Insurance - from diamond cutter straight to setter?

[Puppy4248]

Merry Christmas Eve, everyone! I’m finding myself in a bit of a pickle with time constraints, so thought I’d reach out...

I am helping my sister’s bf create an engagement ring for her - we just had the diamond cut to order from PS’ own wonderful Layla at HPD, and it will be shipped very soon to Chris at ERD for the setting.

HPD will ship insured to ERD, but I need insurance while ERD sets it. However the diamond value is above ERD’s limit, so I was told I’d have to get my own insurance. The issue is I called Jeweler’s Mutual, and even though we have invoice (and shortly, HPD’s appraisal) they said we must have the diamond in hand before they insure it! But it’s going straight from HPD who cut it, to ERD to will set it, and with the proposal timeline (and just logistics) it doesn’t make sense for us to have possession of the diamond in between.

can anyone advise? I can’t imagine I’m the first to purchase a diamond from one vendor, who will send it directly to a setting vendor, and need insurance in between? Apologies if this was in another post...my search function on my mobile phone isn’t the easiest!

Thank you!!

 

[WinkHPD]

The issue is I called Jeweler’s Mutual, and even though we have invoice (and shortly, HPD’s appraisal) they said we must have the diamond in hand before they insure it!

Hmmm, this sounds like possibly a communication error. We have, many times, done an appraisal of the diamond and the ring for clients, identified IN THE APPRAISAL that this is an appraisal of what the ring will be worth once the diamond is set. Jewelers Mutual then insured the ring while it was being set.

If you will have ERD contact me with the style number and the finished cost of the ERD mounting, I can issue an appraisal with all of the pertinent information in the appraisal. Then when the diamond is mounting, I can inspect the ring, verify that there is no damage to the diamond and reissue the finished appraisal along with photographs of the finished ring.

It should entail only one extra day, as I would receive the finished ring, photograph it and update the appraisal and ship it out later the same day, provided of course, there are no issues.

I must say that it is possible they have changed their policy, so I can not guarantee you a fix, but I suspect I can help.

Wink

 

[OoohShiny]

Once again, bureaucracy gets in the way of common sense...

To ask the question... how will JM know if you have the diamond in-hand or not? I mean, if you said you had it in hand, are they going to ask you to prove it...?



EDIT: Should have refreshed before posting, as I see Wink is already on the case

 

[Puppy4248]

Wink - a near immediate reply on Xmas Eve?! Without tagging you in the post?! YOU/HPD ARE INCREDIBLE!! I have been working w/ Layla who is AMAZING and I don't want to step on her toes, but since it is xmas eve I was hoping to give her a well deserved break from me and hopefully get an answer here...but alas, you have beat everyone to the punch. THANK YOU.

I called 3 different reps at Jeweler's Mutual - from what I was told, the issue isn't about what is on the appraisal (they can update the insurance later), it is that we (the purchaser) won't be able to have the diamond actually IN HAND to approve. They need our actual eyesight approval first...how do we get around that? Just lie and say "yes we have it?" This can't be the right way...

And to verify, the diamond would have to be sent from ERD in NY back to you, to update the appraisal, but that process should only take about a day?

Thank you!

 

[Puppy4248]

Once again, bureaucracy gets in the way of common sense...

To ask the question... how will JM know if you have the diamond in-hand or not? I mean, if you said you had it in hand, are they going to ask you to prove it...?



EDIT: Should have refreshed before posting, as I see Wink is already on the case

Thank you for chiming in! Wasn’t sure if anyone would even reply haha! I’m not sure how they would know if we actually saw it but the actual purchaser (the bf) has to be the one on the phone for them to start the process. I spoke with 3 reps and they all said that. HPD/ERD are top knotch so I don’t think there’s would be an issue, but God forbid I made the bf say he saw/approved when he didn’t, and something happened in between?

My crazy is coming out...but isn’t that what insurance is for LOL

 

[Puppy4248]

Hmmm, this sounds like possibly a communication error. We have, many times, done an appraisal of the diamond and the ring for clients, identified IN THE APPRAISAL that this is an appraisal of what the ring will be worth once the diamond is set. Jewelers Mutual then insured the ring while it was being set.

