Insuring Jewelry

[miraclesrule]

I am sure there are some threads here about this, so if someone could post a few for me, that would be appreciated. My daughter just got married and her DH bought her ring and a pendant from a B&M that I know was way overpriced, now that I have been on PS for months, so I told her and him, NO MORE buying there, or anywhere without going through me and PS so they know what they are doing.

When I told her this she came back with:

"I will tell him about the diamonds. Speaking of that, I need to insure my jewelry. I need you to help me."

I do insurance all day for big corporations, but haven''t a clue as to jewelry. I know you need appraisals and maybe some certs

Thank you in advance for all your help. This site is "off the hook"

 

[Lorelei]

Date: 8/13/2008 1:22:01 PM
Author:miraclesrule
I am sure there are some threads here about this, so if someone could post a few for me, that would be appreciated. My daughter just got married and her DH bought her ring and a pendant from a B&M that I know was way overpriced, now that I have been on PS for months, so I told her and him, NO MORE buying there, or anywhere without going through me and PS so they know what they are doing.

When I told her this she came back with:

''I will tell him about the diamonds. Speaking of that, I need to insure my jewelry. I need you to help me.''

I do insurance all day for big corporations, but haven''t a clue as to jewelry. I know you need appraisals and maybe some certs

Thank you in advance for all your help. This site is ''off the hook''

Sometimes you can get a rider on homeowners if your daughter has that M. Alternatively, she can try -

www.jewelersmutual.com or www.chubb.com

A detailed appraisal of each item is very useful if they have that.

 

[miraclesrule]

Thanks Lorelei. I was going to add that they don''t own a home yet. Otherwise I would have had her include it as a rider on her policy. So for the time being, she is gong to have to get a separate policy. I think they may have purchased limited coverage upon purchase, so I need to get more details for her on that.

 

[CrookedRock]

I actually hold a policy with both companies, the more valuable one being with Chubb as I felt they had a better policy to offer. Expensive yes, but worth it to me. I think it depends on what she''s insuring and how valuable it is. Chubb seems to be a little less likely to give you a haslle when replacing items.

 

[stone_seeker]

Since it was bought at a B&M, be sure you are getting cash value policy, ie., if you paid $10K for it and lose it, you get a check for $10K.

Some companies only offer replacement value meaning that will take the specs and get you a replacement or pay you what a replacement would cost. A replacement by them may not be exactly what you have and certainly wouldnt included the typical mark-up paid at most B&M stores.

 

[dockman3]

I have a policy with Jeweler''s Mutual and so far they have been great. I''ve changed my policy three times on them already between switching out my center stone and then getting an independent appraisal. They are a "replacement policy" type of outfit, but they let you choose the jeweler you work with. I submitted my appraisal, which was for th market replacement value, and the GIA report for my center diamond. If I ever lose it or need to make a claim, I can go to whatever jeweler I want and they will pay the jeweler directly, I believe. So while they don''t just give you a check like Chubb does, they do make sure that your jewelry is replaced to the best of your ability and you''re right back where you started.

The cost for the policy varies between 1-2% of the appraisal value and depends on your location. Here in IN, its only 1%, so its not very expensive. I suggest doing a quick search for JM or Chubb or insurance and you''ll find lots of good info!

 

[miraclesrule]

Crooked Rock: LOVE your ring btw...Thanks

Stoneseeker and dockman...thank you for your input.

I will talk to my corporate broker tomorrow and look into a Chubb policy for her. Her jewelry isn''t too valuable yet, but that will change over time, so we need to start now and build a solid relationship with the insurance company for both of us.

I think I will start with Chubb and go from there.