Insuring a Branded Ring

[ked123]

I am talking about anywhere where you pay a significant premium on the initial purchase- like Tiffany, Cartier, etc.

I currently have my jewelry insured on a rider to my condo insurance. I've talked to several folks at Allstate's 800 number and my local agent, and always get a different story (which is worrisome). I am trying to determine how a loss would be handled. One person mentioned I'd work with a vendor contracted by Allstate (so, the ring would likely be replaced as cheaply as possible). Everyone says the policy is for replacement with "like and kind", but no one can confirm if this includes brand. One individual said I can't expect to be reimbursed the fully appraised value since the buyer never actually pays this. However, at Tiffany, the initial appraisal is always for the exact purchase price. We did pay the price listed on the appraisal.

Long story short, I just want to be covered if the ring is lost- to replace it with the branded ring I currently have. I also checked with State Farm and they seemed just as clueless as Allstate. Would it be better for me to transfer everything to a specialty insurer- like Jeweler's Mutual? Any other recommendations would be welcome. I've also seen Chubb recommended, but I understand they don't do stand alone jewelry policies anymore and I don't want to move my condo and auto insurance.

Thanks!

 

[Modified Brilliant]

Jewelers Mutual I believe allows you to return to the jeweler/store of your choice.
They do understand the jewelry business very well and the importance of replacing a "branded'
item with a "branded" item of "like" quality.
A JM rep frequently replies to consumer posts on Pricescope if you have specific or unanswered questions
or you can give them a call.

Happy Holidays.

 

[Circe]

I'm insured through JM, and they're awesome: they do replacement value, which means that you can choose whether to submit the receipt or the appraisal, depending on what you want to insure your piece for. In your case, it sounds like it's one and the same, with the caveat of "like and kind" - I'd say, talk to a rep to be sure, but they're probably the ones to go to.

 

[risingsun]

I have a branded ring and it states this on my policy. Should anything occur, such as damage, loss or theft, it would be replaced by another ring of the same brand.

 

[Siamese Kitty]

I have a branded ring and it states this on my policy. Should anything occur, such as damage, loss or theft, it would be replaced by another ring of the same brand.

Ditto. My husband's Tiffany wedding band is listed on my policy as such for the retail price. I use Travelers.

 

[makhro82]

I have Travelers and recently experienced damage to my setting. The ring was appraised as a whole and it was stated that it would be replaced as a whole, lo and behold that did not happen when I recently filed a claim

 

[Siamese Kitty]

I have Travelers and recently experienced damage to my setting. The ring was appraised as a whole and it was stated that it would be replaced as a whole, lo and behold that did not happen when I recently filed a claim

Do you have a cash-out option? I had to file a claim with them a while back and I thought that although it took a long time, they were really fair. I'm sorry to hear this.

*sorry for the threadjack*

 

[Matthewmon]

what is the difference in submitting a receipt vs. an appraisal to JM? my receipt is 6k, appraisal over 8k. thanks!

 

[makhro82]

I did have a cash out option. The ring was appraised at 7900, I received 4900 from them to replace the setting.

 

[makhro82]

what is the difference in submitting a receipt vs. an appraisal to JM? my receipt is 6k, appraisal over 8k. thanks!

Because what you paid may not be the actual value of the ring. In my case my appraisal/receipt was about 3 years ago. The price of platinum has gone up significantly since then thus my appraisal was closer to the actual value than my receipt and it had the cost of platinum at that time. Additionally it had detailed information and pictures so there was no disputing with the insurance company.

 

[risingsun]

I did have a cash out option. The ring was appraised at 7900, I received 4900 from them to replace the setting.

Was your diamond damaged? I had an emerald ring insured as a whole ring. When the emerald was damaged, they paid to replace the stone, not the entire ring, because the setting was not damaged. If the ring had been damaged or lost, they would have replaced the whole ring.

ETA: My insurance company uses the appraised value.

 

[makhro82]

I did have a cash out option. The ring was appraised at 7900, I received 4900 from them to replace the setting.

Was your diamond damaged? I had an emerald ring insured as a whole ring. When the emerald was damaged, they paid to replace the stone, not the entire ring, because the setting was not damaged. If the ring had been damaged or lost, they would have replaced the whole ring.

ETA: My insurance company uses the appraised value.

The diamond wasn't damaged, but the setting was. When I bought the policy they told me that if it were ever damaged they would replace the whole thing since it was appraised as a whole.

 

[Siamese Kitty]

I did have a cash out option. The ring was appraised at 7900, I received 4900 from them to replace the setting.

Was your diamond damaged? I had an emerald ring insured as a whole ring. When the emerald was damaged, they paid to replace the stone, not the entire ring, because the setting was not damaged. If the ring had been damaged or lost, they would have replaced the whole ring.

ETA: My insurance company uses the appraised value.

The diamond wasn't damaged, but the setting was. When I bought the policy they told me that if it were ever damaged they would replace the whole thing since it was appraised as a whole.

Ked, again sorry for the threadjack.

