Insure loose stone before it is set?

[Jas12]

Hi

Should I have a loose stone insured before bringing it to be set? The jeweller with the setting did not sell me the stone. I am worried that if something happens to the stone while it is being set (lost, switched, cracked etc.), I will be out x number of dollars.

What have others done? Any options?

 

[Regular Guy]

Jewler's Mutual may uniquely do this.

 

[niceice]

Date: 9/1/2006 12:01:43 PM
Author: Regular Guy
Jewler''s Mutual may uniquely do this.

Has Jewelers Mutual changed their policy on this? If so, very cool. We used to be insured by them and they were not providing loose diamond insurance at that time, very few insurance companies will because of the higher potential for loss. As I recall, about the only one that would was Lloyds of London and the rates were steep.

Note that the jeweler who is setting the diamond should be insured or should accept liability for the stone, assuming that the diamond does not have inclusions which present a durability risk. Most jewelers block policies offer an optional insurance rider that provides coverage for client''s diamonds in their possession...

 

[Regular Guy]

It is recent, as you can review in the link above. The machinery for going after the culprit if JM has to pay out is something I haven't furrowed my brow over, but it's been discussed some, and surely will be of concern by the setter. Also, for anyone enterprising, JM was going to (had not done yet, recently) changed the text at their website to confirm this change, for those that go on-line to get insurance. It would be interesting to know if they have in writing at JM what they have clearly come on to Pricescope to say they now have in place.

 

[Cind11]

I bought my diamond and setting from two different places and really debated over this. From what I was told (by my appraiser), it isn''t too likely that a setter would damage a stone unless perhaps it is a princess. The designer I purchased my setting from said her jeweler who does the actual work had insurance if let''s say the diamond was to be stolen while in their possession. So, I decided not to go through the hassle of insuring it ahead of time and wait until I had the completed ring.

I did call Jeweler''s Mutual when I though perhaps I would insure the loose stone and they said they WOULD insure it. (as I said I decided against this)