Insurance

[jmarshall]

I asked this on the tail end of another thread of mine, but no one answered it..... is there any compelling reason I shouldn't have my current insurance agent write me a policy on a ring? He said that we would do it as a seperate inland marine policy on just the ring.

 

[diamondseeker2006]

What insurance company is it? And do they do a cash payout or will they try to replace the item through their own sources? (I am just home for a few minutes and may not be back to reply again until later.)

 

[jmarshall]

It would be through Erie Insurance. As far as I know, the last time someone I know made a claim through them, they had him get a written estimate to have it replaced, and cut a check directly to the jeweler. ( This was for a set of 1 ct (ea) E VVS1 studs)

 

[LibbyLA]

Compare the price to Perfect Circle (formerly Jewelers Mutual) and make your decision based on your perceived evaluation of the policy features and price.

liz

 

[jmarshall]

How would perfect circle handle a claim? Payout or replace themselves?

 

[LibbyLA]

Replacement from the vendor of your choice...

 

[mdmc]

So.....if you paid $8000. for a ring and have $10,000 insurance because that is what it appraised at, will Perfect Circle cut you a check for $10,000 and let you get the ring you want?

 

[LibbyLA]

No. You work with your chosen vendor to get a replacement that is as close as possible to your original and PC will pay for it up to the amount of your insurance. If it costs $8K to get the replacement, then they pay the vendor $8K.