If you will have ERD contact me with the style number and the finished cost of the ERD mounting, I can issue an appraisal with all of the pertinent information in the appraisal. Then when the diamond is mounting, I can inspect the ring, verify that there is no damage to the diamond and reissue the finished appraisal along with photographs of the finished ring.

It should entail only one extra day, as I would receive the finished ring, photograph it and update the appraisal and ship it out later the same day, provided of course, there are no issues.

I must say that it is possible they have changed their policy, so I can not guarantee you a fix, but I suspect I can help.

Wink

Apologies for multiple responses - do you have a contact at jewelers Mutual who is familiar with your process perhaps? Maybe I could just reach out to them? Thank you!

 

[OoohShiny]

Thank you for chiming in! Wasn’t sure if anyone would even reply haha! I’m not sure how they would know if we actually saw it but the actual purchaser (the bf) has to be the one on the phone for them to start the process. I spoke with 3 reps and they all said that. HPD/ERD are top knotch so I don’t think there’s would be an issue, but God forbid I made the bf say he saw/approved when he didn’t, and something happened in between?

My crazy is coming out...but isn’t that what insurance is for LOL

I would trust HPD's and ERD's insurance more than I would trust USPS or whoever! lol

 

[Puppy4248]

I would trust HPD's and ERD's insurance more than I would trust USPS or whoever! lol

Yep HPD insures all the way to when ERD receives it. But ERD’s policy doesn’t cover anywhere near the value of the diamond, hence the pickle. Update: both wink and Layla have been super responsive so I will see what they can do Wednesday.

 

[WinkHPD]

What ever you do, do NOT lie to the insurance company!

It will not end well if you do and anything happens. I do not have a specific person to work with, but I have always had good relationships with the good people at Jeweler's mutual. Perhaps you can get a number for your sister's BF and I to call JM together Wed morning to see what can be worked out. Worst case, I send diamond to him, with a label to take a quick look and send to ERD. Then ERD has to send it back to me so I can update appraisal. It adds two, possibly three days to the process depending on FedEx, but then it is all insured. Or, maybe you have it placed into an inexpensive ring for the engagement and then send it to ERD for the final ring.

There are ways to work these things out, but never with even a small fib to the insurance company! Like the map makers of old used to say, "Here thar be dragons."

And yes, Layla and Wink's Elf are both taking family time, as I am. I am preparing a Prime Rib Roast on the Traeger and I happened to come to the computer for a recipe for one of my side dishes, and "accidentally" happened to take a quick look at PS. (Like many here, I am somewhat addicted.)

My son and his wife with three of my wonderful grandkids will be here in an hour, so if you need me tonight, I am sorry to say you are out of luck after about ten minutes. I have made the sweet hot mustard for the smoked duck, but I still need to slice both the duck and a nice cheese and crackers platter for them

OMG, I love to have family for dinner! Tomorrow we go to their house for Christmas brunch. OMG, I LOVE what my son and his wife make for Christmas Brunch. I gain weight just thinking about the incredible things they make.

I hope you can now relax and enjoy your Christmas, knowing that we will find a solution for this on Wednesday.

Wink

 

[Dancing Fire]

It should entail only one extra day, as I would receive the finished ring, photograph it and update the appraisal and ship it out later the same day, provided of course, there are no issues.

Wink

Yup, that's how it was done with my ring, quick and easy thanks to Boone and Wink.

 

[Puppy4248]

What ever you do, do NOT lie to the insurance company!

It will not end well if you do and anything happens. I do not have a specific person to work with, but I have always had good relationships with the good people at Jeweler's mutual. Perhaps you can get a number for your sister's BF and I to call JM together Wed morning to see what can be worked out. Worst case, I send diamond to him, with a label to take a quick look and send to ERD. Then ERD has to send it back to me so I can update appraisal. It adds two, possibly three days to the process depending on FedEx, but then it is all insured. Or, maybe you have it placed into an inexpensive ring for the engagement and then send it to ERD for the final ring.

There are ways to work these things out, but never with even a small fib to the insurance company! Like the map makers of old used to say, "Here thar be dragons."

