Insurance for my Niessing

[Vote4PedroToo]

Hi all. I've had a hard time finding an answer to this question.

I have a Niessing tension set ring with a 2ct stone. I know that I can get the stone insured, but I am concerned about the setting. As far as I have seen, I can only get the ring insured for the cost of the platinum. But Niessing settings cost quite a bit more than just the metal in the setting. Is there any special insurance I can get out there that will cover replacement value of my ring? I have already checked my homeowners policy and they won't do it.

I would appreciate anybody pointing me in the right direction here. Thanks!
~T

edited to add that I live in the Los Angeles area.
Thanks again!

 

[neatfreak]

I'm not sure where you get your info about only being able to insure for the platinum? Any insurance company should replace like kind with like. If it is a brand name ring all you should have to do is provide your insurance company with an appraisal stating so, and in case of a loss, they would have to replace it with the same thing.

ETA: And to answer your question, Jeweler's Mutual most certainly will cover your ring for what it is and replace it with the same assuming the appraisal states that it is a Niessing.

 

[denverappraiser]

Date: 5/5/2008 1:57:22 PM
Author:Vote4PedroToo
As far as I have seen, I can only get the ring insured for the cost of the platinum.
Thanks again!

Huh?

Most insurance companies are agreeing to replace a lost item with another of ‘like kind and quality’ in the case of a loss. The metal content of a ring, although an important component has very little to do with this. Talk to your insurer about what is and what is not covered under their policy and, if it''s just the metal and the stone, find another insurer.

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

 

[cectra79]

Luckily my HO provides a separate rider for jewelry over $500.. Did you try JM? I called them the other day to compare the premium costs, and they insure it for an appraised value. If you appraisal includes the setting, it''ll cover it. Look into getting a different HO that will let you purchase extra insurance for the ring.

Good luck!

 

[kcoursolle]

Ditto, this sounds strange. Jewelers Mutual insured my ring for the stone cost and the appraised value of the setting, not just the value in metal.

 

[mrssalvo]

i''m with the "huh?" group. I''ve had my ring insured under 2 different homeowners policy''s and and they both had like kind replacement policy''s. Your appraisal should have the designer name noted and the insurance should include a replacement for the same designer setting. there are other policy''s available like Jeweler''s mutual or Chubb if for some reason what your homeowner''s is telling you is true (but very stange if it is IMO).

 

[Vote4PedroToo]

Thanks everybody. Maybe I have heard wrong. So this leads me to another question. Let''s say that I lose my ring (I hope I never do). And let''s say I am insured through Jewelry Mutual. They replace the ring, but don''t give you cash. How would they handle this since he purchased the ring one place and the setting another? I ask because of this.

The Fiance bought the diamond from a jeweler who ripped him off a little. He didn''t find Blue Nile and White Flash until after his purchase. It''s a great diamond, but he still overpaid for it. If we did this ring over, we would order a diamond from WF or BN. How would the Insurance handle this? What if we wanted to upgrade the quality a little out of our own pocket. Seems like cash is easier.

Thanks so much in advance. This site is such a great help.

~Trish

 

[Vote4PedroToo]

Sorry, He bought the DIAMOND one place and the setting another. Typo

 

[arjunajane]

Date: 5/5/2008 11:29:35 PM
Author: Vote4PedroToo
Thanks everybody. Maybe I have heard wrong. So this leads me to another question. Let''s say that I lose my ring (I hope I never do). And let''s say I am insured through Jewelry Mutual. They replace the ring, but don''t give you cash. How would they handle this since he purchased the ring one place and the setting another? I ask because of this.

The Fiance bought the diamond from a jeweler who ripped him off a little. He didn''t find Blue Nile and White Flash until after his purchase. It''s a great diamond, but he still overpaid for it. If we did this ring over, we would order a diamond from WF or BN. How would the Insurance handle this? What if we wanted to upgrade the quality a little out of our own pocket. Seems like cash is easier.

Thanks so much in advance. This site is such a great help.

~Trish

I''m sorry in advance as I realize this isn''t going to be that helpful to you. But these questions would really be better directed to your insurer, inho. every ins. co is going to be different, and anything you get told here would just be speculation.
I would just call them and ask what the procedure would be in the event you needed to make a claim. I''m not sure about them letting you dictate where to get the diamond - as neil has said many times , Insurance co''s are savvy shoppers who will most likely go where they can have it replaced as like for the cheapest.

but again, i would check

 

[neatfreak]

With JM it doesn''t seem to be a big deal. At the time of the replacement, YOU get to pick the jeweler you want to work with and then that is it. It doesn''t have to be the same jeweler who did the ring the first time around. I just had to do a claim with them and they were very nice to work with.

 

[oldminer]

WIth most insurers you use a retail jeweler from a list they supply or one of their choosing. Sometimes you get to select a jeweler who is specifically more able to assist you to get the right replacement. It should pose no problem to make a replacement of what you have under most circumstances. The Niessing rings are in select stores, but can be obtained with sufficient insurance coverage.

Make sure your appraisal specifies the name brand involved and the "designer" nature of it.