Insurance? Who''s name?

[blueyes157]

Hi, my BF has bought my engagement ring (I have yet to receive that, but thats another post!). We both know the importance of getting it insured. We currently rent an apartment (he has renters insurance in his name) but we are going to get the ring insured with Jewlers Mutual. My question is who''s name does the ring go in? Does it matter? He thinks that I am going to have to call for the insurance because even though he bought it, it will by my ring and the insurance should be in my name.

Any advice would be greatly appreciated!

Also what else do we need... we have a certificate from the store we bought the ring at with all the stats and value, etc. Anything else?

 

[jaz464]

Do a search for insurance info here. Lots will come up. Here are 2 to get you started:

https://www.pricescope.com/community/threads/insurance-her-policy-or-mine.26376/ href="https://www.pricescope.com/community/threads/insurance-question.5611/">

https://www.pricescope.com/community/threads/insurance-question.5611/

I would get an independent appraisal prior to insuring it so you can get an accurate value.

 

[denverappraiser]

In most cases you want to put the insurance in the name of whoever will actually be wearing the piece although there are a few kind of important exceptions to this. It’s especially important if you don’t live at the same address and doubly so if you don’t reside in the same state. The various states have different laws about this. Having an insurance contract on something is not evidence of ownership, but it does require that you have an ‘insurable interest’ in the piece. This basically means that, if you don’t own it, at least you have legitimate permission to have it and the rules about this will be different from company to company. In the typical engagement type scenario this isn’t much of an issue but obviously the insurance companies are interested in this sort of detail.

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