Insurance Revisited (Jeweler''s Mutual)

[cowboystu]

I finally got my custom setting...as seen below. So now its time to get it all appraised, set, insured, etc...

I read a bunch of posts that led me to believe that Jeweler''s Mutual used their own suppliers in case of a claim. Their website says:


You return to your preferred jeweler for repair or replacement work
You work with your preferred jeweler for repairs and replacements covered by the policy. In most cases, this is the jeweler from whom you purchased the item or who provided your insurance evaluation/ appraisal. Other insurers contract with replacement companies for repairs and replacements. With Jewelers Mutual, you won’t have to see a stranger to have your jewelry repaired or replaced. We also won’t make you get several estimates.

Does anyone have JM insurance? As long as I can go back to GOG with a claim, then I don''t see much of a reason for me to care about the cash payment that Chubb offers. However, I would care if I was forced to accept their "dealer''s" replacement.

I couldn''t help but post a picture of the setting. It still needs its final polish after setting, but here it is. I will follow up w/ a couple pictures that have a CZ set on top just to give an idea of how it should look (the guy threw that in for free).

Keep on keepin'' on,
Stu

 

[cowboystu]

Look at that CZ shine

 

[cowboystu]

So much fire

 

[cowboystu]

Thought I would bump this up since I am leaving work and will be sleeping while most of you are working....

Stu

 

[justme]

WOW great looking CBStu!

The custom jeweler did a wonderful job duplicating the ring you were looking for. Congrats. And yep that CZ is a KILLER!


As far as insurance I had JM and when I called I was told that I in the event of a loss I would have to work with one of 'their' diamond dealers to replace my stone.

I also bought my diamond from Good Old Gold. I did not specifically ask JM if Jonathon was listed as one of 'their' jewelers. But I was told that I would have to specifically ask (then verify) that all the cut information was listed in my insurance policy otherwise I would get a stone that was specified by the GIA certification. (Meaning just the size, clarity, shape, color, depth, diameter and fluor. info.)

If you have specific questions that you would like asked of JM I would be willing to call them and dictate thier answer verbetim and post it here - since your not in the country.

Just let me know.

I went with Chubb. They actually ended up cheaper than JM for my items which I was really surprised about since JM headquarters is in the town I live in!

Justme

 

[cowboystu]

somehow the picture from the topside didn't show up...so hopefully it will this time

Thanks Justme...I am very excited about all this. I will probably take you up on that offer. I will try to come up with the questions I have and post them while I am at work tomorrow.

Have a great day,

Stu

 

[yyrr]

Hi, cowboystu :

May I ask where you got this mounting? It looks great.

thank you.

 

[Mara]

I am just about to fax over my paperwork to Chubb and insure my ring finally!! I decided to just go with them as they seem so easy to work with over some of the other co's we were talking to. Plus I like the check idea...considering that if something happens to this ring, we may decide to go entirely different for the replacement or upgrade..and this way we are not required to use anyone's jewelers or even our same person we bought from.

Gorgeous setting!! Can't wait to see the finished product!

What is your proposal story...getting close with that?

 

[cowboystu]

yyrr,
I got the setting custom made based on a design I found at adiamondisforever.com. Read This thread also talks about the jeweler and a bit of my experience. Keep an eye out in the next week or two (depending on how long it takes to get finished) and you can read the full story about the entire experience...

Mara,
Thanks for the input. How did you find the price compared to others? Did you end up paying a premium for the check? When investigating insurers, do they just have a standard price/$1000 for a specific area? I would like to have the insurance set up before it leaves the appraiser. But obviously I will only be able to guestimate as to what the final combined value will be.

On to the proposal...all I can say is AAAAAARGGHHHH! Each part of this whole "getting engaged" thing keeps getting more and more difficult. I kept thinking things would just get easier after learning about diamonds...WRONG! My time frame in Atlanta (where she is living) is so tight before we will fly to Sweden, but I decided I would definately rather do it in Atlanta so we can share w/ friends and family after. Since you opened the can of worms

, I will lay out the rough schedule...and see what you think:
Thurs May 1: Land in Atlanta afternoon (thinking to ask the family this night)
Fri May 2: At the moment she has to work (waitress) but one thought if I decide this is the night is to try to convince her mgr to switch her shift.
Sat May 3: A bunch of friends are graduating in the morning, evening free so far except maybe friends after graduation
Sun May 4: Empty
Mon May 5: We have a flight to Sweden in the early afternoon.

