insuring ring with Jewelers Mutual? Chubb wont insure

[Modified Brilliant]

RockDoc,

Could you be more specific??

www.metrojewelryappraisers.com

 

[RockDoc]

Date: 5/10/2006 5:25:42 PM
Author: Modified Brilliant
RockDoc,

Could you be more specific??

www.metrojewelryappraisers.com

Hi Jeff


I addressed a lot above.... in which part do wish something more specific?

Rockdoc

 

[Small]

Date: 5/10/2006 12:36:14 PM
Author: Mara

Date: 5/10/2006 12:33:21 PM
Author: TravelingGal
FYI Bill Castro just returned my call from yesterday (I guess he was out). Totally nice guy and helped me out. Going to send me a quote shortly.

Thanks for the help, Rockdoc!

Oh I also emailed him yesterday morning, and didn''t hear back at all either...I''m all about the quick response or I move on. Instant gratification!

Yeah...he''s not the best with email. I did that too as I prefer email to the telephone also but I ended up calling him about 5 times then sending him one last diplomatic but direct email and then I got insured. If I had another option for Chubb I would have taken it but he was it and I didn''t want a ''replacement policy'' so I had to make way more effort than I wanted to but in the end it worked out. Good for you finding someone to respond to you ASAP. Makes it that much easier.

For those of you who are working with Bill you may have to stay on him and call him but he''ll eventually get it done. He told me my quote was coming, he told me I was insured, and then I found out he hadn''t even put my app in. He''s VERY VERY busy with these policies. Good luck!

 

[Chewie]

I thought (think) Bill Castro is a great agent. Wether it''s been emails or phone calls, he usually gets right back to me on email or calls me in a reasonable amount of time (sometimes the next day).

He even caught an error in my policy and fixed it (he called me first, it was a simple spelling mistake) and then I noticed an error in the description of the melee in my fiance''s ring (it said H colored stones, but they are in fact G - I had the supporting documents). He corrected that within 48 hours.

I''ve not had to speak with him since getting insured, but he did insure her ring within 3 hours!

 

[TravelingGal]

I did not follow up with Bill Castro at all today since I was busy and offsite at meetings. He followed up with me as promised and called me a couple of times to get more info. He was great. He didn''t seem all that great with email, and I need to clarify a few things (spell things over and over), but all in all, I was very pleased. He was very pleasant to deal with and was very funny when explaining what was covered under the policy.

Thanks again Rockdoc. BTW, I think Modified Brilliant is making a joke...that you covered a whole lot in your post (although I could be wrong!).

 

[RockDoc]

HI TG

Glad BIll followed up with you. Sometimes you have to play phone tag and email tag.....

Sometimes I think some consumers think they are the only people that us guys deal with. Bill and Mike sometimes get really swamped with emails and calls, as I think ten times the people contact them through pricescope and never mention here on the forum.

I know it is that way with me. I do try to give attention to everyone as quick as I possibly can, but sometimes it is a challenge, especially when you call back and the person is busy doing something else, which of course is understandable. Just hope everyone develops a little patience, with whomever.

And like everyone else sometimes we really have bad days, usually bad computer days for me, as to get the problem fixed I am many times on the phone with tech support for hours. ( Sure you all know about that scenario). Yesterday was one of those days, as a simple USB hub bit the dust, and rearranged all the com and port assignments in one of the computer with a lot of high equipment on it. Took some time to figure out what happened and getting it corrected. Meanwhile lots of people were calling that I had to call back. Fortunately, they were patient and understanding.

The really good guys who render great service and attention to customers are generally worth being patient with and waiting for.

Glad to hear Bill has gotten in touch with you, followed up properly, and been a good guy.


RE Jeff''s message.... I wasn''t sure if he was kidding or being serious... but hopefully he''ll respond and reply with any specifics he wants to know, or he''ll let us know that it was sort of a hidden compliment of what I wrote ?

Rockdoc

 

[Mara]

For those in California....Carla was great to work with....I finalized everything with her today. I told her that I appreciated her quick response and that others had not gotten back to me at all (and honestly I hate chasing people to give them business if I don't have to use them), and that I like to work via email and she said she does as well. So, perfect. It always works out!

