tara3056
Shiny_Rock
- Joined
- Jul 3, 2012
- Messages
- 334
Anyone have any advice on insuring colored stones such that, in the event of a loss, the insurance company doesn't get to replace my lost stone with one of "like" kind/quality? I'm aware that Chubb used to (do they still?) offer one of the only cash-out policies, but I've read they no longer offer individual insurance policies on jewelry?
I spoke with Amica, who provides my car and homeowner's policies, and they told me they have a jeweler they work with to provide replacements and repairs. In the event that they couldn't replace or repair the item, then and only then would they cut a check. I suppose you could also argue with them about what constitutes like quality and kind, but obviously avoiding that would be good. With certain colored stones, like Namibian spess which is all but entirely gone from the market, I can just see having to argue with them over why Nigerian spess is NOT an acceptable replacement. I imagine with other stones, like Mahenge spinels and such, this would also be a big issue.
Amica also insisted on me getting an appraisal. Do you know of any companies that will accept bills of sale instead? I live in a semi-small area am highly doubtful that I'd find an appraiser around here that knows even the slightest thing about colored stones. And I definitely don't want inflated appraisals like I've gotten in the past... that just drives up my premiums. I just want my stuff insured for what I paid for it, with possible automatic increases each year for inflation. In the event I lost something and my insurance payout wasn't enough to cover purchasing a new stone (like with Mahenge, as the prices continue to rise), I'd still sleep better at night knowing I'd at least get back what I'd put into the item, even if I couldn't exactly replace it.
The sheer cost of getting everything appraised is enough to put me off of insuring my stuff. I have maybe 4 items I would like insured, and they cost 3k or less, each. But a local appraiser quoted me $125/per item, or $500 total, to appraise my stuff. Getting insured is looking expensive!
I spoke with Amica, who provides my car and homeowner's policies, and they told me they have a jeweler they work with to provide replacements and repairs. In the event that they couldn't replace or repair the item, then and only then would they cut a check. I suppose you could also argue with them about what constitutes like quality and kind, but obviously avoiding that would be good. With certain colored stones, like Namibian spess which is all but entirely gone from the market, I can just see having to argue with them over why Nigerian spess is NOT an acceptable replacement. I imagine with other stones, like Mahenge spinels and such, this would also be a big issue.
Amica also insisted on me getting an appraisal. Do you know of any companies that will accept bills of sale instead? I live in a semi-small area am highly doubtful that I'd find an appraiser around here that knows even the slightest thing about colored stones. And I definitely don't want inflated appraisals like I've gotten in the past... that just drives up my premiums. I just want my stuff insured for what I paid for it, with possible automatic increases each year for inflation. In the event I lost something and my insurance payout wasn't enough to cover purchasing a new stone (like with Mahenge, as the prices continue to rise), I'd still sleep better at night knowing I'd at least get back what I'd put into the item, even if I couldn't exactly replace it.
The sheer cost of getting everything appraised is enough to put me off of insuring my stuff. I have maybe 4 items I would like insured, and they cost 3k or less, each. But a local appraiser quoted me $125/per item, or $500 total, to appraise my stuff. Getting insured is looking expensive!
You may have already gotten your answers, but if not, let me know and I'll try to get photos for you. 
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