Insurance for Engagement Ring (Canada)

[hellocamy]

Hi everyone,

I seem to be in a bit of a bind. After tons of Google searches, speaking to a number of jewellers in my area, and long conversations with insurance companies, I can't seem to find a way to insure the engagement ring for my girlfriend.

First of all, it is important to note that I am in Canada (Montreal, QC specifically). Being in Canada, my options were quite limited already, but apparently, because I reside in the province of Quebec, I cannot even purchase coverage from Jeweller's Mutual.

Initially, I tried purchasing stand-alone jewellery insurance, but was told that the option no longer exists (except through JM). Afterwards, I spoke to insurance companies with the hope of obtaining home insurance and including a rider for the engagement ring. Due to the appraised value of the ring ($60,000), I was told that home insurance companies cannot insure me either. Now it seems like my only option for the ER is to leave it uninsured.

As such, I would like some advice or recommendations, because I would really hate to leave the ring uninsured.

 

[iota15]

Maybe contact jewelry companies in your area and see which insurers provide them with business/commercial insurance. Maybe one of those companies will be willing to provide you with a higher jewelry rider. You (or your broker) will probably have to talk to an underwriter.

You also might need to get a good broker or change brokers.

 

[iota15]

An older post here from "kmarla" says try Chubb or Perfect Circle/Jewellers Mutual - both of which have brokers in Quebec.

 

[hellocamy]

Thanks for the advice iota! One of the first steps I actually took was ask the jeweller that custom-made the ring, as well as other local jewellers and they all seemed to draw a blank. I also spoke with JM and they said that they do not provide insurance for the province of Quebec. As for Chubb, the only way to them is through a broker, and the brokers I spoke with said that Chubb is also a no-go