By the way I still never got an email or call from Bill or Mike. Ah well!

 

[Modified Brilliant]

Date: 5/10/2006 10:23:14 PM
Author: RockDoc

Date: 5/10/2006 5:25:42 PM
Author: Modified Brilliant
RockDoc,

Could you be more specific??

www.metrojewelryappraisers.com

Hi Jeff


I addressed a lot above.... in which part do wish something more specific?

Rockdoc

Great job Rockdoc...I was just kidding.

www.metrojewelryappraisers.com

 

[MaryFrances]

I share everyone''s concern about having an insurance company choose a diamond for me. That''s why I chose Jewelers Mutual because if I have a claim, I work with my preferred jeweler if there is a repair or replacement needed. I don''t want cash - I want my diamond, from my jeweler! I don''t know about Chubbs policy or any other cash out policies, but Jewelers Mutual works for me. I buy insurance for my ring so that I can replace it if I lose or damage it or if it''s stolen. I don''t need to pay more for a cash-out policy and paying more for anything just sounds like I''m the one taking a bigger gamble that I''ll ever even need to use the policy.

 

[Sparkles22]

Denverappraiser--You mentioned in a another post that you had a list of questions to ask your insurance agent. Were you able to find them??

Does anyone have a list of good questions to ask? I live in CO, so I don't know if that's makes much of a difference. I read somewhere that it doesn't matter what you get it appraised for, because when the insurance goes to replace it they go off of the report, so they may be able to find it cheaper anyway, so by getting an inflated appraisal you are infact only paying more for you premium. With Chubb it seems like an inflated appraisal would be beneficial if you needed to replace it, etc, even though your premium would be higher. Is that correct? Or am I just really confused??

 

[going2bbroke]

i just got two quotes from Chubbs...i also have a quote from JM. Both for the same appraisal value. JM is about $110 cheeper.
so, i dont know which way to go. $10 bucks a month is still $10 bucks a month. One agent told me i should just insure it for less then the appraisal value since i know for a fact that i can go out and buy another one for far less then the apprasial value. any thoughts on that?

 

[Mara]

chubb charges about $2.00 to the $1k here in our area....anyway my appraisal on my stone came fairly inflated and so i insured for less (what i reasonably thought i could replace my stone and ring for) with chubb, they didn't care if i insured for less, since they just cut you a check. so if you do want to use the inflated appraisal value, you'd pay more in insurance but if anything happened, you'd still get cut a check when all was said and done. i just want to pay the premium for enough to cover a replacement of my own choosing.

going2b...i'd insure it for what you know you can replace it for and then add a small amount more, like 10% or something. just in case prices keep rising and then you don't have to get another appraisal or change the insurance in the next year or so. that's basically what i did. the appraisal value was just WAY too high.

i did a little research elsewhere previously and the difference was tiny..maybe $75 a year difference for a 'like replacement' vs a 'cash out' and i just don't want to deal with any hassles. to me insurance on something like this is such a luxury item, as is the item/ring itself, but whatever, now i just gotta suck it up and pay it and hope that if anything ever happens, they take good care of me!

 

[MaryFrances]

How do you know you can replace it for less? You don''t know when or if you''ll have a claim and I''ve heard that the price of gold in the last year has gone crazy.

 

[Mara]

Date: 5/11/2006 9:39:49 PM
Author: MaryFrances
How do you know you can replace it for less? You don't know when or if you'll have a claim and I've heard that the price of gold in the last year has gone crazy.

Well considering my ring is platinum, the price of gold doesn't really worry me. I also am familiar with the costs of platinum and how they have risen since we purchased.

As for knowing I can replace the stone for less than the appraisal amount...I know that if I had a claim in the next year, that I am more than covered, even if rough prices continue to climb the way they have been. In 2 years or so, depending on pricing, I can revisit my insurance or apprasial, up it if I need to, leave it the same, whatever. Also, Chubb does account for some inflation in their own calculations. So I feel pretty confident that we have covered our bases.

As you may learn, Mary Frances, Pricescope customers are not the average uneducated purchases or consumers...so when I say I know I can replace it for less...I *know* I can replace it for less.

