Jewelers Mutual Questions

[Vertigo686]

Hi,

Does anyone in Canada have insurance coverage from Jewelers Mutual?

I purchased an engagement ring from Whiteflash and paid approximately $15,600 US dollars for it. I used the invoice from Whiteflash to get a quote from JM. I received a quote for coverage on $22,000 but in Canadian dollars. The explanation I received was that JM adds 30% on top of the invoice amount. Is this always the case?

Also, I'm concerned that my coverage amount is in CDN dollars as I will be exposed to CDN to US dollar exchange fluctuations. For example, if the CDN dollar drops significantly against the US dollar then I will not be able to get an equivalent replacement ring from Whiteflash within my coverage limit.

How have Canadians working with JM addressed this?

Thanks.

 

[realazy]

I'm looking into the same thing, but I'm not as far along as you are.

I believe you have to read the policy and see what kind of policy it is. If it is a replacement policy (which I think it is), it should be to replace the item. You need to read and see if the insured value is the maximum replacement value. This is the part where I read that branded stones are better in this aspect because they have to replace it in kind, versus finding a similar substitute. For example, if you lost a Tiffany ring, they need to replace it with a Tiffany ring.

So make sure that your appraisal specifically has WF ACA stone described to make sure that is what gets replaced. The tough part is for people that looked far and wide for the perfect eye clean Si2 with near super ideal specs, but the insurance sees it as just any Si2 and replaces it as such.

I'd like to hear people's real life experiences though.

 

[Resonance.Of.Life]

I'm looking into the same thing, but I'm not as far along as you are.

I believe you have to read the policy and see what kind of policy it is. If it is a replacement policy (which I think it is), it should be to replace the item. You need to read and see if the insured value is the maximum replacement value. This is the part where I read that branded stones are better in this aspect because they have to replace it in kind, versus finding a similar substitute. For example, if you lost a Tiffany ring, they need to replace it with a Tiffany ring.

So make sure that your appraisal specifically has WF ACA stone described to make sure that is what gets replaced. The tough part is for people that looked far and wide for the perfect eye clean Si2 with near super ideal specs, but the insurance sees it as just any Si2 and replaces it as such.

I'd like to hear people's real life experiences though.

The thing is Tiffany does not work with JM so for a Tiffany replacement you'd have to buy it first yourself and then get reimbursed by JM. I had to do this when my wedding band was stolen. So there are caveats to the replacement policy, but I am sure they work with WF