy to get setup. We just faxed over paperwork.

Anyway re: the letter of verification, I just used that to get insurance on my last upgrade with Chubb...I wanted to get a full appraisal just because I plan to have this stone for a while...but I just didn''t have the time or the appointment (and my appraiser is always booked like 3 weeks in advance) and I didn''t want to wait to get it insured. The LOV is pretty detailed with description on the ring and stone etc...and I would imagine you could get insurance with it.

I''m not positive about $5k minimum with Chubb. But, I did read an earlier post where an agent told that to a person on this site. Furthermore, Blue Nile states, "If your item has an appraised value of $5,000 or greater, you may be eligible for insurance coverage through Chubb Insurance Solutions." I''ll probably give Bill Castro a call anyway (totaldollar.com), but I wanted to see if anyone else had insured a ring worth less than $5k.

 

[mikayehu]

Date: 8/17/2006 1:19:30 AM
Author: sunkist
Well i''m not super experienced, I just got insurance for my ring that''s being made just the other day. But I gave them all the info on the diamond that I had - the Sarin, the AGS cert, and even the IdealScope photo and 40x mag photo. I have no idea if that will really be able to be used if it needs to be replaced. But I hope it is.

Also, Jewelers Mutual is the company I went with. And they said an actual appraisal wasn''t necessary, just a detailed description that included color and clarity of all melee stones on the setting and when I finally have my ring, I''m going to send in a picture of it too I think. This is all very new to me though, I hope I''ve done well.

Just call and ask JM your questions, they were very nice.

Thanks for letting me know your experience with JM.

If I really can get insurance through JM without a formal appraisal, can someone here more familiar with JM''s reliability/claim''s process advise me. Would the information provided by WF (Sarin, IdealScope, Pictures, Magnified photo, GIA certificate, scans of the girdle, and letter of verification) be sufficient to get a "like stone" at WF, or do I need the more detailed information from a full-blown appraisal?

I''ll definitely call JM, I was just hoping to get some first-hand views from people who actually have dealt with the insurer.

 

[kristy_lyn]

When I called a Chubb agent around here, they told me it was a minimum of $10K! (My ring is also around $4K). It can be just the ring, or the ring and other pieces of jewelry.

Minimums must depend on the agent..-.

 

[sfritz]

Sunkist is correct. For merchandise with a retail replacement value less than $5,000, Jewelers Mutual accepts a sales confirmation (sales slip) that includes a sufficient description so we can replace your item in a claim situation.

Sue Fritz
Jewelers Mutual

 

[mikayehu]

Date: 8/18/2006 10:13:15 AM
Author: Sue Fritz
Sunkist is correct. For merchandise with a retail replacement value less than $5,000, Jewelers Mutual accepts a sales confirmation (sales slip) that includes a sufficient description so we can replace your item in a claim situation.

Sue Fritz
Jewelers Mutual

Thanks so much for the answer, Sue.

 

[mikayehu]

Date: 8/18/2006 10:13:15 AM
Author: Sue Fritz
Sunkist is correct. For merchandise with a retail replacement value less than $5,000, Jewelers Mutual accepts a sales confirmation (sales slip) that includes a sufficient description so we can replace your item in a claim situation.

Sue Fritz
Jewelers Mutual

Sue, would you answer one more question for me? I bought my fiancee''s ring from Whiteflash. I bought it for around $3,000 (so that is what is on the sales confirmation). The letter of verification that accompanied the ring gives the "estimated retail value" as approximately $5,000 (slightly under). Of course the $5,000 is an inflated number for "high end, guild" jewelry stores. It would certainly not cost anywhere near $5,000 for me to replace the ring through WF. Would my premium be based on the $3,000 purchase price on the confirmation, the $5,000 "estimated retail value," or some other number? From your previous post, I thought it was based on the sales confirmation, but when I called JM, it sounded like the letter of verification contained the important number. Would you clarify this a little more. Thanks.

