Insurance for Stone Setting

[jjca]

Can you give me an idea of what you do/how you insure your stones when you have a custom band made and have the stones set? I reached out to my homeowner's insurance to see if I can insure the stones but they aren't sure if it will cover damage/loss while they are being set (not in my possession). Hoping they will be able to - but I need a back up just in case and I know a lot of you source custom bands for existing stones.
Muchas Gracias!

 

[denverappraiser]

None that I know will insure loose diamonds but some will insure a ring requiring assembly. Just call them up and ask what sorts of paperwork they require. It's an unusual request so you may need to go through a few agents before you get to someone who understands the question. Also some credit cards have an insurance policy on 'new' purchases that lasts a month or two. Damage during the setting process may be covered here. Ask them.

 

[0-0-0]

Jewelers Mutual

 

[Dreamer_D]

Jewelers Mutual

Yeah they do this. You’d need to call and find out what paperwork they need.

 

[jjca]

Yeah they do this. You’d need to call and find out what paperwork they need.

Are they trustworthy?

 

[jjca]

It doesn't look like they do on their website... has anyone used them for this purpose?

 

[0-0-0]

I did everything online when I used them early this year for my 5 stone. Simply uploaded all my receipts and reports.

 

[jjca]

I did everything online when I used them early this year for my 5 stone. Simply uploaded all my receipts and reports.

Awesome - so you already had the stones and someone else set them and they insured it during the setting process?

 

[0-0-0]

Yes

 

[Tonks]

Jewelers Mutual will insure a loose stone. It can get kind of bizarre, though. I vaguely remember that they wanted me to have the stone in my possession, but they made an exception because I was working with Whiteflash, and they were a preferred vendor (my terminology is probably wrong).

 

[jjca]

Jewelers Mutual will insure a loose stone. It can get kind of bizarre, though. I vaguely remember that they wanted me to have the stone in my possession, but they made an exception because I was working with Whiteflash, and they were a preferred vendor (my terminology is probably wrong).

Thank you! I'll have to call them if my insurance company can't do it.

 

[Dreamer_D]

Are they trustworthy?

Yes they are reliable! I believe they are or were a PS sponsor. I have been insured with them for 15 years and even made a high value claim and it was smooth.

 

[Dreamer_D]

Jewelers Mutual will insure a loose stone. It can get kind of bizarre, though. I vaguely remember that they wanted me to have the stone in my possession, but they made an exception because I was working with Whiteflash, and they were a preferred vendor (my terminology is probably wrong).

I believe they told me you need an appraisal or receipt for the stone plus an invoice estimate for the setting and they unsure it like a complete ring. I’d call to talk to someone for the details.