Mark, if the diamond was fine then I don't understand why you feel you weren't paid out properly. On a 7900 ring, to offer you 4900 for the setting seems pretty darned fair. Granted, the setting may have been designer/elaborate, but they were under no obligation to replace your stone. Why would you want to anyway?

 

[makhro82]

I did have a cash out option. The ring was appraised at 7900, I received 4900 from them to replace the setting.

Was your diamond damaged? I had an emerald ring insured as a whole ring. When the emerald was damaged, they paid to replace the stone, not the entire ring, because the setting was not damaged. If the ring had been damaged or lost, they would have replaced the whole ring.

ETA: My insurance company uses the appraised value.

The diamond wasn't damaged, but the setting was. When I bought the policy they told me that if it were ever damaged they would replace the whole thing since it was appraised as a whole.

Ked, again sorry for the threadjack.

Mark, if the diamond was fine then I don't understand why you feel you weren't paid out properly. On a 7900 ring, to offer you 4900 for the setting seems pretty darned fair. Granted, the setting may have been designer/elaborate, but they were under no obligation to replace your stone. Why would you want to anyway?

I don't feel like I was paid out properly because that is not what they had agreed upon. I don't mind what they gave me to replace the setting it was more than fair, my point is that often times with insurance companies what is agreed upon is not what happens. Also my experience with Travelers was not very good. I have never filed any type of claim be it auto or jewelry and I felt like this particular agent treated me like a criminal. It was my engagement ring which has a great deal of sentimental value and the agent just acted like it was no big deal and that I intentionally did it to file a claim. So my problem was more so with the ENTIRE experience with them.

 

[prettybug]

so if i use the receipt and lose the ring they will give me $6000 to replace but if i use the appraisal they will give me $8000 to replace? thanks!

 

[risingsun]

so if i use the receipt and lose the ring they will give me $6000 to replace but if i use the appraisal they will give me $8000 to replace? thanks!

It depends upon the information you gave your insurance company. I always give them the appraisal when I insure a new piece of jewelry. If there is a loss, they pay based upon the appraisal. Anything over a certain dollar amount, requires an appraisal.

 

[4cynthia]

Modified Brilliant, you were right! Jewelers Mutual does provide a repair and replacement policy with same kind and quality—not something of lesser or questionable value. This is especially important if you own a specific brand of jewelry (i.e. Tiffany, Cartier, etc.). The key is making sure that your appraisal reflects the essential brand-name information. With Jewelers Mutual’s policy, you’re also able to work directly with your preferred jeweler to help assure your satisfaction.

As far as your appraisal amount, over insuring jewelry is in no one's best interest. But be careful about under insuring your jewelry, too. Because jewelry prices generally increase, you may be caught in an unfortunate situation of not having enough insurance at the time of a loss. Since Jewelers Mutual’s goal is to return you to the same position you were in prior to loss, damage, or theft, your appraisal amount should be enough to cover the cost associated with replacing the item. That’s why it’s important to talk to your appraiser and have your jewelry periodically revalued to current replacement costs. Then, have your insurance coverage adjusted accordingly.

Cynthia Moschea, CSA, AJP (GIA), GIA Diamonds Graduate
Jewelers Mutual Insurance Company

 

[denverappraiser]

In most cases, your insurer is agreeing to replace the item with another of like kind and quality in the case of a covered loss although you should check with your agent about the details. The rules vary quite a bit from company to company and from state to state and this is part of what your licensed agent is being paid for. The description in the appraisal report that you submit generally becomes the definition of 'like kind and quality' and should contain all of the branding details that you want considered as well as sufficient other descriptions and photographs so they can make you whole again in the case of a loss. A knockoff of a branded ring is simply not the same thing, even if the knockoff artist is highly skilled. If the insurer can get the genuine article from their discout outlet, that's up to them, but offering you an imitation or a copy would not be 'like kind and quality'.

 

[Matthewmon]

I have a solasfera princess cut ring from GOG. Cost me $6,022. Appraised total new retail replacement value: $8,271. So what should I send jewelers mutual the receipt or appraisal? If its gonna get me the same thing on replacement why wouldn't I just send them the receipt so i don't have to pay as much each year for insurance??? thanks!

 

[pinoybruin]

Matthew I thought about this also but JM will only let you do a receipt value if it is a lower amount than what you state
d. I think it is less than 5 k.

 

[4cynthia]

Matthewmon, Jewelers Mutual requires an appraisal on your first piece of jewelry, as well as on any items that you add to your policy that are valued at more than $5,000. And for reasons you will appreciate. If your ring were lost, stolen or damaged and you need to make a claim, our claims representatives rely on the precise details of your appraisal to repair or replace items of the same kind and quality. Keep in mind that we never physically see the jewelry being insured, so we depend on the details of the description in the appraisal to determine the amount of insurance coverage needed to restore the ring to its previous condition. Receipt values are often times not an accurate depiction of the true value of your piece of jewelry. It’s important for us to get you back to the position you were in before the incident occurred, making appraisal values essential.

Cynthia Moschea
Jewelers Mutual Insurance Company