 

[sfritz]

Date: 9/5/2006 4:29:48 PM
Author: mikayehu

Date: 8/18/2006 10:13:15 AM
Author: Sue Fritz
Sunkist is correct. For merchandise with a retail replacement value less than $5,000, Jewelers Mutual accepts a sales confirmation (sales slip) that includes a sufficient description so we can replace your item in a claim situation.

Sue Fritz
Jewelers Mutual

Sue, would you answer one more question for me? I bought my fiancee''s ring from Whiteflash. I bought it for around $3,000 (so that is what is on the sales confirmation). The letter of verification that accompanied the ring gives the ''estimated retail value'' as approximately $5,000 (slightly under). Of course the $5,000 is an inflated number for ''high end, guild'' jewelry stores. It would certainly not cost anywhere near $5,000 for me to replace the ring through WF. Would my premium be based on the $3,000 purchase price on the confirmation, the $5,000 ''estimated retail value,'' or some other number? From your previous post, I thought it was based on the sales confirmation, but when I called JM, it sounded like the letter of verification contained the important number. Would you clarify this a little more. Thanks.

Sorry for the delay. I was traveling this week. Because this item is valued at less than $5,000, we can accept a sales receipt with a sufficient description so we can replace the item, an insurance evaluation, or an appraisal. If you prefer to insure the ring at $3,000, then send the sales confirmation with that amount listed. If you submit other documentation with a retail replacement value at $5,000, then that''s what we would use for a limit of insurance. If you send both, we would use the higher amount because we would assume that''s what you wanted.

The question you should ask yourself is what amount is needed to replace your ring if it were lost at some later date. We recommend insuring at the retail replacement value; in our experience, individuals who lose a ring usually go to a retail store to replace a ring, even if they purchased the original item online. That may not be what you would do, however.

I hope that helps.

Sue Fritz
Jewelers Mutual Insurance Company

 

[mikayehu]

Date: 9/7/2006 10:56:07 PM
Author: Sue Fritz

Date: 9/5/2006 4:29:48 PM
Author: mikayehu

Date: 8/18/2006 10:13:15 AM
Author: Sue Fritz
Sunkist is correct. For merchandise with a retail replacement value less than $5,000, Jewelers Mutual accepts a sales confirmation (sales slip) that includes a sufficient description so we can replace your item in a claim situation.

Sue Fritz
Jewelers Mutual

Sue, would you answer one more question for me? I bought my fiancee''s ring from Whiteflash. I bought it for around $3,000 (so that is what is on the sales confirmation). The letter of verification that accompanied the ring gives the ''estimated retail value'' as approximately $5,000 (slightly under). Of course the $5,000 is an inflated number for ''high end, guild'' jewelry stores. It would certainly not cost anywhere near $5,000 for me to replace the ring through WF. Would my premium be based on the $3,000 purchase price on the confirmation, the $5,000 ''estimated retail value,'' or some other number? From your previous post, I thought it was based on the sales confirmation, but when I called JM, it sounded like the letter of verification contained the important number. Would you clarify this a little more. Thanks.

Sorry for the delay. I was traveling this week. Because this item is valued at less than $5,000, we can accept a sales receipt with a sufficient description so we can replace the item, an insurance evaluation, or an appraisal. If you prefer to insure the ring at $3,000, then send the sales confirmation with that amount listed. If you submit other documentation with a retail replacement value at $5,000, then that''s what we would use for a limit of insurance. If you send both, we would use the higher amount because we would assume that''s what you wanted.

The question you should ask yourself is what amount is needed to replace your ring if it were lost at some later date. We recommend insuring at the retail replacement value; in our experience, individuals who lose a ring usually go to a retail store to replace a ring, even if they purchased the original item online. That may not be what you would do, however.

I hope that helps.

