Insurance

[lkarr]

My mother would like to insure her diamond ring. It is approximately 3 carats and is a bezel set marquise. She has been told that the only way that someone would insure it would be to take the diamond out of the bezel setting. She is concerned that might ruin the ring.Is there another way? Will it ruin the ring?

 

[lawmax]

Hi,You can get your mom's ring appraised by an independent appraiser and I don't think it has to come out of the setting for this general purpose.Do try to find a good independent appraiser, ie, a person who doesn't sell diamonds.Then you can get the ring insured. Rings are insured with the diamond in the setting. There are few companies who will insure loose stones.Check out these links:
http://www.pricescope.com/appr_list.asp
http://www.pricescope.com/appraiser.asp
http://www.appraiserunderoath.com/guest1/index.htm An excellent insurer is Chubb. Check out their site at www.chubb.com. If you have a loss with one of their policies, you get back the cash amount of the value of the insured piece. Other insurers such as with a rider on a homeowner's policy, will only replace the diamond with one that they see as sufficiently similar. You don't get to choose.Make sure your appraisal would cover the amount it would cost to replace the ring wherever you would want to replace it...brick and mortar store or internet. It's of no use to pay for an inflated appraisal.Hope this helps.

 

[oldminer]

No, it is not necessary for an insurance appraisal to remove the diamond. It might well ruin the ring, or at the least leave you a repair headache.It would be more accurate to grade the diamond out of the ring, but I would view with suspicion any appraiser or merchant who told you that it could not be appraised while still set. They are building up the bill or they have something far worse in mind...------------------
David Atlas
Accredited Gem Appraisers