Jewelry Insurance- When Your Diamond is in the Return Period

[Lisa Loves Shiny]

Just a quick question. When you have purchased a diamond and it is still in the return period- would it be prudent to insure that diamond? I purchased a diamond with a 60 day return period and assume I would be responsible for any loss or damage incurred while it is in my possession. JM will insure the ring for the purchase price with a receipt of payment. The ring is shipping Monday and I will ask the vendor their policy- but just wanted to see what PS members think.

Thanks!

 

[stonewell]

I may be overly cautious, but I’ve always submitted any new pieces for coverage upon receipt. I know JA offers pro-rated refunds on premiums if you cancel coverage before the term has expired. So for me, the peace of mind is worth it even if I haven’t made a final decision.

 

[Lisa Loves Shiny]

I may be overly cautious, but I’ve always submitted any new pieces for coverage upon receipt. I know JA offers pro-rated refunds on premiums if you cancel coverage before the term has expired. So for me, the peace of mind is worth it even if I haven’t made a final decision.

@stonewell -Thank you- very helpful.

 

[cottoncandy]

I read on the August Vintage website about insurance replacements not allowing refunds to insurance companies, because once the papers are signed, the insurance company becomes the official “client” — I am not a lawyer but here’s the exact text:

Insurance replacement. If you are using August Vintage Inc. for insurance replacement, legally the Insurance Company becomes the client while you are their client. Once you've signed legal contracts with your insurance company like "Confirmed Completion" forms the sale is consummated/completed upon your submission of that signed document which is legally binding and there are no refunds to Insurance companies. Their legal contracts can not be undone.

 

[WinkHPD]

An insurance replacement is not the same as having a ring with a return period on it. I would always suggest that you have insurance on the ring so that there is coverage while the diamond is being inspected by you.

Our insurance covers the diamond and jewelry until you sign for it with FedEx. Upon signing for the package, all liability for that diamond is your responsibility.

Wink

 

[Lisa Loves Shiny]

@Wink -Thank you for the advice. As suggested by you and the other kind posters- I insured the ring and hope to receive it tomorrow.

 

[denverappraiser]

If you lose it, you will be responsible. That's called an insurable interest, and you assume it the moment you sign for the package. It probably is NOT covered under your normal homeowner's policy but it's possible there's something associated with your credit card that lasts for a month or two with new purchases. The return period has nothing to do with it.