Nobody insures loose stones? Then how do I ship?

[sunkist]

So I''m reading that insurance co.''s won''t insure loose stones. Is this still true? Should I still call around and see if anyone will do it, or is it the norm for loose stones not to be insured? I am getting ready to ship my stone out to be set. The jeweler does not cover the stone while they are setting it. So I thought that I should have another type of insurance in case something happened.

Also, I''m reading about shipping a stone. A lot of threads are saying USPS registered insured mail is the best, but it takes like 5 days. But I think I will do USPS Overnight, with insurance up to $5000. That will cover me.

This is just my first diamond that I''m insuring, setting, and shipping, so I''m looking for a little reassurance and advice

Thanks!

 

[KristyDarling]

I actually have heard that about loose stones, yes. I''m not sure, but I think you''ll just have to go with getting shipping insurance for the full cost of the stone. I believe that UPS has a limit of 50K. Fedex does not have a limit, I don''t think...but again, I''m not sure. Sorry I can''t be of more help!

 

[Mara]

sunkist do you mean UPS overnight? there is no USPS overnight if it is registered and insured.

i don't think UPS will insure and ship loose stones (they do allow JEWELRY but not loose stones) and FedEx won't allow it either.

so i guess for a loose stone the only way to ship would be the USPS ??

oh and as for the loose stone being set and insured, i dont think you can get a loose stone insured against setting damage. that's part of the reason why on here it's typically recommended to have the stone owner (aka the vendor you buy it from) set your stone rather than the setting company.

 

[sunkist]

No, I meant USPS overnight insured. I'm not sure if they can register it. Is tracking it just as good? This is what I was looking at
http://www.usps.com/all/shippingandmailing/overnightguaranteedpackages.htm

I gues aka. Express Mail. Oh, and it says I can get a signature upon arrival too.

 

[diamondfan]

I do not know a lot about this, but my cousin is a jeweler and I know she ships things that are quite expensive and sends things out on memo to clients in other states. is there a gem courier service or someone like Brinks who has the means and the safety procedures to get a stone to and from a vendor properly? I cannot get the italics off I am sorry!!!

 

[Mara]

oh hmmm not sure about Express Mail, I guess if you can insure up to $5k and it doesn''t say no loose diamonds then you''re golden! let us know how it goes...!!

i also amended my post up above to respond on the insurance while setting ...personally i would have the vendor for the stone (aka WF) set your stone into the lockes setting. not the other way around.

 

[Mara]

OH and you ARE planning to take some beauty shots of that charmer before shipping it off right? RIGHT?!

 

[Richard Sherwood]

Yes, USPS Overnight Express Mail can be insured up to $5000, and it''s good transport.

 

[sunkist]

Diamondfan, no worries about the italics. You just look a little stressed! hehe

Mara, the thing about the Lockes setting is they say that they custom make the setting to perfectly fit your stone, so they need the stone there to make the setting I guess. I''ll check into this for sure, but that''s what I understand. They (Lockes) even has a form that you have to sign to waver any liability... Too scary?

I dont'' know I''m feeling ok about it, but then for me it always seems like something goes wrong

 

[sunkist]

Oh! And YES I''ll take more pics of my girl before she sent out to be set

 

[sunkist]

Date: 5/24/2006 1:26:21 AM
Author: Richard Sherwood
Yes, USPS Overnight Express Mail can be insured up to $5000, and it''s good transport.

Thanks, Richard

Plus I feel really good about it only being in transit 1 day.

 

[diamondfan]

Okay, color me confused and not italicizing thank heavens...

you own the stone loose and are sending it to be set. It is not currently insured? I cannot see the rationale of the insurance industry but that is another thread! So it is not covered til it is set, not even with your homeowner''s general policy? (I admit to knowing little about insurance company terms)

that''s why I was wondering about a courier service that is used to dealing with expensive or high value stuff. it is covered by them while in transit, but that does not help you with it then being in the hands of the setter...

 

[Mara]

Date: 5/24/2006 1:35:24 AM
Author: sunkist

Date: 5/24/2006 1:26:21 AM
Author: Richard Sherwood
Yes, USPS Overnight Express Mail can be insured up to $5000, and it''s good transport.

Thanks, Richard

Plus I feel really good about it only being in transit 1 day.

This is totally my hangup too. I can''t stand the thought of my item floating around in transit in random hands for 5 days. Yikes! Something small like a bracelet or something, maybe but anything else no!

 

[sunkist]

Date: 5/24/2006 1:42:46 AM
Author: diamondfan
Okay, color me confused and not italicizing thank heavens...


you own the stone loose and are sending it to be set. It is not currently insured? I cannot see the rationale of the insurance industry but that is another thread! So it is not covered til it is set, not even with your homeowner's general policy? (I admit to knowing little about insurance company terms)


that's why I was wondering about a courier service that is used to dealing with expensive or high value stuff. it is covered by them while in transit, but that does not help you with it then being in the hands of the setter...

