Insurance questions

[orbaya]

I picked up my Whiteflash 5 stone band yesterday and I''m researching jewelry insurance. I saw it mentioned in a post that if I went with Jeweler''s Mutual and I had to file a claim, I would have to work with the original jeweler, correct? That is fine by me, because I''d want to go back to WF anyway. I do have other pieces that I will insure as I get updated appraisals on them, so what happens if the store I bought the other items from isn''t one that works with Jeweler''s Mutual? Do I have to use their jeweler? How do I find out if a local B&M is affiliated with JM? I don''t want to have my jewelry replaced for me by them choosing the stone.

Also, what information should I submit to the insurance company? Do I need IdealScope photos and H&A photos? I have the verification report, invoice, and AGS reports for each of my 5 stones. Do I make photocopies of the duplicates and send those in?

Can I insurance the setting and diamonds together, or do I have to insure each diamond seperately since I have appraisal info for each?

Thanks!

 

[denverappraiser]

JM lets you work with any you jeweler you want, not just the original seller. They do have some limits on this and they can be sticky if they don’t like the prices of your chosen source, especially if they are more costly than your original supplier but generally they are pretty reasonable in letting you make your selection wherever you are most comfortable. They do have a bias in favor of jewelers who are JM commercial clients.

Supply them with as much information as possible up front. This is a lot of what a good appraisal is for. They probably would accept whatever photos and such you want to supply but it doesn’t really work as well as having an independent 3rd party do it. By all means, if an idealscope image was part of the specs when you bought the diamond and you want it to be part of the specs when they replace it then you should include this in your appraisal.

The usual insurance is for the finished ring, not for the components separately. Your appraiser should be able to assist you in making a single document pack for the finished item.

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

 

[orbaya]

Thanks Denver!

I didn''t get Idealscope or H&A pictures with my ring. Is this information I should request from WF, or do they not usually send that?

I''m glad to hear that I can use the jeweler of my choice if I needed to file a claim because I wouln''t really want to go back to the B&M where I originally purchased some of my other jewelry.