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Insuring just the diamond during setting (calling Niel)

W

walkinfaith

Rough_Rock
Joined
Mar 10, 2012
Messages
76
Hello! My fiancé and I would like to insure the diamond before sending it off to be set, and I know that this isn't standard practice for JM but Niel, you've mentioned that you've gotten them to do it - would you mind giving us some pointers on how to go about this? Any advice would be greatly, greatly appreciated!
 
Many people here have done it. You have to give them the diamond and setting information, I believe, in advance. Then maybe a final appraisal at the end. Hopefully Niel will see this and can be more specific if she has done it recently.
 
I did it last year and they did not make it seem like it was a big deal. I submitted paperwork on my stone and they asked for general details and a quote on the setting and it was good to go.
 
I just did this recently with my CBI diamond.

Wink prepared the paperwork which described the diamond and the setting that it was going to be set into. It contained a value for the soon to be completed ring. I sent this information along with my house alarm certificate (you get a discount if you have a monitored alarm system at your home) to Jeweler's Mutual and they insured the diamond during the setting process. When the ring is complete, you then send the completed appraisal (which contains a photo of the finished ring) to Jeweler's Mutual and they update the policy information.

Oh, should mention that all of this can be done electronically from their website.
 
They did not require me to send the information on my setting yet, though I am to do so when its finished. I sent them a detailed recipient as (the appraisal I got for gog was ridiculously more than I had paid )and I wasn't going to insure it for that amount. I already had a policy though.
They sent me an email back saying I had to provide a detailed description of my setting becuase they don't just insure loose stones- but I had not nailed down any details exactly of my setting, so I advised them I didn't have one and needed the insurance FOR the setting. They just said o had to provide a detailed receipt of the setting when I was done, they could add it to the stone amount and insure it properly when it was done.

Something to note- while reading my policy jacket it did say that for 30 days after a new purchase you have 10% up to 10k on new purchases automatically - until you add them to your policy.

In case anyone reading was wondering, they also did say you don't need to pay shipping insurance though USPS or anyplace because JM covers that. A nice work around when the shipper has a jewelry limit or something (like FedEx )

Eta: yes I did this all from the website. If you dont have access to a scanner you can take a clear photo from your phone and attach your documents that way.

It took some back and forth emailing with the rep that was assigned my emails (for some reason, maybe because I didn't give a setting quote?) but by the end I was clearly informed my stone was added to my policy, and would be insured while setting and shipping.
 
Wow, that is interesting about them saying you don't need to use mailing insurance. I'd still use Registered Mail for valuable items, though. I wish this kind of stuff was in writing on policies. Thanks, Niel for asking them. Mine is with a different company but I am hoping it is the case.
 
diamondseeker2006|1422222686|3821954 said:
Wow, that is interesting about them saying you don't need to use mailing insurance. I'd still use Registered Mail for valuable items, though. I wish this kind of stuff was in writing on policies. Thanks, Niel for asking them. Mine is with a different company but I am hoping it is the case.
Click to expand...
Yeah each policy is different. And just for me it was important because of my work schedule and location- there was NO way for me to get to the USPS to ship it. I have always used Fedex.... I know USPS is suppose to be best, but FedEx has never let me down, and its a ridiculous hassle for me to use USPS. Anyways, FedEx will not insure a loose stone over 1k.... Which is lame. I made sure to ask because I was not about to ship it for less than the purchase price.
 
I understand! In my case it is the opposite...I am closest to USPS. But I am going to try to ask that specific question if I ever need to send a diamond somewhere again!
 
Thank you so much all!
 
I also love JM for this reason (and I love not to have to "red flag" a package by adding usps insurance unless I have to).
 
A brief note on USPS. With registered mail, you HAVE to buy the insurance. More specifically, you have to provide a declared 'value', and the postage is a function of that. They don't actually call it insurance but the effect is the same. Failure to give the value or deliberately providing a value that you know is false is shipping out of compliance with the USPS rules and that's a violation of the reasonable care clause in most insurance policies. If you want to ship via USPS without paying the insurance, use the Priority Overnight service with signature required. Obviously package carefully and use a biggish box.
 
Ugh, that is a shame because Registered is so much more secure.

All the vendor instructions I have had said to double box the item.
 
I usually recommend registered mail as well, and for the same reason. Just pay their stupid declared value fee and be done with it. I mention this only because it came up as a way to avoid double insurance. The max insurance on overnight is low, something like $5000, but it's optional. You have to agree not to be shipping contraband or dangerous items but, other than that, they don't ask or care what the contents are. The max on registered is $50,000 and it's mandatory.
 
Thanks, Neil! Very helpful!
 
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