Sue Fritz
Jewelers Mutual Insurance Company

Thanks for all of your help Sue. I am now thoroughly confused

. I have talked with two people at JM over the phone, and they told me I needed to submit the letter of verification (the $5,000 number). And both representatives have told me that JM would not insure based on the sales confirmation (unless the piece of jewelry was under $1,000). But, if I''m reading our posts correctly, I can insure the ring for either the sales confirmation price or the number on the verification. If I had to replace the ring, I would do so through WF or GOG, so a "like ring" would be much closer to $3,000 than $5,000.

Anyway, everyone at JM has been very helpful, but unfortunately I''m getting 2 different answers. What do I need to do to get a definitive answer. Thanks.

 

[RockDoc]

RE: Chubb''s Insurance Amount Minimums


In talking with some of the Chubb Agents that I am acquainted with, there appears to be a "loose" minimum value around 10K that they want the item to be worth in order to insure it under their Valuable Articles Floater.

Some of the reason for this goes back to the general operating policies of Chubb. For scores of years, Chubb has been known for insuring items of considerable value, generally marketing to the very wealthy type client.

Chubb''s policies are very different from other policiy in most of their products. Their homeowner''s insurance coverage is far more comprehensive than the regular type homeowners coverages in typical type policies. Here in FL you have to have a house worth in excess of 750K in order to even be considered.

Chubb also insures a lot of the really treasured and valuable musical instruments in the world as well. Multi-Million dollar Strads and other collectibles of value.

But back to the minimum portion of this. In many states the premiums are really low, such as in S Carolina, and if the yearly premium is really small, administering the policy, setting it up, and billing, when the yearly premium is less than $ 150.00 represents a loss for both the company and the agents.

In addition, their agents are also going through licensing changes, where both the agency and the agent have to have dual licenses, in EACH STATE where they intend to offer insurance. Needless to say, this has increased their costs significantly on the agent level, and as such the need to write policies for amounts to cover their time and expenses.

As far as standalone insurance coverage for $ 7000 and below, JM is probably the best choice.

Rockdoc

 

[mikayehu]

Thanks for the excellent overview of Chubb''s policies, Rockdoc. That pretty much confirms everything I''ve been seeing and hearing elsewhere. It looks like Chubb is an excellent insurer, just not for poor people like me

. For right now, JM seems like the best way for me to go. As soon as I can figure out my options with JM, I''ll be all set.

 

[sfritz]

Date: 9/8/2006 11:22:02 AM
Author: mikayehu

Date: 9/7/2006 10:56:07 PM
Author: Sue Fritz

Date: 9/5/2006 4:29:48 PM
Author: mikayehu

Date: 8/18/2006 10:13:15 AM
Author: Sue Fritz
Sunkist is correct. For merchandise with a retail replacement value less than $5,000, Jewelers Mutual accepts a sales confirmation (sales slip) that includes a sufficient description so we can replace your item in a claim situation.

Sue Fritz
Jewelers Mutual

Sue, would you answer one more question for me? I bought my fiancee''s ring from Whiteflash. I bought it for around $3,000 (so that is what is on the sales confirmation). The letter of verification that accompanied the ring gives the ''estimated retail value'' as approximately $5,000 (slightly under). Of course the $5,000 is an inflated number for ''high end, guild'' jewelry stores. It would certainly not cost anywhere near $5,000 for me to replace the ring through WF. Would my premium be based on the $3,000 purchase price on the confirmation, the $5,000 ''estimated retail value,'' or some other number? From your previous post, I thought it was based on the sales confirmation, but when I called JM, it sounded like the letter of verification contained the important number. Would you clarify this a little more. Thanks.

Sorry for the delay. I was traveling this week. Because this item is valued at less than $5,000, we can accept a sales receipt with a sufficient description so we can replace the item, an insurance evaluation, or an appraisal. If you prefer to insure the ring at $3,000, then send the sales confirmation with that amount listed. If you submit other documentation with a retail replacement value at $5,000, then that''s what we would use for a limit of insurance. If you send both, we would use the higher amount because we would assume that''s what you wanted.

