Insurance for recut?

[Eva17]

I am sending a stone out for a recut. I am required to sign a waiver regarding possible damage to the stone.

Is there a policy I could purchase to insure the stone while it is out being cut and then reset?

Thanks for any and all help?

 

[Garry H (Cut Nut)]

I believe all you can do is take out an all risks policy - normal extension of household for jewellery, cameras etc

 

[RockDoc]

Date: 9/23/2006 5:27:06 PM
Author:Eva17
I am sending a stone out for a recut. I am required to sign a waiver regarding possible damage to the stone.

Is there a policy I could purchase to insure the stone while it is out being cut and then reset?

Thanks for any and all help?

I''d suggest discussing this with whomever you are sending it to. Each cutter will have their own policies as to potentially occuring damage to the stone.

As for insurance coverage, best to discuss this with insurance agents.

Is the stone currently insured? If it is, then ask your insurer as to what is and is not covered.

If it is not insured, then check insurance companies such as Chubb and JM as to what they will or won''t cover you for. BUt you''ll have to insure it for at least a year. I don''t think anyone offers a policy just while the stone is being recut.

I''d also find out if the cutter does want you to sign a release from any liability. If do this, it might affect your ability to insure it, as some insurance companies will rely on subrogating a claim, and if you release the cutter from any liability, that could be an issue.

Ask the diamond cutter, if he has insurance, and what it does or does not cover.

Rockdoc