Jeweller's Mutual insurance reliability for superideal?

[ran50]

I'm sold on a superideal diamond such as ACA or BG signature after reading and researching here and elsewhere (and I'm not sure whether to thank or curse the site for that Ignorance is sometimes bliss!) This makes me a little nervous about replacement insurance. After all, there will be plenty of diamonds with the same or even higher specs by GIA cert that are less expensive. How understanding and reliable are JM in truly replacing like-for-like when it comes to superideals? Any personal experiences here?

I'd really prefer a cash replacement policy for my peace of mind, but it seems hard to find now Chubb aren't accepting standalone policies. Any alternatives?

 

[Karl_K]

no personal experience that happened to me, but plenty of experience with insurance companies and talking to others about this issue.
You have to be careful of the description of the diamond and have lots of documentation then you can insist on the same brand as a replacement.
ie:
It has to be insured as: [some brand] round diamond graded by [some lab] with a weight .... of color .... clarity .... cut ... showing hearts and arrows patterning and girdle inscription of .....
The more documentation you have showing the diamond is not run of the wheel the better.
Make sure the the policy is bound with that information not generic info.
If it is just insured as diamond weighing ... color .... clarity ... then there can be issues.

It is all in the wording and if it isn't on paper it does not exist to an insurance adjuster.

 

[Karl_K]

That applies to cash out policies also not just replacement.

 

[kemurphy]

Jewelers Mutual does allow cash policies as well but you have to call to get one. They don't let you sign up for it online. They are more expensive (2.1% vs 1.5% in my area).

 

[WinkHPD]

I have had the occasion to need to replace one Crafted by Infinity diamond through Jewelers Mutual for one of my clients.

Even though the Crafted by Infinity diamonds are somewhat more expensive than generic Hearts and Arrows cut diamonds there was absolutely no issue with JM about replacing it with another Crafted by Infinity Diamond, even though the closest diamond was a higher color grade than the diamond being replaced and thus even more expensive.

Insurance companies are required by law to replace "in kind" if possible and the only "in kind" with a branded diamond is another diamond of that brand. Most of the good companies, and I consider JM to be one of the good ones will work with your jeweler of choice to "make you whole" even though there are cheaper alternatives out there.

If you have questions about whether or not the insurance company you are working with are any good, you can contact the Department of Insurance in your State. They can tell you if a company has a high rate of complaints or not. (If you do this, you may find yourself running away from some of the companies you see on TV all the time, some of the best known also have some of the highest complaint rates for homeowner and auto insurance.)

Wink

 

[Modified Brilliant]

JM is very reliable and also understands the jewelry market....that's all they insure IS jewelry.

Plus they have Graduate Gemologists on staff and they are familiar with branded cuts that are
often sold by Pricescope vendors. JM Reps have posted here on PS in the past and are always encouraged
to join in the conversation.