Question about Leon Mege and insurance

[LE]

Hi everyone,

I''m having two RB stones appraised on Tuesday (the 1.416ct. GOG stone that I posted last week and a 1.31ct. WF stone) before making my final decision.

Should I get insurance on the loose stone immediately after purchase if I plan on sending it to Leon Mege in the next few weeks? I decided to wait until I had the stone to contact him about a custom, platinum solitaire. I''ve read in many posts that reputable jewelers do not require insurance for the setting process, but I can''t find info on Leon specifically.

Also, is it customary for appraisers to look at the finished ring to make sure that nothing has happened to the diamond during setting? Is there usually a fee for this?

This is my first ring-buying experience. Most of my friends have bought their diamonds already in a setting from a B&M, so I''m clueless. Thank you for all of your help so far... I''m so happy that I found Pricescope!

Lauren

 

[neatfreak]

Almost ALL jewelers do not provide insurance for your stone while it is being set. Be safe and get it insured before you send it off to LM.

 

[lyra]

I second that, definitely get insurance asap.

I think I should set my signature to "insure, insure, insure!". I''m a bit of an insurance pusher, but it''s a necessity.

 

[denverappraiser]

Most jewelers have insurance that covers things like theft and fire while your things are is in their possession but this does not cover damage to the stone during the setting process. Although the risk is low this is a concern for many clients. There has been quite a bit of discussion on this lately in the forum. Some jewelers will assume this risk and include it as part of their fees while others won't. Ask. After you choose your stone, check with your jeweler and your insurance provider about their coverage for this. Most of the insurance companies won’t do it but I know Jewelers Mutual will and I’ve heard that Gemshield has a similar sort of program that started recently. Talk to your agent or the insurance company home office.

Yes, it’s best to have the final ring inspected by the appraiser. This provides a benchmark for the condition of the item at the beginning of the insurance contract as well as allows an opportunity to use the appraiser as an expert quality control step. Appraisers arrange their fees differently from one another. Some will bundle it all together for one fee while others charge separately for each service or will charge by the hour for however long it takes to do whatever it is that you require. They will all be happy to discuss their offerings and their fee structures before starting or proceeding with any work and you can decide what works best for your requirements.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[ericad]

I was told by jewelers mutual that they won''t insure loose diamonds! If this is not the case, I''ll call them back as my loose OMC will be set within the next few weeks. I''ve had a lot of anxiety about having it while uninsured

 

[ericad]

Ok, just called them and they can insure the loose diamond for "workmanship" coverage which will cover any damage during setting, as long as you have documentation for the setting you will be putting it in. For example, my stone is with Ari @ singlestone and he''s going to be making a custom setting. As long as he provides all the specs on the ring, including value of the setting, and you have appraisal docs on the loose stone, jewelers mutual will provide coverage. I''m getting on it now - so glad I read this thread!

 

[Char D]

Dear Cut Rock: Indeed, Jewelers Mutual will insure loose stones during the setting process. Ask for an insurance appraisal for the stone and the setting, along with applicable taxes. Submit that appraisal with your application and payment BEFORE the stone is set.

When you have confirmation that the policy is in place, tell the jeweler to set the stone. Not only will you have coverage while the jeweler is setting the stone, you will have insurance for an entire year for breakage, loss, theft, and even mysterious disappearance.

Donna Syverson
Jewelers Mutual