Please explain to me how insurance works...

[zomby woof]

So I will be buying a loose stone from James Allen tomorrow (thanks to all of your help!!) Mark Morrell will be setting it in a Torchiere Petite with the hidden stones. My question is this: how do I go about insuring the stone between the time I receive it in the mail and when I receive the finished product?

 

[arjunajane]

Zomby, there is no "right" answer, but there seem to be 2 popular methods for PS'ers to insure their erings..

1) Enquire with your current contents insurer if they offer a "Personal Valuables" or such like policy that you add on to your contents/homeowners insurance. You will need to ask the right questions of underwriting or a claims officer, to make sure they will cover the stone while it is being set by MM - as you know, MM does not offer cover for your diamond while setting it...

this brings me to point 2).. Apparently only a couple of insurers will cover a loose stone while it is being set and then cover it as the finished product - these are Jewelers Mutual and (I think) Chubb. You will need to contact a rep/broker for these Co's and enquire about pricing a policy. These will be "stand alone" policies that cover just the ring, and anywere in the US for loss, theft or damage. But of course, it is worth checking with your current insurer first.

Hope that helps a bit - if you do a search there have been Tons of threads on this topic

ETA: here are a couple imformative threads to get you started, where the experts have contributed - Neil Beatty is one of the independent appraisers who posts on here and always has very helpful info on insurance.
https://www.pricescope.com/community/threads/insuring-ring-with-jewelers-mutual-chubb-wont-insure.44897/

https://www.pricescope.com/community/threads/two-specific-questions-about-jewelry-insurance-polices.57539/