Insurance premium

[scarlet16]

Hi all-

We got a quote from Chubb for approx. $230/yr on $10,000 of coverage in Manhattan. Does this sound about right? Does anyone know if Jeweler''s Mutual''s coverage is similar, both in terms of price and cash out policy for replacement (not in kind)?

 

[wonka27]

Hi. I have JM. I pay $59/yr for I believe $5000 coverage. If I''m not mistaken, JM will replace your diamond, not provide a cash out. However, from what I hear they are flexible and generally allow you to work with your original jeweler through the recovery process.

I''ve never had to go through any of that, however, this is what I remember hearing. If anyone needs to correct or add to my statement, please do!

 

[scarlet16]

Hi Wonka-
Where are you located? I believe that makes a big difference in the price. Thanks!

 

[WinkHPD]

Date: 8/4/2006 2:28:51 PM
Author:scarlet16
Hi all-

We got a quote from Chubb for approx. $230/yr on $10,000 of coverage in Manhattan. Does this sound about right? Does anyone know if Jeweler''s Mutual''s coverage is similar, both in terms of price and cash out policy for replacement (not in kind)?

JM has a replacement policy only and their cost of 10,000 coverage in Manhatten is $2.50 per hundred or $250 for the $10,000 item. That is their most expensive rate in the country with many states as low as $1.00 per hundred.

Wink

 

[scarlet16]

Wink-
Thanks so much! I guess Chubb it is then!

 

[sfritz]

Wink: I think you are using an outdated rate card. We reduced rates in New England last fall. Our premium for $10,000 is $200.

Sue Fritz
Jewelers Mutual Insurance Company

 

[ellchris]

I think that sounds about right.
currently, i have auto/renters and a jewelry
policy through travelers. for 15,000
worth of coverage for jewelry, it''s an
additional 259 per year. oh, i''m also
in manhattan.
funny thing is, travelers doesn''t require
reciepts or appraisals to get the policy.
you simply buy the amount of coverage you want starting at $10,000 and it goes up by $5,000 increments.
they only require a reciept or appraisal
in case of a loss.

 

[denverappraiser]

Date: 8/7/2006 10:13:38 AM
Author: ellchris

funny thing is, travelers doesn't require
reciepts or appraisals to get the policy.
you simply buy the amount of coverage you want starting at $10,000 and it goes up by $5,000 increments.
they only require a reciept or appraisal
in case of a loss.

This sounds like a problem, not a feature. Policies where no one every files a claim are easy - Every insurance company is good at that. The only time there is ever a problem with insurance is when you file a claim. If you haven’t got proper documentation, or they have some problem with the documentation that you do have, you’re setting yourself up for an unnecessary fight. You are far better off submitting the paperwork in advance so that they have agreed to it at the time they accept the policy. This both guarantees that you have the necessary records and that they will accept them as sufficient for a claim. Being clear about everyones expectations and obligations at the time you sign the contract protects you every bit as much as it protects the insurance company, maybe more.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[ellchris]

i spoke with them about it because i
thought it was odd as well. they however
insisted they didn''t need the paperwork.
now i''m concered. have you ever actually
known a case where this became a problem?

 

[RockDoc]

The information required by Travelers'' seems to indicate that the policy MIGHT be an "AS AGREED or STATED VALUE" type policy, where all the details are not needed, because they pay the insured amount in full, in cash, in the event of a claim.

Being that they are not paying a claim based on replacing the item, the details are of secondary importance to them.

I''d check with the company, the agent or your policy to determine what type of policy it is. Ask also if it is an ALL RISK policy and if there are any endoresements to it.

Rockdoc

 

[denverappraiser]

ellchris,

Travelers is a fine company and I have never had a client that I know of who has had claims difficulty with them. I’ve also never heard of this procedure and I have written several appraisals for insurance binding purposes for Travelers clients. They may have completely different procedures in different states, for different clients or for different types of policies. Your agent should be prepared to explain the policies and the claims process to you. Even if it’s a defined value policy, I would suggest documenting things first. Ask them WHY they want the appraisal or receipt claims time. It will surely either be as a purchase order for the replacement or as evidence that you actually owned the piece and suffered a genuine loss. In both cases, both parties are better served if you submit the paperwork first.
Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[WinkHPD]

Date: 8/7/2006 9:55:51 AM
Author: Sue Fritz

Wink: I think you are using an outdated rate card. We reduced rates in New England last fall. Our premium for $10,000 is $200.

Sue Fritz
Jewelers Mutual Insurance Company

I just pulled one out of the folders you sent me, the "Jewelry Evaluation for Insurance" folders that I get from you.

LOL! I just went through the stack, and the one I grabbed was the last of the old batch, as all of the folders beneath it have the new information.

Good to hear, and thank you for letting me know to throw out the last old one...

Keep dropping those rates,

Wink