Insurance while getting appraisal???

[bennyboy96]

HELP! Should I get insurance on a stone that is being sent to me to evaluate and get appraised?? Will anywhere insure it for that short a period or would I just not tell them that, and then if I send it back, just take it off policy? My aunt is hooking me up with a 1.5c Radiant from a big time NYC diamond broker and he''s going to send it out to me. She said to get it insured while I have it. I didn''t even think about this but it kinda makes sense...the slight chance of anything happening to it would mean I''m out the $5K and have no $ for a replacement. Is this typical? Has anyone done this?
thankS!!

 

[bennyboy96]

Also, if I should do this, any recommendations on places the insure loose stone and have a quick turnaround time (like 1 day?).

 

[RockDoc]

You probably could insure it with Chubb, but they may have a minimum charge.( might be 90 days of charge or 1/4 of the yearly premium).. but you''re going to get a diamond somewhere...so I''d leave it actively covered, just when and if you get a second stone, you just change the stone description.


Rockdoc

 

[denverappraiser]

Most homeowners type companies will allow you to bind a policy based on the sales description that will take effect as soon as the piece is delivered to you. Ask your agent. They give you something like 30 days to submit the paperwork to bind the policy and, as Rockdoc pointed out, you can change the description if you end up choosing a different stone. In the end, you can cancel the policy if you need. If you use a local appraiser, you can usually find someone who will do the work while you wait and the stone will be insured by both your policy and probably by the appraisers. If you ship to an out-of-town appraiser, the carrier will insure it while in transit and the appraiser should have insurance while it’s in their possession.

Neil Beaty
GG(GIA) ISA NAJA
Independent Appraisals in Denver

 

[drk]

You should check with your homeowner''s policy whether you can insure a loose diamond under it - i know I couldn''t! Couldn''t find anyone up here in Canada who would...

 

[bar01]

Before I had my diamonds and sapphire set - I got them insured under my homeowners policy. However, my insurance agent who I have done business with for years - said technically the company would not insure loose stones - but if it was just for 2 weeks he would handle it temporarily - and accepted my check and gave me the insurance rider. Good business relationship - I plan to stay with them for a long time.

 

[Diachi]

I''m not sure about insuring the stone, but where the heck did you get a nice 1.5 carat Radiant for 5K?!!! Help a girl out, LOL!

 

[bennyboy96]

My problem is i just bought and moved into a condo 6 months ago. The insurance for the structure is through the homeowner''s association (not through me) and I don''t have too many valuables inside the condo (besides a laptop) so I haven''t pursued insurance for my personal belonging. So I don''t have a current home insurance policy that I could add the loose stone to. A Chubb agent got back to me and said that they won''t insure loose stones unless I have a home policy with them.

Anyone dealt with Jewelers Mutual?

 

[DiamondsForALL]

Under home owner''s insurance policy does cover with premium payment.

 

[denverappraiser]

Your insurance through the homowners association will definitely not cover your diamond. This type of policy usually covers only the building and possibly some of the liability risks. Personal property is specifically excluded. I don’t think JM will insure an unmounted diamond.

Consider having the stone sent directly from the dealer to the appraiser for examination and then from the appraiser to the jeweler for setting. This means that it will pass from the carriers policy to the appraiser to the jeweler and back to the appraiser with no gaps. You can write a JM policy online so that the finished piece will go onto your policy as soon as you get it from the appraiser. Most jewelers have a different flavor of insurance that covers them against burglary and the like, even for unmounted stones.

Neil Beaty
GG(GIA) ISA NAJA
Independent Appraisals in Denver