So now you see my dilema. I can't find a time that seems very good. Though Sunday seems the best just based on the schedule. Then I have to decide how to do it. One problem is that I won't have a car. I can most likely borrow one from a friend (she doesn't have one).

One idea that came to mind is this: I can get my friends to all claim to not want to do anything, so I will complain and ask to borrow one of their cars for an hour or so while they bum around and watch TV. I would take her to a park in my old neighborhood that we used to go swing in and just walk around. Pop the question there. From there I would take her back to her place to change for a nice dinner and romantic evening (I would already have the clothes and shoes laid out. I bought her a custom chinese silk dress when she came to visit, so I would make her wear that

.) Then see where the night takes us.

It is a bit more simple than I imagined at first, but as you can see by the ring, we like to think of ourselves as simple, yet elegent people. Mara (or anyone else who cares to comment), what do you think about that. Any variations? I am definately not 100% sold on the idea yet. And I have about 24 hours of a plane ride on the way back to the states on the 26 of this month to think about all the cheesy romance things to say

.

Justme,
I have a few basic questions that I can think of right off the bat for JM:
Can I use my "preferred jeweler" as the website indicated in the quote from above?
Can I chose to upgrade above and beyond what I had before in the event of a claim?
What are the exclusions form the policy (are they similar to Chubb?)
And of course, what would the cost be (I "live" in Lewisville, TX (Denton County))?

Phew, now I am tired of typing...but I have one more question...What is the best way to get a quote from Chubb? The website wasn't very useful to me since it kept telling me to find a "local" dealer. Singapore didn't show up on the list

!

Keep on keepin' on,
Stu

 

[Mara]

I think the idea sounds good! Sunday seems like the best day as well. If you feel like simple is better, then go for that. Honestly, I think it is the thought that counts. BUT it is also important to know..does she have any inkling this is coming? If so, she may have expectations that you may not know about. Try to find out more from her friends..if she has no idea this is coming, I think pretty much anything you do will knock her socks off!!

On the Chubb Q....here is their main line #: 877.972.8282. That is their direct #, I would talk to them instead of their agents. They quote based on $$$/$$$ and based on your geographical location (where you live or where the ring will reside). So for every $1000 maybe they charge $20 insurance. I'm not sure exactly how the calculations work. But for our ring, we got it insured at $10,600 and I am paying $206 a year for the Bayarea. I know that it is constant depending on $$ and geography as someone else on here called and got a quote of $304 for $16k insurance, and that is what ours was when we had the earrings on there as well as the ring (10,500 and 5,500 for earrings was $16k...but we decided to only insure the ring *for now*).

Chubb was a slight premium over State Farm..who we were seriously considering. State Farm was going to be around $145 for $10,600 of insurance. But SF had more restrictions, then there is that whole pesky check vs. purchasing thing. I figured for $55 more a year...I'd rather have the peace of mind knowing that Chubb would give me no hassles, and would just send me that check. I also had some more peace of mind on 'chipping' the stone, as my girdle combined with my shallow crown may put my stone more at risk for chips. SF's policy was a little wordy on how they would handle certain things such as that...but I asked the Chubb agent and she pretty much said that if its an accidental chip and it was known it was because of a bang or something...I'd get the claim paid. So no hassles.

Plus I also figured, $200 over 10 years is only $2k..and lets say (god forbid) my ring is lost or stolen around year 10. I'd have paid $2000 into the insurance kitty, and they'd cut me a check for around $12k (Chubb also factors in inflation if you don't get re-appraisals every few years...). Yay. Seems like a deal--new ring? Hee Hee.

It's all money out of your pocket anyway. In tthe end I figured..I spend more than $200 on a purse, why not get the best for my little ring too? (chick logic!)

 

[cowboystu]

See...that is what I was afraid of. I am 99.9% sure she doesn't expect this until November at the earliest. I have been doing a good job of staying dumb (at least I think I have...) But then again, don't girls build something up in their minds from the time that they are serious with a guy (or maybe even at birth!)

I can't think of a way (given my lack of car) to make it happen with more of a bang without giving it away, or at least making her suspicious. I think that if i asked her to dress nice, then asked to borrow a car, then took her to some place fancy...let's just say I don't think she is stupid...she would probably start seeing the picture.

Do you have any sly ideas that might work in a situation like that?

Stu

 

[justme]

CBS - I will call in the AM but would like to clarify questions so I get the info you want.


I have a few basic questions that I can think of right off the bat for JM:
Can I use my "preferred jeweler" as the website indicated in the quote from above?

GOG specifically, right?

Can I chose to upgrade above and beyond what I had before in the event of a claim?

Clear.