I don't know much about insurance co.'s either, just learning

I don't have homeowner's insurance. I'm renting... I don't have any insurance in my name actually. Perhaps my boyfriend could put it on one of his car insurance policies, but from reading threads it still seems that no one insures loose stones

I'll definitely have him check.

But, she'll be insured for the ride over there. But not while she's being set. But don't you think that there is more risk in transit than while a jeweler is setting a stone? Maybe?

 

[Mara]

There is risk when the setter is setting it that something could happen to the diamond. But I would imagine that the chances of anything happening to it with an experienced setter are VERY SLIM. It is stressful to think about though. Don''t worry!! I''m sure Lockes has set tons of diamonds before and yours wil lbe fine!!

 

[perry]

The only way to get positive insurance for most individuals is to ship it by United States Post Office.

I personally would just use registered express mail and let it take several days to come in.

FedEx does not actully insure anything but the cost they charge you for shipping things. What they in fact offer is a "consideration or loss" - which means that they decide if they want to pay or not. From a practical standpoint - if a plane crashes or burns up on a runway (which has happened) - they pay it. Otherwise, if they just loose it or damage it - they will consider if they want to pay it or not. There have been previous threads on this - and people not paid.

FedEx states - under pressure - that they cannot actually sell insurance without being registered in all 50 states; and that they do not want to do that. That sounds right as I once held an insurance licesnse in my home state.

I am not sure of UPS; except I have never heard of them offering insurance on gemstones.

Vendors have their own master jewelers insurace that covers them if FedEx or other registered packages get lost and the carrier does not Which is why they often ship via the common express companies.

Perry

 

[jaz464]

Despite the fact that registered mail takes longer, it is safer. The package is always required to be under lock and key. Express mail is overnight or 2 days, depending on where it is going. Getting there overnight is not guarranteed.

I would not let someone set my diamond that did not take liability for it while doing so. It may be rare but jewelers do chip diamonds while setting them and why take that chance? You would have no protection.

 

[diamondseeker2006]

I just sent a ring back registered yesterday because it's value is over $5000. There is no such thing as registered and express. But I am not worried because registered is very safe. The package is under lock and key the whole time and each person who touches it has to sign for it as well as the person receiving it.

I also would not have an uninsured diamond set unless it was covered by the person setting it. We had a person on PS who had a stone sent back chipped recently, and it was a very good thing it was covered by the vendor. That is more than likley why I'll get the diamond vendor to set it as well.

P.S. my PO worker told me that the Hope diamond has actually been shipped by registered mail before!!!

 

[froufrou]

sunkist...i am having the same problem, with trying to figure out how to get my stone set but keep it insured.

I bought my stone from Bluenile so there is no way they will set it for me, unless in one of their not so fabulous settings. does anyone know of which online jewelry company would insure the stone against chipping, so i could send it there to be set? none of my local jewelers appear to insure for this. they do insure against fire damage and earthquake damage, i thought that was funny.

also though i called Chubb Insurance and they said they would insure a 5,000 plus appraised diamond for 60 days while it is loose, if that helps anyone (doesn''t really help me cause mine''s a little less than that).

 

[jaz464]

WF set mine in a custom setting they made and insured the diamond, even thought I didn''t buy the diamond from them

 

[Mara]

actually diamondseeker that''s a funny point re: matatora''s stone being chipped because she also has a lockes setting. sunkist, do you know if lockes set hers or if she had WF do it? i would imagine if she had lockes set it that they would not have insured the stone safe either while setting, and i don''t know that i would have been so brave to have my brand new upgraded stone set by a party who wouldn''t take responsibility for a $14k diamond after my old stone had just been chipped! but i guess it turned out okay? so that''s a good vote then sunkist!

 

[squawks]

Not mentioned yet is the fact that you can just ship via USPS registered priority mail. While it''s not obviously as fast as overnight the package will still arrive in 3-5 days and better yet, you can insure the registered package up to multi-million dollar values (there is no limit).

I don''t see how 3-5 days can kill you compared to overnight delivery.

FedEx and UPS do not insure packages - online vendors who ship to you via FedEx/UPS have their own binding insurance agreements.

 

[sunkist]

Date: 5/24/2006 10:41:55 AM
Author: froufrou
sunkist...i am having the same problem, with trying to figure out how to get my stone set but keep it insured.


I bought my stone from Bluenile so there is no way they will set it for me, unless in one of their not so fabulous settings. does anyone know of which online jewelry company would insure the stone against chipping, so i could send it there to be set? none of my local jewelers appear to insure for this. they do insure against fire damage and earthquake damage, i thought that was funny.


also though i called Chubb Insurance and they said they would insure a 5,000 plus appraised diamond for 60 days while it is loose, if that helps anyone (doesn''t really help me cause mine''s a little less than that).

