Insurance Question

[Jessdoll]

I live in Sydney, Australia and have purchased a diamond from WF. I am having them send it to Leon for setting. How do I go about getting insurance for the time it is with Leon? I cannot get an insurance policy in Australia because the appraisal is not from Australia. I am not sure what to do. I do not want anything to happen to my stone but think I may have to go sans insurance. Your help would be greatly appreciated.

 

[Jobo]

Hi Jessdoll

Sorry, I can''t help you with the Insurance question as I am still hunting for my perfect stone/ring.

But I am very interested in your experience in buying from WF. I am from Brisbane, Australia and have been looking around for quite a while at local Australian sellers (mainly diamond imports and diamond exchange).
And while they have some great stock, its seems to be limited in what I am looking for. (And they are just not into it like Pricescopers are)!

This great website has been instrumental in teaching me what I need to know about diamonds and I have been drooling over the stones (and ring settings) available through sellers linked to this website since the beginning thinking that they were out of my reach.

I apologise if this is the wrong forum, but would be really interested to hear how you have gotten on with your search.

Good luck with the insurance too...

Jobo

 

[denverappraiser]

Talk to your insurer about their appraisal requirements. I’ve done quite a few jobs for non-US based customers for insurance purposes. The usual requirement is that it be in local currency and that it include the VAT and that the replacement is therefore possible in the local marketplace. This can be done by a US appraiser if they understand the requirements (and they want to). Have WF ship it to a US independent appraiser. Have the appraiser inspect it and send you the report by email. Assuming everything passes you and your appraiser, forward the appraisal to the insurer and bind the policy.

Then have the appraiser directly ship to Leon.

When he’s done, have him ship it back to the appraiser for the final inspection and to ‘update’ the document to include the entire item, not just the diamond. The appraiser then ships it overseas.

Special note: Insurance companies have different policies regarding insuring loose stones before they become part of a piece of jewelry. It may be difficult to find an insurer who will cover it while in Leon’s possession any. The bright side is that in the above scenario, most perils are covered anyway under the insurance of WF, the appraiser, the shippers and Leon. Ask Leon what is, and what is not, covered while in his possession.

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

 

[Pandora II]

I tried to get insurance for my brother's diamond being set - I'm in the UK, diamond and setting were in the US.

No UK insurance company would cover a loose stone - and no US company would cover as we were in the UK!

You could see if the vendor would get insurance for you and then you pay for it.

I believe there is only a problem with less than 1% of stones. I was happy that there were no worrying inclusions and then I just crossed my fingers, tried not to think about it and hoped we'd be okay.

It was a huge relief when I got the email to say it was done and ready to ship - I was very uncomfortable about it, but couldn't see a way to get the insurance.

ETA: His diamond was from Whiteflash and is amazing - it's 1.05ct, H, SI1 GIA EX and totally eyeclean. It looks way whiter than an H and having scored 0.3 on the HCA is super sparkly and has great arrows (it's not an H&A stone).

Customer service was also beyond good!

 

[bem3231]

Date: 1/23/2008 6:35:55 PM
Author:Jessdoll
I live in Sydney, Australia and have purchased a diamond from WF. I am having them send it to Leon for setting. How do I go about getting insurance for the time it is with Leon? I cannot get an insurance policy in Australia because the appraisal is not from Australia. I am not sure what to do. I do not want anything to happen to my stone but think I may have to go sans insurance. Your help would be greatly appreciated.

My stone is currently at Leon''s being set. I live in Canada and have been told that no NAmerican insurers will insure a loose stone, and they will only insure from the time you take posession of the ring.

That said, Leon''s studio workshop is fully insured by Lloyd''s of London - he covers this in the info that he sends out to prospective clients - it''s probably also on his website.

I have been to Leon''s studio twice, and it is definitely a high security operation, set in the midst of the NY diamond district. I don''t think you need to worry. I am arranging for insurance once I take possession.

FYI Leon has covereage up to $50k when he ships, I believe.

Hope that helps!

 

[Maisie]

Date: 1/24/2008 1:58:15 PM
Author: bem3231

Date: 1/23/2008 6:35:55 PM
Author:Jessdoll
I live in Sydney, Australia and have purchased a diamond from WF. I am having them send it to Leon for setting. How do I go about getting insurance for the time it is with Leon? I cannot get an insurance policy in Australia because the appraisal is not from Australia. I am not sure what to do. I do not want anything to happen to my stone but think I may have to go sans insurance. Your help would be greatly appreciated.

My stone is currently at Leon''s being set. I live in Canada and have been told that no NAmerican insurers will insure a loose stone, and they will only insure from the time you take posession of the ring.

That said, Leon''s studio workshop is fully insured by Lloyd''s of London - he covers this in the info that he sends out to prospective clients - it''s probably also on his website.

I have been to Leon''s studio twice, and it is definitely a high security operation, set in the midst of the NY diamond district. I don''t think you need to worry. I am arranging for insurance once I take possession.

FYI Leon has covereage up to $50k when he ships, I believe.

Hope that helps!

I think that I read on Leons website that even though his premises is insured, he doesn''t cover your stone against damage while he is setting it.