That is, if there is a stone available!!

 

[Sparkles22]

American Family Insurance quoted me $14 for every $1,000. Is that unusually high? I live in Colorado Springs. I haven''t gotten an appraisal on the ring yet (it''s not done), but I called to find out what I need to do and how much it would cost. They said I would need an appraisal and then quoted me the $14 for every $1000!

And I have them for homeowners insurance and on one of our cars.

Mara--it sounds like Chubb would be MUCH cheaper for me to do (wonder if it''s about the same here $2 for every $1000). Would they also replace it, instead of cash out if I wanted? Because what if, I insure through them, something happens to it, and I can''t find a ring for the cash out value. Will they find one for me? Do they cover chips in the stones? Do I just need to get it reappraised if I upgrade in the future. Also, my ring wasn''t too expensive, but I wouldn''t be able to replace it right now if something happened, do they have a minimum your ring has to appraise for? Thanks!

 

[Mara]

haha Sparkles I made a typo!! It is actually $2 for every $100 or $20 for every $1k. So for ~20k it's like $400. So $14 for every $1k does not sound bad at all...about typical for a replacement company from the quotes I got previously.

Chubb covers everything except for three things. Off the top of my head it's something like nuclear warfare, natural disaster or intentional harm.

In terms of cash out vs replacement, they just cut you a check for the value. So then you do the shopping yourself. If you can't find a ring for the cash, then why would they be able to find you one to replace? Not sure I'm getting that question. Anyway, for me I don't want anyone else shopping for me or having a hand in it. Plus if that ever happened, I may want to add $$ to the cash out and get something larger anyway.

They say that you should only insure your ring if you cannot replace it yourself if it is lost. So for example if you ring is worth $5k total, and you lose it, could you replace the ring within say 3-6 months with cash of your own? Then I wouldn't get it insured. Because for me it's not worth it to pay $70 a year or whatever for a $5k ring on the 'off chance' that something happens to it or it's lost. But for a ring that is more expensive that you cannot easily replace (aka I could have afforded to replace my old ring and stone but with this new one, no way could we just fork out the same amount of $$ blithly....), I would get it insured. I didn't have insurance for the last 3 years on my old stone and ring. I just got a new policy for this upgrade I just did.

Anyway it's a personal decision obviously...I'd call the Chubb agent with more questions. Good luck!

 

[Sparkles22]

Date: 5/11/2006 10:11:14 PM
Author: Mara
haha Sparkles I made a typo!! It is actually $2 for every $100 or $20 for every $1k. So for ~20k it''s like $400. So $14 for every $1k does not sound bad at all...about typical for a replacement company from the quotes I got previously.

Chubb covers everything except for three things. Off the top of my head it''s something like nuclear warfare, natural disaster or intentional harm.

Oh okay, I haven''t gotten quotes anywhere else, so I wasn''t sure about that. Thanks.

--Do you have the option to replace with Chubb if you wanted to? Any idea how that would work?
--Do they have a minimum on the appraisal price of the ring, for example will they insure a ring that''s like $4k?

I like the idea of having my choice at the time, if I ever need to, to either get a check or a replacement. Do I just make sure the appraiser writes down all the stuff that''s important for me to have if it was a replacement? Like for example, if I were to purchase a H&A square stone, it''s not like that''s something they can replace and get just from anywhere.

Thanks for you help, never insured before on jewelry, but thought it might be a good idea.

 

[Sparkles22]

Thanks, sorry I didn''t see the rest of your reply. Yeah it isn''t too expensive, but I''m still in school right now, and on one income we couldn''t afford to replace it. When I''m done with school we will be upgrading my stone

 

[Sparkles22]

Right now the center stone isn''t anything special (I don''t even know the specs on it other than it''s 5/8ct pc). I am just in love with the setting I''m in the middle of upgrading (I''ll eventually get a center stone I love too). So maybe the replacement option is the way to go on this one for now. Any thoughts on that?