Ya, mine is under $5000 too. Since it is common for appraisers to inflate the appraisal price, I wonder if you to ask them to appraise it for $5000. eh, they probably wouldn''t do it. But if you could get them too, then you could use that paper at least once for Chubb''s 60 day insurance! The higher premium for just that one time would be worth it, I''m sure.

 

[sunkist]

Date: 5/24/2006 11:51:19 AM
Author: Mara
actually diamondseeker that''s a funny point re: matatora''s stone being chipped because she also has a lockes setting. sunkist, do you know if lockes set hers or if she had WF do it? i would imagine if she had lockes set it that they would not have insured the stone safe either while setting, and i don''t know that i would have been so brave to have my brand new upgraded stone set by a party who wouldn''t take responsibility for a $14k diamond after my old stone had just been chipped! but i guess it turned out okay? so that''s a good vote then sunkist!

Yes, you are right Mara. It was Matatora''s whose first stone was chipped and her second stone she has set by Lockes who did not insure it, instead of WF again. She also said she had to sign the waver. And of course everything went fine with her diamond and setting! So that is reassuring, and her stone was much bigger than mine.

 

[sunkist]

Date: 5/24/2006 12:11:42 PM
Author: squawks
Not mentioned yet is the fact that you can just ship via USPS registered priority mail. While it''s not obviously as fast as overnight the package will still arrive in 3-5 days and better yet, you can insure the registered package up to multi-million dollar values (there is no limit).


I don''t see how 3-5 days can kill you compared to overnight delivery.


FedEx and UPS do not insure packages - online vendors who ship to you via FedEx/UPS have their own binding insurance agreements.

Squawks, this may be the best option. Having it registered does sound really good. Even the PO recommends registering it if it has a greater sentimental value. I guess we''ll do this...

 

[froufrou]

its possible it woudl get appraised above 5,000? i was kind of annoyed because when I bought from Bluneile they had all this stuff on their website about how they offer a free appraisal which you can use to get insured w/ chubb, then when i get my diamond it turns out that the appraisal only comes if you buy a setting from bluenile too.

i wonder though if chubb wouldn''t have some kind of waiver that says the setting of the diamond is not included in the insurance anyway. i could see them doing that cause it would be considered not normal wear and tear or something like that.

 

[Mara]

Date: 5/24/2006 12:11:42 PM
Author: squawks
Not mentioned yet is the fact that you can just ship via USPS registered priority mail. While it's not obviously as fast as overnight the package will still arrive in 3-5 days and better yet, you can insure the registered package up to multi-million dollar values (there is no limit).

I don't see how 3-5 days can kill you compared to overnight delivery.

FedEx and UPS do not insure packages - online vendors who ship to you via FedEx/UPS have their own binding insurance agreements.

Actually USPS registered priority mail is basically the exact same as the USPS regular registered insured mail. If you ask your PO they will tell you that the Priority stuff travels the same routes and paths that the regular ole RI mail does, they just charge you more for it. They won't turn down extra $$. If it's registered and insured, then regardless if you do Priority or Regular Insured Registered it takes the same amount of time. It's not their typical 2-3 days like for regular Priority packages.

Also UPS DOES insure jewelry (set stones) as I have shipped this way to a vendor before and been able to insure my ring. It is overnight and it cost me about $70 to insure and send the package but it was there the next AM and I felt way better knowing that. Just a mental thing. However in the future I'd probably do what sunkist is doing now for Express Overnight with USPS for an item under $5k.

 

[Mara]

Date: 5/24/2006 12:27:19 PM
Author: froufrou
its possible it woudl get appraised above 5,000?

It doesnt matter if it gets appraised for over $5k. You should insure the item for what you paid plus a little buffer, aka so if it WAS actually lost tomorrow, you would have enough to cover replacement of the diamond, not 2x the replacement etc.

 

[sunkist]

Date: 5/24/2006 12:41:50 PM
Author: Mara

Date: 5/24/2006 12:27:19 PM

Author: froufrou

its possible it woudl get appraised above 5,000?

It doesnt matter if it gets appraised for over $5k. You should insure the item for what you paid plus a little buffer, aka so if it WAS actually lost tomorrow, you would have enough to cover replacement of the diamond, not 2x the replacement etc.

So even though an appraisal states an amount for a little less than $5000, I can tell them i want to inflate it to $5000 and they''ll accept any $$ I say (reasonably)?

 

[Mara]

honestly i would take what you paid for it and add a little bit of $$, if that is close to the appraisal value then use that...i don''t use the appraisal values if they are off from the replacement mental value. i just wouldn''t want you to pay for $5k of insurance and then if anything happened, they may only pay what the appraisal says or what you paid for it. just thinking out loud here.