What are the exclusions form the policy (are they similar to Chubb?)

Clear.

And of course, what would the cost be (I "live" in Lewisville, TX (Denton County))?

I will need a value that you would like insured, for both the diamond and the setting.

This gets into another decision that only you can make: Do you pay a higher premium for the 'appraised' amount or do you insure it for the amount you paid for the stone & setting. Personnaly, I felt that with a small margin above the amount I paid (but not the appraised amount) that after hanging around here and looking at prices that I would be able to go back to GOG or the other vendors and get another stone of the same quality and size for this $ amount. I didn't see the reason to pay a higher annual premium for the appraised amount of the stone - yes I may choose to upgrade in either size or quality IF I would lose it but I will cross that bridge when and IF I come to it - I like to invest my money wiser than in insurance premiums. SO let me know your answers and I'll get back to you tomorrow with some answers!

Justme

 

[cowboystu]

Justme,

yes, GOG is my preffered jeweler. But i am also interested in the general statement they make on the website. It makes it sound like I can pick anyone I want at the time of claim.

the total purchase price is roughly US$7000 (6500 for the diamond and 500 for the setting)

I think I will probably just cover the purchase price of the ring, but i guess it depends on what I find out. Though for the time being, I think I would be pretty sure I would also rather put my money into something more productive than insurance.

Thanks a million!

Stu

 

[flowerpower]

Hey Stu

Great setting! Glad it came out so well. I take it you are setting the diamond in the US?
Good luck with the proposal too!

Flower P

 

[justme]

CBS - Here are your answers.

Can I chose to upgrade above and beyond what I had before in the event of a claim?

Yes, JM will pay the jeweler that you orginally worked with for a replacement of the original stone and anything above that is up to you. They will work with GOG or any other vendor. The woman that I spoke to stated that you HAVE to insure the ring for appraised value and that in the event of a loss the appraissal is a 'quarantee' from the vendor that he can replace the stone with a similiar one for a period of three years. You need to have your item inspected every 3 years. This is done by having the jeweler fill out a form set to you indicating that they have inspected the item and revaluing the item. Then signing the form and mailing it back to JM.

What are the exclusions?

Intentional damage, normal wear or manufacturing defect. I asked if I hit my ring against something and the stone chips would this be considered 'normal wear'? The woman said no that is considered damage and would be covered.

What is the cost for Denton County TX?

Since it will be based on appraised value I couldn't get and exact quote but was told for Denton County TX the rate would be $15 per $1000 insured up to $15,000. SO if your diamond and setting appraised for $11,000 the premium would be $165 per year.

As far as JM - I was very surprised at the work with any jeweler you want response because I called with the past 2 months and KNOW I was told that I would work with their stone sellers to replace in the event of loss/damage. I don't know if they have recently changed their policy but if anyone else has insight I would like to hear.

The biggest drawback to the responses that I can see is you living in TX and having to have the ring inspected by GOG in NY. Do you really want to ship it every 3 years. What if you are on assignment in a foreign country again - then what?

Things to ponder!

Hope this helps - travel back to the states safely - the bright side is now you can think the proposal through without being under time pressure!!


Justme

 

[cowboystu]

Justme,

Thanks! That will definately help in the search for insurance..hopefully for others as well.

I will take a look into things more deeply when I get home next week! The time is getting close

Stu

 

[cowboystu]

Well I made it back stateside safely! But let me tell you that the jetlag is a b@$*h. I have never had it this bad...don't know what I did diferently than the other times, but I sure as hell am not doing it again if I figure it out.

Only 8 more days until I am definately "safe from SARS." My company almost forced me into a 10 day home quarantine from work...no dice. I wouldn't have argued much about a 10 day homestay (paid).

Anyway, just to follow up, I finally got around to calling Chubb as well. I have to agree with many people...the independent agents suck. They all said they wouldn't insure the ring for me w/o home owners/renters. And since some of you have read my other posts, you all know that I am homeless for a year...makes it difficult to get renters insurance on a storage unit

I finally found one group who will take care of me. They quoted me a little over $2/$100 for the insturance. So it is a pretty decent hop in price. Another benefit they told me is that in the event of a claim and a payout, if I replace with like ring/diamond and it comes to more than the insured amount, they will add up to 50% to the payout if proof is given that it is like quality...and still no need for appraisal up-front (under $50K...not my problem

)

Hope this info helps other people as well.

I think I might drop the extra cash since I am going to be abroad quite often in my life (it seems). I really don't want to deal with getting it inspected every 3 years...pain in the arse.

Keep on keepin' on,
Stu