Insurance for my purchase

[Kiz]

I am about to purchase an e-ring in the next few days and have a question regarding insurance. I will have the ring in my possession for 6 days before presenting it to my girlfriend overseas. Here is my question; I know that once she has the ring we will insure it under her current renters insurance, however for the 6 day interim that the ring will be in my possession I will be flying overseas and am wondering if I need to insure it? I would feel alot better having it insured due to the fact that we will be traveling in Europe. Any suggestions or ideas?

 

[Gator]

I would definetely insure it for the 6 days since you will eventually insure it anyway. Chances are more likely that you'll get mugged as a tourist over there than have it stolen or lost at home. Be sure your insurance company insures for claims made overseas. I know Chubb does so. Hope that helps.

 

[Mara]

Also depending on her current insurance, she will probably have to get a specific personal articles policy added to her renters to cover the stone...as regular renters usually only covers up to $2k or similar for one piece of jewelry. Instead of doing this, I went with Chubb and got a separate policy. It was only slightly more expensive but I felt more comfortable with the policy.

Good luck!

 

[Kiz]

Thanks for the input.
I spoke with my insurance company and they are willing to start a 1 year policy under my name and after I present her the ring the policy can be transferred/canceled and the remaining balance refunded. I have State Farm and they were very helpful in accommodating my needs.
Thanks again.

 

[hera Anderson]

How do I get a hold of Chubb? I would like to insure my ring? I was with State Farm, but if there is a better suggestion, I am all ears.

Hera

 

[Mara]

Hera..check out the 'Chubb' post that is currently being discussed right now. There is info on Chubb and phone # to call. Good luck!

 

[niceice]

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On 6/20/2003 11:11:52 AM Gator wrote:

I would definetely insure it for the 6 days since you will eventually insure it anyway. Chances are more likely that you'll get mugged as a tourist over there than have it stolen or lost at home. Be sure your insurance company insures for claims made overseas. I know Chubb does so. Hope that helps.

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No doubt. We actually had a client last year who was considering two ninety point diamonds that we had in-stock at the time for an engagement ring, he only needed one diamond obviously but he was trying to decide between the two and they were for all intent and purposes twins... We decided to flip a coin and go for the top two out of three tosses... A few days later he called to inquire whether we still had the other diamond, we figured that he wanted to take a look at it to determine whether he had made the right choice, but actually he needed it to replace the diamond engagement ring which had fallen through the cracks between the deck of the restaurant where he had proposed to his beloved... The ring had slipped from her fingers as she handed it to her friend to admire and it had fallen into the ocean below... The ring had been insured by State Farm for one day... They replaced it without a hitch.

As far as insurance companies go, we've had experience with most of the major players and consider State Farm and Chubb http://www.chubb.com to be the absolute best with no preference for either... However, we feel it important to mention that the coverage purchased by either company is only as good as the detail of the appraisal... Be sure that the appraisal accurately describes the item being insured, in the case of an ideal cut diamond it MUST include the measurements of the diamond, the polish and symmetry ratings and a reference to the documentation which defines the details or you'll end up fighting the claims agents who will be trying to get you to accept a diamond of the same weight and clarity because they won't have the proportions information on-hand. Furthermore, we recommend contacting the company who sold you the diamond right after you file your claim, if not before, so that they can assist the claims agent in locating a comparable diamond for replacement purposes because most of the jewelers providing replacement services for the insurance companies don't really understand what an ideal cut diamond is... As many of the diamonds being purchased from the various internet vendors are "branded" it can actually be argued successfully that the diamond must be replaced with a diamond of the same brand... i.e. a Tiffany Diamond must be replaced with a Tiffany Diamond; a Lazar Kaplan must be replaced with an LK; an 8* must be replaced with an 8*; SC must be replaced with SC; ACA must be replaced with ACA; NiceIce must be replaced with NiceIce; etc...

 

[Mara]

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On 6/25/2003 12:15:26 AM niceice wrote:

However, we feel it important to mention that the coverage purchased by either company is only as good as the detail of the appraisal... Be sure that the appraisal accurately describes the item being insured, in the case of an ideal cut diamond it MUST include the measurements of the diamond, the polish and symmetry ratings and a reference to the documentation which defines the details or you'll end up fighting the claims agents who will be trying to get you to accept a diamond of the same weight and clarity because they won't have the proportions information on-hand. Furthermore, we recommend contacting the company who sold you the diamond right after you file your claim, if not before, so that they can assist the claims agent in locating a comparable diamond for replacement purposes because most of the jewelers providing replacement services for the insurance companies don't really understand what an ideal cut diamond is... As many of the diamonds being purchased from the various internet vendors are "branded" it can actually be argued successfully that the diamond must be replaced with a diamond of the same brand... i.e. a Tiffany Diamond must be replaced with a Tiffany Diamond; a Lazar Kaplan must be replaced with an LK; an 8* must be replaced with an 8*; SC must be replaced with SC; ACA must be replaced with ACA; NiceIce must be replaced with NiceIce; etc...

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This is why I went with Chubb...no hassles, they cut a check for the amount insured. No replacing with like stone, no having to be sure that dimensions and facets and all that other info is included, etc etc. Plus I have to note that with Chubb, they asked for the basic appraisal page with no other information. I faxed over the one page with the details, but it did not include the Sarin results or anything like that. They didn't even want to see the entire appraisal or get more information other than the one page, with the amount, the picture and the contents of the ring. They said to just send that one page..so I did.

Plus I have also heard more than once that an insurance co just takes what you give them, puts what they want into their DB and then trashes what you sent them. If that is the case, how detailed do you really need to be and what REALLY goes into their DB? It pays to keep your original appraisal information just in case--if you work with a co that has a replacement policy over a check.

But again...the hope was that by going with a Chubb, who doesn't have a 'replacement' policy...you cut out the hassles of all of this if something were to happen to your ring. That's my hope anyway. They were only a little more expensive than State Farm and I have more peace of mind.