Insuring a Tiffany ering

[GolfGirl2008]

Has anyone insured a Tiffany (or other luxury brand engagement ring)??

I want to make sure if something happens to my 2.31c RB/VVS1/G Tiffany solitaire we not only recoup what we paid but more importantly what it would cost NOW to replace it at Tiff's. I had a dream last night the whole table of the ring got chipped somehow and now I am panicking we don't have the right insurance.

For example since we bought the ring the retail price has ALREADY gone up 15%. So what do we do? Are there certain companies which ensure you get a replacement not just what you paid? I heard Chubbs was a good place? How much is insurance roughly?

By the way at the same time we would also like to insure my other Tiffany diamond jewels ... my half circle shared prong wedding band and 3 pendant necklaces (bow, heart and jazz).

The only piece they gave us a cert for or a valuation letter was the ering.

Help!!

 

[denverappraiser]

The usual standard for insurance contracts is that they are agreeing to replace a lost or destroyed piece with another of ‘like kind and quality’, or words to that effect. This is specifically designed to give them some wiggle room in order to deal with inflated appraisals or with gouging replacement jewelers. In the case of Tiffany and similar branded merchandise, it’s terribly important that your appraisal both identify this as a genuine Tiffany item and that the insurance policy indicates that your replacement will be new, not second hand. ONLY Tiffany sells new Tiffany goods. In terms of the appraisal it’s easy, talk to your appraiser about it and support it with documentation like your Tiffany receipt. They should be researching what it will cost to replace it with a new Tiffany item currently and the value conclusion should reflect this research. In terms of the insurance policy, talk to your agent about it. Some do and some don’t. If they won’t agree to the terms you require, find another insurance company.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[winternight]

I have a Tiffany e-ring as well and I''m insured with Chubb and they''ll replace based on the replacement cost at Tiffany''s up to a certain amount above my original purchase price. So they won''t replace with a "like-kind" non-branded ring. I talked with my agent about it. Also, I have some other jewelry, some Tiffany, some other brands, some not, and I have a general policy to cover about $5,000 or $10,000 in loss in case of theft, accidental loss, etc. I don''t have my entire collection insured though since we don''t have appraisals/receipts for everything and I don''t want to pay the premium for everything since I doubt I''ll lose everything at once.

 

[GolfGirl2008]

Thanks for the input! Very very helpful. If I have the Tiffany certificate for the ering as well as the letter of documentation do I need an additional appraisal done to verify it? It was bought 2.5 years ago (august 2007). The only other issue is that in August 2008 I had the stone reset. The reset used the same large center stone but went from a channel set band to a knife edge solitaire. The letter of documentation from Tiffany describes the original setting not the new one. The cert for the center stone is the same.

 

[denverappraiser]

The original Tiffany paperwork will, presumably, show the price that you paid and sufficient description to replace the piece if needed and the insurance company will be using this value conclusion as the declared value. The folks at Tiffany should be able to tell you if this is appropriate for their current pricing structure for similar items if you ask them. If it is, you should be fine. If not, ask them for an appraisal with an updated value.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[winternight]

oh yeah, forgot to say that I love your ring!! Lol.

 

[NewEnglandLady]

I got my ring from a high-end jeweler and wanted to make sure that we would be insured for more than a ring "of like quality" when we took out a policy. I went with Jeweler''s Mutual and they said that they would replace the ring from the same jeweler--I even asked specifically if it would have to be a Lazare Kaplan diamond (because my current diamond is) and she said yes because that is what is in the appraisal. Now that I know so much more about diamonds, I don''t care as much, but at the time I wanted to make sure I was ensured for the exact same ring from the exact same jeweller.