The question you should ask yourself is what amount is needed to replace your ring if it were lost at some later date. We recommend insuring at the retail replacement value; in our experience, individuals who lose a ring usually go to a retail store to replace a ring, even if they purchased the original item online. That may not be what you would do, however.

I hope that helps.

Sue Fritz
Jewelers Mutual Insurance Company

Thanks for all of your help Sue. I am now thoroughly confused

. I have talked with two people at JM over the phone, and they told me I needed to submit the letter of verification (the $5,000 number). And both representatives have told me that JM would not insure based on the sales confirmation (unless the piece of jewelry was under $1,000). But, if I''m reading our posts correctly, I can insure the ring for either the sales confirmation price or the number on the verification. If I had to replace the ring, I would do so through WF or GOG, so a ''like ring'' would be much closer to $3,000 than $5,000.

Anyway, everyone at JM has been very helpful, but unfortunately I''m getting 2 different answers. What do I need to do to get a definitive answer. Thanks.

I verified this with the vice president of our Personal Jewelry Insurance Division. Perhaps our folks were confused by the terms "sales confirmation price" and "verification price." Who knows? Here is what the VP said, " We will accept sales receipts for items under $5,000 as long as the receipts provide a detailed description of the items. You can insure for either price as long as we receive a detailed description of the item. We need the detailed description in order to settle claims correctly."

Please consider whether you could replace this ring for $3,000 if the loss occurs a year or two from now. In most states, the cost to insure a $3,000 item is $30, compared with $50 for an item valued at $5,000.

I would advise you to complete an application online and mail the appropriate documentation along with a copy of this Pricescope message. If you have any problems, please don''t hesitate to contact me.

Sue Fritz
Jewelers Mutual Insurance Company

 

[fettucine]

Sue, If a loose stone has already been insured while it is going to be set, are the loose stones also insured via the same policy while in transit via postal service USPS or any to the setter?

Thanks,
-f8

 

[diamondseeker2006]

fettucine,

You really need to post your own question as a new thread. Not many people will read through an old thread to come to a new question at the end.

But for me personally, regardless of the fact that my stone is insured, I would probably still send it by USPS Registered Mail, because that is the safest method...a signature is required by every person who touches the package. And yes, I''d still insure it again because I''d want the PO to pay for the loss rather than my insurance company, since making insurance claims can sometimes hurt as far as future premuims are concerned. But that''s just me.

 

[fettucine]

thanks for the advice, I''ll post the question in its own thread, I was just trying to consolidate threads

-f8

 

[Stone Hunter]

BUMP

I''m looking at insurance right now and this thread is fairly recent and helpful. Maybe it will help others as well. Some older threads are outdated since insurance info has changed.

 

[anacgarcia]

yes I actually found it very helpful, I didn''t know chubb didn''t accept and item under 8k.. i think i''ll do with JM..

almost a month and my baby remains uninsured..

 

[Regular Guy]

Both Chubb & Jeweler''s Mutual could seem like viable options. If I were shopping, with any value, and didn''t want homeowners, I''d try them, and State Farm as well, each for the separate policies. For Chubb, check past threads for Total Dollar...he may help. For State Farm...any local agent. Only Chubb would cash out. JM is great for first policies, and you also want coverage while it''s being set. State Farm could be attractive otherwise, with local agents, and affordable insurance.

 

[Stone Hunter]

I checked my homeowners first. They were more than JM and I think they make you go to their vendor for a replacement. I asked the person many questions and got this idea. If I need to claim something I want to go back to an online vendor. JM will let us do that.

Plus JM will let me apply online so that I have instant coverage as soon as I stop gazing at my ring and pick up the vendor appraisal and fill in the form. I just don't want to leave the house without insurance and I'm not leaving it alone at home.