Insurance on an Off Make

[Chrisk327]

Guess the only person here that I KNOW has this problem as well is Maria.

I spent all this time picking out a diamond with great light return and got a great deal. The diamond has great light return, little leakage... but is an AGS 5.

Now i need to get insurance. Lets say my girl looses the ring. We need to use the insurance. Far as I know they get to pick out the diamond of like quality from their own place. Now "like quality" can mean a lot of things... If I had an AGS0 I don''t think I''d be "that" worried. At least a lot of AGS0s are good... but most AGS5s are dogs i would guess (haven''t seen any others)

How do I deal with this?? I know some people have Chubb, but didn''t they stop doing insurance on only rings?

btw appraiser recommends Jewelery Direct (i think)

thanks
Chris

 

[Mara]

Chris...by the way..my name is MARA. Not Maria. No 'i' in there.

I have Chubb for insurance...for the very reason you mention. No way did I want some random jeweler looking at my specs with 61.4% table and 56.9% depth and grabbing a 62% table and 60% depth stone which was 'kind of similar' then pawning them off on me. So we went with Chubb for their check cutting policy. This way I can choose my own stone which I would want to do anyway. They still do insure rings, but I don't recall what the latest was on how to get the insurance through them, run a search on some previous posts.

Some other companies have the policy of they will try to find you something similar first and then if they can't..they will cut the check. I didn't like that one either. I wanted a check, hands down, end of story.

 

[Chrisk327]

Sorry for adding the I

thanks

I guess they're the only way to go.

 

[valeria101]

----------------
On 12/17/2003 12:40:56 PM Mara wrote: I have Chubb for insurance...for the very reason you mention. No way did I want some random jeweler looking at my specs with 61.4% table and 56.9% depth and grabbing a 62% table and 60% depth stone which was 'kind of similar' then pawning them off on me. So we went with Chubb for their check cutting policy. This way I can choose my own stone which I would want to do anyway. ----------------

Mara, if one submits some, say, IS or BrillianceScope analysis along with the identification and appraisal evidence required by the insurer, would the insurer be obligated to match those specs within a reasonable degree? Some appraisers would say this...

 

[Mara]

Quite possibly Valeria, but I have also heard that insurance companies just enter the data into a computer and throw away the actual paperwork you give them. Otherwise they'd have warehouses full of people's files.




So if there are no corroborating documents on file with them, they only have the data in the computers which may not have IdealScope or Bscope result areas...then aren't you in the same position as originally wanted to avoid? Chances are good you could keep your own records and try with those, but I just didn't want the hassle. If my e-ring was lost or stolen, I would not want to deal with hassling over who buys what and gets X or Y. I would just want the check for the amount insured, and then trot off and get my own replacement.




Also, our situation is different as well in that if something happened to my e-ring, I would definitely take that opportunity to upgrade the stone size anyway so I wouldn't want the original type stone regardless. I may even get an entirely new style ring. Who knows.

 

[Chrisk327]

Ok,
went to appraiser today....
He looked at my stone. He says its a fair to medium cut based on its depth and table %s. He says the only real way to tell light return is a B'scope. He looked at my B'scope image and said it was good and in line with the cut which was fair to medium....

Now I'm happy with the diamond...
But, was i kidding myself thinking I found a "special" large table diamond? I know its not an "ideal" cut, but was thinking that b/c of the small light leakage and the B'scope in the high range i had something that performs better than diamonds in this class (AGS 5 proportions)

If I have a "normal" diamond, thats fine, I'll stick with normal insurance etc and not worry.

When I asked about insurance and was questioning him on how he values the diamond... He asked me why I wanted to go to a payout policy.

He says they're expensive and not worth it. He said that basically I get my choice of diamond with a normal policy and that b/c insurance companies get better prices... that they can give you a little better than you had. He didn't think my reasoning of that the diamond I had was anything special... ie: better than any other diamond in that cut class.
He didn't say that specifically but it was the general implication.
When I mentioned about how it compared to Ideal cut diamonds and H&As he went into that there are no ideals etc etc and that appraisers are the only ones with a grading system....

Overall it was informational, but now I still have the nagging question, is regular insurance going to let me get what I want?