 

[Sparkles22]

Date: 5/11/2006 10:11:14 PM
Author: Mara
In terms of cash out vs replacement, they just cut you a check for the value. So then you do the shopping yourself. If you can't find a ring for the cash, then why would they be able to find you one to replace? Not sure I'm getting that question. Anyway, for me I don't want anyone else shopping for me or having a hand in it. Plus if that ever happened, I may want to add $$ to the cash out and get something larger anyway.

I like that idea!!!

--Not that I would ever want anything to happen to it.

As far as replacement/cash value thing: If you insure with a replacement company for example they have your specs, so no matter what your ring appraised at, they have to replace it with an equal one (regardless of if it's more than the appraisal).

With the other company they give you the cash value of the ring, so if for some reason the same ring went up in price (for example if the designer now charges more for the setting or whatever) you could no longer get the same one with out adding money to it.

I don't even know if what I said above is right, please correct me if it isn't. Sorry, I think I might be confused on the whole thing

 

[Chewie]

If you go with a cash value replacement (i.e. they "cut you a check") you get the appraised value (or whatever you decide to insure the ring for). Now, one of the benefits of Chubb is that if you can show that the cost to replace your ring has gone up (inflation, market, etc.), then Chubb will cover you up to 150% of your insured value (if you insure the stone for $10,000, you can get up to $15,000 cash to replace it if the prices go up).

"150% replacement cost. Chubb''s valuable articles policy provides safeguards for items that appreciate. If the market value (before the loss) of an item lost or damaged in a covered loss is greater than the itemized amount listed on the policy, we will pay the market value up to 150% of the itemized coverage amount for the item.*"

http://www.chubb.com/personal/masterpiece_adv_vac.jsp

And I paid $1.95/$100 insured (Way, way less expensive than Allstate wanted for a homeowner''s rider)

 

[RockDoc]

What everyone needs to understand is the basis on the insurance policy type itself, and the method in which the company will settle it''s claims.


For the consumer, it appears that misunderstanding is going on. A lot of you are assuming that ''insurance is just insurance'', and all policies are equal.

A stated or As Agreed Value policy pays you in cash, so having a very detailed appraisal report isn''t required. Even though the coverage is for jewelry, the basis of the settlement of the claim is an "agreed" value rather than a replacement value. In the case of Chubb paying 150% of the insured amount, you really should consider covering the item for closer to what you''d have to pay for another item IN THE MARKET WHERE YOU WOULD BUY ANOTHER ONE.

In a replacement policy, what is covered varies from policy to policy and company to company. State Insurance Departments that require the company to file the policy also vary. So, there can be drastic differences between policy types, state insurance regulations, and companies. Allstate, I believe has 5 different types of policies that are offered for jewelry coverage. In the event of a loss the market is predetermined, and it is the market where the insurance company can purchase a like / kind item at the least expensive cost to them. It is advisable not to have a less than an appraisal that defines every characteristic of the stone. The more extensive the appraisal is, the more exact the replacement will be. If even the smallest detail is left off, you won''t get it in the replacement.

I am not saying that alll of the policies are like this, but some are, as far as what is covered. Before you purchase ANY insurance you MUST READ THE POLICY, and read it very carefully. The important sections to read in the policy are usually defined as such:

By experience with a wide range of agents, I have come to believe that you need to not pay attention to what the agents says they will do, but rather read the terms and conditions of the policy as in the event of a claim the company will adhere to those terms TO THE LETTER of the contract ( an insurance policy is a contract).



1. Exclusions. - What IS and what is NOT covered. Some policies have "escape" clauses written in them. I have seen ones that have a condition that if something is repaired on the ring, and it isn''t done correctly, they can deny that type of claim.

2. Endorsements - Some policies have specific endorsements for other various things, which can be requested to be added by the insured.

3. Reasons for cancellation of coverage - You need to know if there are any, and what the basis for cancellation is.

4. Inspection requirements.. Some companies require periodic inspections.

5. Look in the policy or ask if it is an ALL RISK type policy. This basically makes the insurance company liaible for "anything" that happens. You should make certain the policy is an all risk one.

6. Section on "HOW WE SETTLE A CLAIM" - This is also vitally imperative for you to know. REGARDLESS of what the agent says, this is the method that your claim will be settled. What stores will I go to for replacement?