And yes, Layla and Wink's Elf are both taking family time, as I am. I am preparing a Prime Rib Roast on the Traeger and I happened to come to the computer for a recipe for one of my side dishes, and "accidentally" happened to take a quick look at PS. (Like many here, I am somewhat addicted.)

My son and his wife with three of my wonderful grandkids will be here in an hour, so if you need me tonight, I am sorry to say you are out of luck after about ten minutes. I have made the sweet hot mustard for the smoked duck, but I still need to slice both the duck and a nice cheese and crackers platter for them

OMG, I love to have family for dinner! Tomorrow we go to their house for Christmas brunch. OMG, I LOVE what my son and his wife make for Christmas Brunch. I gain weight just thinking about the incredible things they make.

I hope you can now relax and enjoy your Christmas, knowing that we will find a solution for this on Wednesday.

Wink

Wink - I do apologize, I was merely joking regarding fibbing to the insurance company. I would never, that's why I am on here Xmas eve LOL. Thank you, I even got a response from Layla, we will work it out Wednesday. Nonetheless, thank you SO much for your responses, you and Layla are a dream to work with. I wish you and your family a wonderful Xmas and new year, which I KNOW you will have because that menu sounds AMAZING!!! Thanks again!

 

[Dancing Fire]

And yes, Layla and Wink's Elf are both taking family time, as I am. I am preparing a Prime Rib Roast on the Traeger and I happened to come to the computer for a recipe for one of my side dishes, and "accidentally" happened to take a quick look at PS. (Like many here, I am somewhat addicted.)

Wink

Wink, What time should I be over at your house? Please make mine MR...

.

 

[WinkHPD]

Wine and hors d'oeuvres were at 5:15, The prime rib roast, done to a perfect internal temp of 135 for MR was taken off the Traeger at 5:45 and served shortly after six. The crust formed from the slather of special mustard sauce, (homemade) and the Traeger Prime Rib Rub was exquisite, as were the twice baked potatoes. You really should have jumped in your jet and we could have had someone meet you at the airport.

We set a plate for you, but...

 

[Octo2005]

When I insured my loose stone and then updated the policy to a finished ring with JM, I had to send photographs of each with a back drop that they emailed to me and I had to print out. That was even with an appraisal that included pictures. I think that they just want to verify that you do infact have the stone, which is where the value is retained, but that is just my guess. I would wait until after the holiday, when they have a more robust staff and ask to speak with a supervisor. It seems like if it is a newly purchased stone and is being sent to the jeweler for setting that there should be a work around with the proper paperwork.

Best of luck and Happy Holidays!

 

[rockysalamander]

Wine and hors d'oeuvres were at 5:15, The prime rib roast, done to a perfect internal temp of 135 for MR was taken off the Traeger at 5:45 and served shortly after six. The crust formed from the slather of special mustard sauce, (homemade) and the Traeger Prime Rib Rub was exquisite, as were the twice baked potatoes. You really should have jumped in your jet and we could have had someone meet you at the airport.

We set a plate for you, but...

Sounds amazing and you are a class act Wink!

 

[denverappraiser]

Plenty of good advice above. I think the heart of the issue is that is slightly outside of the norm transaction with JM and somewhere in the system, it’s not getting through the communications channels.

I routinely do appraisals for clients who are not in possession of the stone and who are not sitting in my office at the time (Customer buys a diamond, diamond seller ships it to me, I appraise and deliver the report by email, on approval I ship to setter, setter ships back to me when they’re done, I update to include the mounting, inspect for things like damage, craftsmanship, stone switching, etc., and I ship to the client or back to the setter depending on the observations). This ENTIRE process is covered under insurance. First by the seller (until I sign for the package), then by me (while in my possession), then by the client (they bind the policy using the emailed report before I ship. I’ve never known JM to have a problem with any of this. I’ve even seen them pay a claim for a damaged stone. Your mileage may vary, and it’s unusual enough that I don’t think it appears on their web form as an option, but they are very cooperative on the phone on how to get the paperwork straight if you ring them up.

The point of the whole photo background thing is to demonstrate that the item actually exists as of the date of underwriting and that you claim to own it (or at least have an insurable interest in it). This is important to them for obvious reasons and the higher the declared value, the more important it becomes. It is not required that YOU take the picture.