Insurance on a Diamond

[jlauer]

I am wondering what the proper steps to get a diamond or rather an engagement ring insured.

I have no clue where to begin, who type of company offer this insurance, do i have to pay yearly like auto insurance? How do they find the value of the diamond?

Any help would be appreciated...

Thanks!

 

[square]

j - (1) i, probably like you, am a know-nothing consumer. having said that, (2) i have found that insurance companies won't insure a loose stone so try to arrange that the setting is ready when you buy the stone. once the stone is mounted you just take it to an appraiser (this site recommends independent appraisers) and they'll give you a formal "retail replacement" value (which has nothing to do w/ anything) that you can fax to your insurance company. you'll want to call whomever you have your home or renters' insurance with and they should be able to give you a decent deal. btw, you may want to have the stone appraised both before and after it is mounted if you are a paranoid freak like me and want to really make sure your stone is what you think it is - it is easier for them to more accurately appraise a loose stone than a mounted one.
good luck!
s.

 

[jlauer]

I follow you ... I just would try to avoid paying for an independent appraisal twice, once before the mounting, and once after.

Honestly ... the band cost less than 5% of what the diamond did, so that might not even be worth the bother of an appraisal with it mounted.

I bought the diamond and band at different places, maybe i can go back to both of them for an appraisal after it is mounted. Who that be a good idea or a bad on? Does it even matter who appraises it?

 

[square]

if you go to the same appraiser twice, both before and after the mounting, the 2nd appraisal will be free - that's the offer igi (in manhattan) made to me. the appraisal is really for the insurance company, so you need to speak to your agent and find out what THEY need. mine, for example, needs an appraisal of the diamond and setting mounted (NOT separate). they won't even talk about insuring it until i have an appraisal done after it is mounted.
good luck!
s.

 

[jlauer]

Can anyone recommend a company other than Chubb?
www.chubb.com

and what type of policy is best?

ACV ( Actual Cash Value)
REPLACEMENT
or
AGREED VALUE ( or sometimes called Valued At)

 

[fire&ice]

----------------
On 8/6/2002 1:17:58 PM

j - (1) i, probably like you, am a know-nothing consumer. having said that, (2) i have found that insurance companies won't insure a loose stone so try to arrange that the setting is ready when you buy the stone----------------


It depends on your relationship w/ the insurance company....but you are right. If you get the stone and the setting won't be available for a few weeks - put it in your safe deposit box - don't have one - rent one. Insurance feel differnet about vaulted items. Think about it from there perspective. A loose stone is loose and can easily be dropped down a drain, etc.

And I would be careful not to over insure your ring. Insure it for enough so that you can get a replacement - but don't overdo it.

 

[fire&ice]

----------------
On 8/6/2002 4:24:23 PM

Can anyone recommend a company other than Chubb?
www.chubb.com

and what type of policy is best?

ACV ( Actual Cash Value)
REPLACEMENT
or
AGREED VALUE ( or sometimes called Valued At)
----------------



Chubb is very good insurance. Fireman's fund - Erie - these are premium. All have been trying to court our business....but we have good old Allstate. Their deluxe policy w/ replacement value. All valuable items I schedule. I have had no problems with any claims.

 

[fire&ice]

----------------
On 8/6/2002 5:02:58 PM


----------------
On 8/6/2002 1:17:58 PM

If you get the stone and the setting won't be available for a few weeks - put it in your safe deposit box - don't have one - rent one. ----------------


Actually, I'm sure your loose stone is set in a simple tiffany setting until your dream mounting comes in

 

[csanders]

Hi,

Just my 2 cents:

I have all my jewelry insured through Jewelers Mutual. I live in New Orleans and most of the jewelry stores here have their entire inventory insured through Jewelers Mutual, but I'm pretty sure they insure jewelry throughout the US? Their website is jewelersmutual.com, I believe.

Good Luck!
Cherie

 

[fire&ice]

----------------
On 8/7/2002 12:36:38 AM

Hi,

I have all my jewelry insured through Jewelers Mutual.
----------------


have you or anyone you know made a claim? Does that also cover mysterious disappearance?

Whatever company anyone goes w/ two things. The insurance company is only as good as its broker and servicing claim adjusters. Also, if you wear the ring everyday, you must ask for a policy that covers not only theft from your property..but mysterious disappearances (i.e. stone falls out) and robbery. Also, FYI, some insurers will not cover the jewelry in countries other than the US.

 

[csanders]

Hi guys,

Just to clarify, Jewelers Mutual covers: loss, theft, damage and mysterious disappearance. (taken from my policy). Honestly, I haven't made a claim with them (thank God!) But, my cousin had a stone fall out one of her rings and she said the claim w/ them was handled very fast & easy...

Cherie

 

[fire&ice]

umm.. I'll check them out. thanks