PS has already been really helpful in choosing a diamond, and I finally made my purchase today. It arrives tomorrow morning for inspection, and I want to make sure I get the next steps right.
I bought a loose diamond, and have a local jeweler that will be doing the setting.
I cannot bind insurance through Jewelers Mutual until I have a receipt for the setting as well.
My plan is to inspect the diamond tomorrow upon arrival, and if it checks out, go to the jeweler and finalize the purchase of my setting. I can then submit my receipts for the stone and setting to JM along with my application to get coverage.
Then I would take the stone in, have it set, then have it appraised, and be done?
Am I missing anything?
On a related note, it looks like JM's policy has a $10k maximum for payout, is that normal? I know JM is one of the most reputable options, but it seems odd to me that they set a $10k limit? It says they can choose the lesser of these three options:
1. 25% of the total limit of insurance for "covered property" shown in the policy
2. $10,000
3. Our cost to repair, replace, or rebuild the newly acquired property with material of like kind and quality.
So if they can't find a suitable replacement, they can settle for $10k? Also, it says that the choice is at their option, so does that mean I would have no say in the diamond they chose as a replacement?
I bought a loose diamond, and have a local jeweler that will be doing the setting.
I cannot bind insurance through Jewelers Mutual until I have a receipt for the setting as well.
My plan is to inspect the diamond tomorrow upon arrival, and if it checks out, go to the jeweler and finalize the purchase of my setting. I can then submit my receipts for the stone and setting to JM along with my application to get coverage.
Then I would take the stone in, have it set, then have it appraised, and be done?
Am I missing anything?
On a related note, it looks like JM's policy has a $10k maximum for payout, is that normal? I know JM is one of the most reputable options, but it seems odd to me that they set a $10k limit? It says they can choose the lesser of these three options:
1. 25% of the total limit of insurance for "covered property" shown in the policy
2. $10,000
3. Our cost to repair, replace, or rebuild the newly acquired property with material of like kind and quality.
So if they can't find a suitable replacement, they can settle for $10k? Also, it says that the choice is at their option, so does that mean I would have no say in the diamond they chose as a replacement?
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