Jewelers Mutual/Perfect Circle Insurance in Canada

[Brodymonster]

Hi everyone,

I recently purchased a Tiffany and co engagement ring and I want to get it insured. It looks like the general consensus is to use Chubb (which does not do individual engagement rings anymore) and JM/Perfect Circle Insurance. I currently do not own a home and cannot add the insurance as a separate rider to my home insurance (I am considering doing this in about 2 years).

I called JM, and they said they can insure my ring...

but I was curious if there were other Canadians who have used JM to insure their jewellery? I see a lot of Americans using their services, but I wanted to see if there were any fellow Canadians who could provide me with some feedback on them.

My fiancee's main concern is that there might be some problems, or loopholes (or anything 'tricky') because JM is based out of the US.

From speaking with a lot of Canadian insurance companies (TD, Allstate, Chubb), they won't insure the ring separately. It looks like I have to go with an US insurance company - has anyone done this? Would there be any problems doing this?

Thanks

 

[secretagentlaura]

I'm not sure if this is useful as a data point, but I'm a Canadian who is intending to insure with JM/Perfect Circle! I just need to stop procrastinating over my to-do list and get the process started ...

 

[Brodymonster]

bump

 

[Dreamer_D]

I am a Canadian and have been insuring my jewelery with JM/Perfect circle for about three years now.

I have spoken at length with JM about their insurance and it is really comprehensive. There are no differences between the US coverage and the Canadian that I can see. Basically, if you have a claim and its approved through their claims process and need to replace your ring or diamond you can choose the replacement yourself from the vendor of your choice. If you choose a vendor in Canada then JM will work directly with that vendor to pay for your replacement diamond or ring. You CAN choose to replace your ring through a US vendor -- say, if you have a branded cut or an upgrade policy you want to maintain -- but in that case you would need to pay the US jeweler yourself and then JM would reimburse YOU directly. ETA: This is key. Most other insurance in Canada will use their own jewelers to replace your ring. JM in unique in that you choose your own replacement.

JM will insure your ring when you ship it to a jeweler, and JM insures your ring anywhere in the world.

You need an appraisal of value by an Canadian appraiser and in Canadian dollars.

Hope this helps!

 

[tanicha]

Hi there,

I'm a fellow Canadian and I just put in an application last week with Perfect Circle. Apparently it went through and I should be receiving my policy in the mail soon. The coverage looks pretty good and it was about $174 cheaper per year than the company that's insuring my house, which is fairly significant.

I just used the valuation from the store instead of hiring an appraiser. I'll get it appraised in a few years.

Thanks.