We've never heard of GemShield. Is it an in-store policy? Our advice is to insure your diamond ring with a major company such as State Farm, Chubb or Jewelers Mutual... In the event of loss or damage, it's better to be backed by a major insurance company.
Just happen to have a policy from GemShield sitting on my desk. One of my clients brought it in with her jewelry for appraisal so she let me make a copy of it. I found it interesting that they listed all the rates by state and had a very simplified means of figuring the preminums. I wanted a copy to follow through with them and find out who they are etc. The payment gets mailed to IJB in Coral Gables FL. I am assuming that this means International Jewelers Block and Fine Arts Insurance Services, Inc.but the address I have for them is Newport Beah CA. I haven't had the chance to follow through much more than that but I am assuming it is a company very similar to Jewelers Mutual. If it wasn't 2am I would call! Cindy
p.s. Hearts onFire has a link to IJB on their website. It is a replacement policy...
In my opinion, the replacement policies are absolute garbage.
Most insurance companies require the consumer to insure the article based on its "Retail Replacement Value".
This value may be far higher than the insurance companies cost to actually replace the item. So the consumer ends up paying inflated premiums based on an amount that they'll never receive ( unless the appraisal isn't updated, and it was for a far higher amount than necessary when written).
The other problem is that most replacement policies DO NOT have inflation guard protection. The insurance company will not pay more than the stated value.
Next, if you do have a claim, you really don't know what you'll get until they tell you. Not a wise position to put yourself in.
In the event of a loss, the consumer should know precisely the amount he should expect from the company. Valued At or As Agreed Value policies provide this, and pay the cash to the insured, so they are in control of the replacement purchase.
READ THE POLICY !!!!!!!!!!!!! If you read it carefully you may discover you don't like the replacement scenmario should you disagree with the insurance company's replacement of the item.
Insurance and undestanding the ïns and outs" of it"are quite complex.
Further read the policy about Co-Insurancce requirements and Betterment issues ( sometimes called moral hazard).
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