7. IF WE DO NOT AGREE - Here a lot of companies have very specific actions that must be taken to arrive at a settlement, and many policies state that you can''t sue them or you can''t sue them until a 2-3 additional appraiser scenario is completed.

8. LOSS OF VALUE.... See the details of this as well in the policy.

9. LIMITS of Coverage.... ARE YOU INSURED OUTSIDE THE US? IS THE ITEM COVERED WHEN IT IS NOT IN YOUR CONTROL?

10. If this is a replacement type policy, can I request cash instead of a replacement, and if so what is the basis used to determine the amount ( most say what it would cost from THEIR source to replace the item as described).

11. If I insure an item, for example $ 10,000.00, and there is a loss, and the company actually pays less than that to replace it, will I be reimbursed for the amount of difference in the premium? In some states this is law, in other states it is not.
If I do get an unearned premium "refund", will this be for the length of time I paid the premiums or a limited time?



These are just some basics to know....hope it helps.

Rockdoc

 

[JJH]

Date: 5/9/2006 12:49:01 PM
Author: RockDoc

Date: 5/9/2006 12:44:37 PM

Author:going2bbroke

Hello All!

I would like to know if anyone here has ever gone with Jewelers Mutual to insure there ring? I called my homeowners policy (allstate) and they wanted to charge me $964 a year!!! to insure a ring that is work 18K. I called Chubbs and they wont insure me because I dont have my homeowners policy with them, they told me to call my homewoners. Any suggestions? I''m going to call Jewelers Mutual right now and see what they say.


Thanks!

CHUBB WILL INSURE YOU. You just went to an agent that isn''t knowledgeable about the policy or doesn''t have the ability from Chubb to do so. Having homeowners is NOT a requirement for the engagement ring policy. It can be bought as a standalone policy.



Check with Bill Castro at www.totaldollar.com . there toll free number is on the website and call him.


He''ll get you covered as he is licensed in every state with Chubb, and specializes in valuable property coverage with them.


Rockdoc

Rockdoc, thanks for the recommendation. I called totaldollar today and spoke with a Joseph. He gave me a quote on a Chubb floater policy. The policy price matched what another company gave me. I''m going to insure through totaldollar, as Joseph was prompt in returning my quote and informative. Thanks again!

Jonas

-x-

 

[RockDoc]

Date: 5/12/2006 2:35:54 AM
Author: JJH

Date: 5/9/2006 12:49:01 PM
Author: RockDoc

Date: 5/9/2006 12:44:37 PM

Author:going2bbroke

Hello All!

I would like to know if anyone here has ever gone with Jewelers Mutual to insure there ring? I called my homeowners policy (allstate) and they wanted to charge me $964 a year!!! to insure a ring that is work 18K. I called Chubbs and they wont insure me because I dont have my homeowners policy with them, they told me to call my homewoners. Any suggestions? I''m going to call Jewelers Mutual right now and see what they say.


Thanks!

CHUBB WILL INSURE YOU. You just went to an agent that isn''t knowledgeable about the policy or doesn''t have the ability from Chubb to do so. Having homeowners is NOT a requirement for the engagement ring policy. It can be bought as a standalone policy.



Check with Bill Castro at www.totaldollar.com . there toll free number is on the website and call him.


He''ll get you covered as he is licensed in every state with Chubb, and specializes in valuable property coverage with them.


Rockdoc

Rockdoc, thanks for the recommendation. I called totaldollar today and spoke with a Joseph. He gave me a quote on a Chubb floater policy. The policy price matched what another company gave me. I''m going to insure through totaldollar, as Joseph was prompt in returning my quote and informative. Thanks again!

Jonas

-x-

Nice to hear that they gave you such responsive and positive assistance.

Rockdoc

 

[RockDoc]

Date: 5/11/2006 5:31:18 PM
Author: Modified Brilliant

Date: 5/10/2006 10:23:14 PM
Author: RockDoc

Date: 5/10/2006 5:25:42 PM
Author: Modified Brilliant
RockDoc,

Could you be more specific??

www.metrojewelryappraisers.com

Hi Jeff


I addressed a lot above.... in which part do wish something more specific?

