Insurance while stone is being set?

[meely]

Question for those who have bought a diamond and sent it elsewhere to be sent.
Can I insure it while it's loose? It's being sent to David Klass. I'm in the UK so that further complicates things!

 

[OoohShiny]

You can (and should!) buy insurance for items being posted, but it might be a not-small amount of money. I'm also not sure if there are limits to the amount covered - you would have to check all the websites of the courier companies (Fedex, Parcelforce, etc.).

I think it could be worth asking David Klass if he would be able to arrange insured shipping - I believe this has been done before, I swear I read it on here somewhere.

I imagine that your household insurance should cover loose stones in your possession but you will need to check the small print and/or ring to confirm. You may also need to add it as a specific item within your insurance inventory - it depends on the value of the item and your insurance company. If you are ringing them, you can ask about whether it would be insured while sending it to be set - if you can get any answer in letter/email format, that should give you better grounds if the worst happens...

 

[meely]

Thanks @OoohShiny it was actually just delivered a few minutes ago but it was insured and when David quoted me originally he included shipping insurance, I need to ring them and check he has definitely got it especially as I haven't got an email back from him since I emailed to say my stone was coming his way!

I could contact my household insurance, it's not in my possession though so not sure what they will say to that - I was going to insure all my jewellery with a specialist jewellery insurer so maybe I need to give them a call and set that up.

 

[OoohShiny]

To confirm, are you saying it's been sent to DK already and your tracking is saying he's received it? If so, do ring to make sure he has it.

I don't believe things need to be in your possession from the moment you insure it - if you own it and have proof of purchase etc., it is yours regardless of where it is in the world, so if your insurance includes worldwide All-Risks coverage, all should be fine I'm not sure many places offer that, though, perhaps only Hiscox.

Whoever you're with, you need to make sure that you read ALL the small print of your house insurance T&Cs so you are sure it is covered and that you have adhered to all the conditions (such as the correct locks on the front door...) so they have no wriggle room...

I'm not aware of any specialist jewellery insurers over here so please do post up if/when you find one Jewellers Mutual is mentioned quite a lot on here but I think they are USA only.

 

[meely]

Thanks @OoohShiny, I will take note of your advice. Apparently it needs to be in my possession and I need a valuation if it is worth over £5000 so I cannot insure through normal channels. That was courtesy of T H Marsh who do dedicated jewellery insurance in the UK. I will likely insure the ring and a couple of other pieces I have with them.
I haven't contacted our household insurance providers, I'm pretty sure we are only covered to £10000 which isn't enough and we haven't named anything either so I need to look at that. I will try Hiscox though.
I have called DK to check they have received which they have, thank goodness, I hadn't received an email from David so really I should have held off on shipping the stone anyway but that didn't occur to me until it was too late!

 

[OoohShiny]

lol

I'm sure it's not the first time he's recieved something through the post unexpectedly


Definitely check Hiscox out. They seem to have by far the most generous coverage available, from what I can tell, although you do pay somewhat hefty premiums for the pleasure, especially compared to other providers.

Mind you, I hear of people that have household insurance for something like £15 a month and I wonder what exactly that covers! I recall someone I know being told they couldn't claim for items/bags lost or stolen on holiday because they didn't take a photo of everything on the bed before it went into the bag...

Hiscox seem to cover everything, everywhere, for every risk, as I understand it, albeit with the need to specify items over a certain value!