Insurance necessary while stone being set?

[ovaldiamonds]

I purchased a diamond and am ready to send it to David Klass to be set. Do I need to also get a Jewelers Mutual policy to cover the stone while it's being set? David provided me with an insured UPS label and said that the diamond will be insured by his policy when it arrives. Is is still necessary to get another policy on my own? Especially because JM said it would take 5-7 days before they are able to issue the policy. Thanks!

 

[Mamajemmy]

Will it be insured as it’s shipped back as well?

 

[MamaBee]

I purchased a diamond and am ready to send it to David Klass to be set. Do I need to also get a Jewelers Mutual policy to cover the stone while it's being set? David provided me with an insured UPS label and said that the diamond will be insured by his policy when it arrives. Is is still necessary to get another policy on my own? Especially because JM said it would take 5-7 days before they are able to issue the policy. Thanks!

It is fully insured by David while it’s being set. Only two of my rings are insured but not until I got it back from being set by David.

 

[ovaldiamonds]

Will it be insured as it’s shipped back as well?

I'll double check but fairly certain that it will be insured shipped back

 

[Mamajemmy]

I'll double check but fairly certain that it will be insured shipped back

Then I think you are fine. JM took forever to get back to me a couple months ago and ended up going with a different vendor that was half the price. That being said, I did have a claim with JM and they took care of it in a timely fashion.

 

[diptyque_baies]

I am curious, and I hope you don't mind me asking: is David still setting stones at this time? I have a project I would like to start with David but was assuming that no settings were being made at this time (since I thought the benches were closed). Is that a faulty assumption?

EDIT: Also, to answer the topic of the thread, I was advised (admittedly by JM) to insure my stone prior to handing it over to be set, the logic being that it would be covered during shipment, during setting and also once shipped back in the event that anything horrible were to happen. I thought it made sense and gave me peace of mind.

 

[ovaldiamonds]

I am curious, and I hope you don't mind me asking: is David still setting stones at this time? I have a project I would like to start with David but was assuming that no settings were being made at this time (since I thought the benches were closed). Is that a faulty assumption?

EDIT: Also, to answer the topic of the thread, I was advised (admittedly by JM) to insure my stone prior to handing it over to be set, the logic being that it would be covered during shipment, during setting and also once shipped back in the event that anything horrible were to happen. I thought it made sense and gave me peace of mind.

From what I can tell yes - he's been very responsive throughout the process. I would reach out to him

 

[skich]

I purchased a diamond and am ready to send it to David Klass to be set. Do I need to also get a Jewelers Mutual policy to cover the stone while it's being set? David provided me with an insured UPS label and said that the diamond will be insured by his policy when it arrives. Is is still necessary to get another policy on my own? Especially because JM said it would take 5-7 days before they are able to issue the policy. Thanks!

Hi @ovaldiamonds, reviving an old thread to ask what you ended up doing? I'm in a similar situation and nervous about sending it uninsured (though it will be insured through the vendor). Thank you!

 

[denverappraiser]

Most, but not all, jewelers have a certain amount of insurance that covers customer merchandise while they’re working on it. This is called a Jewelers Block policy (at least the JM version of it is). It covers things like burglary, theft, and fire. The tricky question is the coverage related to workmanship. If the setter chips it while working on it, who is liable and for how much? Often this sort of coverage is NOT included and most jewelers don’t generally assume breakage risks for setting things they didn’t sell. Not to be alarming, or to disparage David, the risk is kind of low, but it’s not zero. There’s also a certain amount of risk that has to do with negligence. For example, if the setter leaves your stone on his bench overnight and they get robbed, this usually would not be a covered loss under a standard jewelers block policy. It would be under a JM personal policy (and most other reputable companies).