Rockdoc

Great job Rockdoc...I was just kidding.

www.metrojewelryappraisers.com

Well just in case you were serious, I wrote another post that is more comprehensive and maybe "more specific". Geez, I could write an encyclopedia on the issues involving this stuff.

Rockdoc

 

[RockDoc]

Date: 5/11/2006 8:38:03 PM
Author: going2bbroke
i just got two quotes from Chubbs...i also have a quote from JM. Both for the same appraisal value. JM is about $110 cheeper.
so, i dont know which way to go. $10 bucks a month is still $10 bucks a month. One agent told me i should just insure it for less then the appraisal value since i know for a fact that i can go out and buy another one for far less then the apprasial value. any thoughts on that?

Insurance companies, are not uniformed that many are insuring items for more than their replacement costs. They know what it costs to replace items. Hell, they do it hundreds to thousands of times a year. They have industry cost of replacement subscription databases they all share information and subscribe to. Insurance companies that sell the replacement type coverage have the limitation of what they will pay - which is based on a quote from THEIR supplier. This protects them from ever paying more than the insured amount, if the cost is MORE, and a built in limitation if the cost is less.


The advice you got from the agent above to insured it sensibly for an AS AGREED policy is well made. But for a replacement policy where they will never pay more than the insured amount ( regardless if it costs less or not) you need to possibly bolster up.

To "equally" compare the coverages, take the cost per hundred for a sensible amount for an AS Agreed Value policy, and then compare the premium for a replacement policy at a insured value of 50% additional at their rate per hundred. I think you''ll see the differences for the same limit of coverage isn''t all that different. Then add the cost of a professionally, detailed, appraisal which you would need for the replacement coverage, ( which you would NOT be required to do for an As Agreed policy) and you may just find that the AS Agreed policy could even be less costly in the long run.

Rockdoc

 

[Sparkles22]

RocDoc thank you so much you information was really informative. And Chewie, I appreciate the help as well.

I think that Chubb would be the way to go, because I also heard that if you want a replacement that you may go to a jeweler of your choosing vs theirs, and there is no deductible. Also I don''t think most homeowners cover breakage, just lost/destruction.

When I go to get an appraisal should I inform the appraiser of who I plan to insure through?

Thanks!!!

 

[going2bbroke]

Thanks again for all the great information. I'm happy to see that a lot of other people are taking advantage of this post.
I guess its more expensive here in southern California (L.A. county). As i originally said, my homeowners insurance was outrages. $5.35 per every $100. Chubbs. both Bill and Mike quoted me at $3.13 per every $100. I wish i could find something around $2.00 per every $100. well i think i made my decision. Even though my ring appraised at 18K. i know i can easily buy it again for way way way less! so i will insure it for less then the 18K. i will probably bring it down to around 14K. this way my monthly/yearly fee wont be outrageous.

 

[JJH]

Date: 5/12/2006 11:46:52 AM
Author: going2bbroke
Thanks again for all the great information. I'm happy to see that a lot of other people are taking advantage of this post.

I guess its more expensive here in southern California (L.A. county). As i originally said, my homeowners insurance was outrages. $5.35 per every $100. Chubbs. both Bill and Mike quoted me at $3.13 per every $100. I wish i could find something around $2.00 per every $100. well i think i made my decision. Even though my ring appraised at 18K. i know i can easily buy it again for way way way less! so i will insure it for less then the 18K. i will probably bring it down to around 14K. this way my monthly/yearly fee wont be outrageous.

Yes, LA county is expensive. Fortunately, my girlfriend lives in Ventura county (Thousand Oaks), which is much less expensive. Chubb quoted me at $1.90 per $100 for the first $25k and $1.50 for the next $75k (to $100k). It's about 10 cents cheaper if you have an alarm system.

Jonas

-x-

 

[zhuzhu]

Rockdoc,

Would you please help me decide on the best insurance method? My ring was purchased from a store that has lifetime warranty against chipped/damaged stone by replacement. All I need to insure for is loss of the ring. Is there any policy you know of that I can buy at a reduced premium to cover just that?

Thankl you!
zhu