Insurance for "setting" a loose diamond

[crazytrain]

My apologies if this was asked a million times (I did try to search for the answer though).

I've seen a lot of recommendations saying that if one is to have a loose diamond set, "setting" insurance is recommended. Where can I go about getting this type of insurance? I've seen a lot of comments indicating that insurance companies won't insure loose diamonds in general.

Thanks!

 

[yssie]

Contact Jeweler's Mutual if you are in the US - or Canada too I believe.

Have the vendor who is making your setting provide an "appraisal" that includes a detailed description of the setting + retail replacement value, and you should have some paper for your diamond as well - either and independent appraisal you had done or the letter of verification the stone came with that lists specs and replacement value again. The more details you provide the insurer with the better your odds of a no-hassle settlement to your satisfaction should there be a problem during the setting, so I definitely recommend a professional independent appraisal if you are going this route.

JM will ask for scans of this paperwork - you can submit online. They also insure you for shipping so if your stone gets lost in the mail you are covered.

 

[Lorelei]

My apologies if this was asked a million times (I did try to search for the answer though).

I've seen a lot of recommendations saying that if one is to have a loose diamond set, "setting" insurance is recommended. Where can I go about getting this type of insurance? I've seen a lot of comments indicating that insurance companies won't insure loose diamonds in general.

Thanks!

I believe www.jewelersmutual.com can offer cover for setting loose diamonds. You can also try-

www.chubb.com

 

[crazytrain]

Thanks for the replies! I called Jeweller's Mutual and they this was possible if I provided an appraisal for the stone and either an invoice or estimate from the jeweller for the setting.

I agree with many opinions that getting insurance would be prudent should anything go wrong during the setting process, but just out of curiosity and to understand the complexity of it all, what is the likelyhood of a stone getting damaged during the setting process?

 

[Lorelei]

Thanks for the replies! I called Jeweller's Mutual and they this was possible if I provided an appraisal for the stone and either an invoice or estimate from the jeweller for the setting.

I agree with many opinions that getting insurance would be prudent should anything go wrong during the setting process, but just out of curiosity and to understand the complexity of it all, what is the likelyhood of a stone getting damaged during the setting process?

Round diamonds are fairly bullet proof so apparently it is rare that anything happens whilst setting, it tends to happen more with sharp cornered stones such as Princess etc or with diamonds that have integrity issues, but loss or damage is not the norm with a careful setter. I believe insurance is always prudent to protect your investment however.

 

[yssie]

ditto Lorelei - definitely not something to lose sleep over whilst your stone is being set! It's just that sometimes cr*p happens, best to protect yourself as much as you can.