Insurance Question

[IceExplorer]

Is it possible to purchase temporary insurance?

There is going to be a lag in time from when I get the appraisal until I get the ring home.
Also, I''m leery of contacting my regular insurance person because she is a friend of the family and I don''t wan to tip anyone off.

Also, I''m Canadian and living in Canada.

 

[ACN]

I had a couple weeks until I popped the question, so I just kept the ring in a lockbox at the bank. Took it to the appraiser, then back to the lockbox till I proposed. Proposed over the weekend, Monday called the insurance lady.

Sorry that I didn''t answer your question, but that is what I did without getting temp insurance.

 

[IceExplorer]

Date: 3/3/2010 3:49:40 PM
Author: ACN
I had a couple weeks until I popped the question, so I just kept the ring in a lockbox at the bank. Took it to the appraiser, then back to the lockbox till I proposed. Proposed over the weekend, Monday called the insurance lady.


Sorry that I didn''t answer your question, but that is what I did without getting temp insurance.

I can go this route for only so long.
I''m planning a trip to propose and I wanted it covered until we get back from the trip.

Anyone else?

 

[Amethyste]

I think your best bet would be to insure it when you have it in your possession from the get go. for me, i'd rather have the piece of mind. Plus, my insurance covers my ring when I travel with it, so you'd be covered if you are going "away" and carry the ring with you. I am not certain how canadian policies work, but perhaps you could talk to someone else rather than your friend when inquiring about this?

If i am not mistaken, until the stone/ring reaches you, it is covered either by the person's/appraiser's own insurance and while traveling to you, postal insurance for that portion of the trip. If you do not want to share the news with this family friend, try to contact other stand alone insurance primarily for luxury/jewelry items, then again, most of them will require an appraisal so...

 

[IceExplorer]

It''s looking more and more like I may have to break down get my insurance lady in on this. I hope she doesn''t spill the beans!!

 

[Dreamer_D]

Jewelers Mutual has just started offering stand alone policies for jewelry in Canada. I for one think this is greta because their policies are all-encompassing and they are used to dealing with jewelery claims. Their rates also appear to be very competitive with the rates you would have on a rider on your home insurance. So I would recommend calling them before you sign on the line with your home insurance.

Here is a thread Charmy started about it: https://www.pricescope.com/community/threads/jewelers-mutual-in-canada.134982/

As a side note, your ring will be automatically covered on your home insuracne if its value is under a certain amount, usually around $5000, but you will need to check this value. There will be a decudtable though, which there will not be if you add a separate rider for your ring on your policy. One thing to check is whether you home owners insurance will cover your ring internationally. I believe that JM will, but again, check this before you take the ring out of country.

 

[denverappraiser]

If your insurance agent isn’t accustomed to protecting her client’s privacy, you need a new insurance agent. Simply tell her that this is going to be a surprise and that she should keep her lip buttoned and I’m sure it’ll be fine.

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

 

[Bosie]

See Neil''s comment above, 100% the way to go.

 

[IceExplorer]

I hear you about the buttoned lip.

She a very dear friends mother...I don''t know if she would say anything but she''ll certainly have difficulty containing her excitement.

I just checked JM-Canada. Wow, much more reasonable than I expected.

Curious, do I require the appraisal prior to soliciting them for insurance or can I insure it and give them the details later?

 

[sfritz]

Greetings, IceExplorer. If the purchase price of the ring was less than $5,000, a detailed receipt with a full description is sufficient. If it is valued more than that, we will need an insurance appraisal or evaluation in order to insure it. And yes, you have worldwide coverage when you travel. Congratulations!

Sue Fritz
Jewelers Mutual Insurance Companymailto:[email protected]

 

[Regular Guy]

Date: 3/5/2010 4:53:05 PM
Author: Sue Fritz
Greetings, IceExplorer. If the purchase price of the ring was less than $5,000, a detailed receipt with a full description is sufficient. If it is valued more than that, we will need an insurance appraisal or evaluation in order to insure it. And yes, you have worldwide coverage when you travel. Congratulations!

Sue Fritz
Jewelers Mutual Insurance Companymailto:[email protected]

There''s a blast from the past!

I see that prior to 2010, you had a 2 1/2 year gap posting from JM.

I hope you''ve been well!

 

[IceExplorer]

Date: 3/5/2010 4:53:05 PM
Author: Sue Fritz
Greetings, IceExplorer. If the purchase price of the ring was less than $5,000, a detailed receipt with a full description is sufficient. If it is valued more than that, we will need an insurance appraisal or evaluation in order to insure it. And yes, you have worldwide coverage when you travel. Congratulations!


Sue Fritz

Jewelers Mutual Insurance Companymailto:[email protected]

I was hoping you might see this and chime in

Can the ''evaluation'' come from the jeweller?
Do you need hard copies of the paperwork initially or can I get it set up with a verbal value then send over the paperwork?

 

[sfritz]

Hi, Ira. One of my colleagues was monitoring Pricescope and responding occasionally. In her absence, I’m back. I always enjoy the conversations.

Regarding IceExplorer’s question, Jewelers Mutual accepts insurance evaluations form the jeweller who sold the item. You can use the verbal value when you apply and then mail, fax, or email the insurance evaluation within 10 days.

Sue Fritz
Jewelers Mutual Insurance Company