Insurance question

[baltneu]

Insured my finace''s ring with a State Farm policy ( I already have them for homeowners and auto.) One of the things that concerned me was the term "equal replacement value". The stone is a H&A, this was not mentioned on the declaration page.
I am wondering what Chubb does in this case, which I know is a superior policy, which I may switch to.
It is been menioned by some on this site that they have a Chub policy, I wonder if you could check to see if they make a cash payment to you for loss or damage, is the cash payment the "appraised value" or is it the value that the insurance co. would pay to replace a stone of "equal value"? We all know they would get a stone at a lower price than we do, I assume they deal with wholesalers and have special pricing arrangements for the volume they do. thanks.

 

[BearMan]

chubb pays out what its insured for and you can replace the ring or not if you so chose....SF will replace with a LIKE stone according to the info you submit to them....if it didnt state HEarts and Arrows My guess is you wont get Hearts and Arrows.

 

[baltneu]

I sent a fax and have a call into my agent to update the Declaration page on the SF policy. The AGS report showed the ring as "I" color, but the appraisor thought it was a "J", trying to get them to note the AGS report on Declaration page, AGS report included with appraisal to insurance co. Also want them to include "H&A" on Declaration page also, so I am protected in case of loss or damage, so can replace with equal stone.

Curious, how much more in premium is chubb over SF?

 

[wallace]

I do not know how to answer your premium question as I do not know what state farm charges; however, chubb is charging me roughly one percent of appraisal price. I feel this is totally resonable as I will recieve full price stated on appraisal and will get the brand as a replacement. I jumped through no hoops and had no questions or problems with my GIA cert. Perhaps you had better get one the chubb website - punch in your zip code for agents in your area - and at least talk to one of them yourself. As far as I understand, chubb is the only independant all-risk policy available and its coverage is world wide - for those with travel concerns. I am not an authority bit my FI is in the insurance industry - you bet he checked things out when getting insurance for my ring! Good luck - hope this helps...

 

[baltneu]

Wallace ---thanks for the input.
I have a long standing relationship with the State Farm office (homeowners and auto-for 20 yrs), they have been excellent on claims, both auto and homeowners, easy service to deal with.
I faxed a letter to my agent and discussed it with him in detail about the changes I wanted on the Declaration page, including the mention of the color from AGS lab, and the branded stone being a H &A, so in the event of loss or damage, it would be replaced with as close a replica as possible, and not a stone of lessor value. The premium is also about 1% of the appraised value. I am waiting for him to get back to me, if I am not satisfied with the answers then I will give Chubb a call.

 

[wallace]

Yeah, we have all that with Nationwide - but expensive jewlery is a whole 'nother ballgame! Even a jewlery rider on Homeowner's insurance does not give enough coverage for certain types and values of jewlery - and doesn't coveer"brands" and other specificities. Check it out and good luck.

 

[chowchow99]

Just my two cents of input...
Don't waste your time with any other insurance company for EXPENSIVE jewels other than Chubb. State Farm or anyone else will NOT give you the cashout or replacement option that Chubb does. I know I have had a couple of experiences with other insurance companies and currently have swithched over to Chubb. I have about $100K worth of rings (3 rings) insured through Chubb for about $1100 premium. I made darn sure that I could get the cash out or replace the ring with EXACTLY the same quality, whichever I chose to do. As a matter of fact you don't even have to use the cash to replace the piece. You can just keep it. If you insure the piece for $50K then that's what you get for a cash out.
It's just that plain and simple. No ifs ands or buts. No other insurance company compares to Chubb. Of course if the pieces you want to insure are not of substantial value then you could go with someone else. But in my case I have piece
of mind knowing if anything happens then Chubb is there for me. I also have my homeowner's policy through them but you do not have to have one to get the other.

 

[aljdewey]

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On 3/30/2004 9:31:19 PM chowchow99 wrote:




Don't waste your time with any other insurance company for EXPENSIVE jewels other than Chubb. State Farm or anyone else will NOT give you the cashout or replacement option that Chubb does.
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I'm sorry, but that's just not correct. I live in Massachusetts, and although some insurers wouldn't give cash payouts, I found two companies that do. I took an "agreed amount" jewelry rider, and it stipulates that the insurance company pays me the value according to the appraisal I submitted in the invent of loss. We "agree" in advance on the valuation of the ring, and the premium is based on that valuation.

Chubb is great, don't get me wrong.....but they are UNEQUIVOCABLY NOT the only insurance company with payout provisions.

 

[Mara]

Balt....I insured my ring through Chubb for appraisal amount. They pay out whatever amount you insure if you submit a claim against it. If you wanted to, you could insure for receipt amount, vs appraisal. I decided to go with appraisal since the amounts were not THAT much off. However, for my new stone, I will have to re-insure it...so we'll see what that appraisal amount is. As I noted in previous posts, Chubb was just easier, it wasn't THAT much more pricey ($200 a year instead of $160 through SF) and it covers everything but I think nuclear, natural disaster, and intentional harm. So I could roll over it with my car, lose it, eat it, who knows, and they would pay out. Supposedly. Haven't had a claim, hope I don't have to have one!

I think I am paying $2 per $100 for insurance. It really depends on your geographical location and your amount.

 

[fire&ice]

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<hr size="1" . State Farm or anyone else will NOT give you the cashout or replacement option that Chubb does.
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I'm sorry, but that's just not correct. I live in Massachusetts, and although some insurers wouldn't give cash payouts, I found two companies that do. ----------------

Yep, Al is right. Balt - talk w/ your agent. We have a long standing relationship with our insurer as well. He is quite flexible as to how to handle the loss. Mine will give me the insured amount. Also, furnish *all* the details including measurements, H&A, crown & pav. angles, etc. Even if they insist on replacing the diamond, they must conform to the original specs.

 

[chowchow99]

I too live in Mass. and would like to know what insurance companies give the cash payout and same coverage as Chubb. I direct by attention to F&I and Al..
Please let me know so that I can compare prices and apples to apples. I called numerous Independent agents that seel all policies and they ALL told me to go with Chubb, they are the best. And none of them even sold Chubb insurance, so something must me up with your policies/coverage. Chubb is also hassle free as far as a claim and won't cancel you out. What about your companies?
Thanks.

 

[wallace]

I think it is important to check out your carrier for the risks it covers. CHubb has an ALL_RISK policy - of course there are other insurance companies with great policies - just make sure that you are covered for what is most important to you. All-risk was very important to me - so was international travel, and the replacement of my stone with the same brand. This does not pply to everyone's situation. Just be thorough and have a very clear understanding of exactly what your insurance covers.

 

[baltneu]

Update:
Not easy getting in touch with Chubb agents, have left message with a few on voice mail. There is one woman whom I spoke with and said since the ring is now in fiances possession, she would have to be owner of policy, not me. I have no problem with that, and I will pay for it. I live in northern NJ, she lives in Westchester Co, NY, so I need an agent who covers Westchester/NYS. I am still waiting to hear back from my SF agent whom I faxed info to and we spoke about adding detail to the declaration page. If I get satisfaction from SF, I may just stay.

 

[wallace]

I did have problems with people calling me back I printed the list of agents and just walked right in the door! Both my name and my fiance's name are on the policy. I will do some research and get back to you - this is ridiculous! You live in NJ, you shouldn't have to go to NY state to get insurance!!!