Hi everyone-
I received my policy for my future e-ring that we did through JM, and I have a concern I wanted to see if anyone knows something about. Under the "How much we Pay" section, it says: "Our cost to repair, place or rebuild the ring with material of the same kind and quality to the extent practicable. When we replace or repair the covered property, it will be from the stock of the jeweler from whom the covered property was purchased or from another jeweler who is approved by us."
My concern is the "OR from another jeweler who is approved by us" part. I have the Vatche U-113 setting, which is what I'd want if I ever had to file I claim. Does that "OR" come in when for some reason the original setting is no longer being made, or can they just decide to use the OR if they just wanted to give you a cheaper look alike setting?
My item Description item has my exact 1.43 diamond listed, but for the setting it just lists "LDS ENG 14 KT TTG MTG" which I am reading as Ladies Engagement 14KT two toned (since my band is YG and my prongs are WG) Mounting". So it doesn't even look like my Vatche U-113 got listed on there, so I am concerned I wouldn't get that back again if I were to suffer a loss.
It looks like I they can replace it for cheaper than the actual covered amount (10,250) in my case, then they would replace it instead of giving me a check to replace the ring. I If I wanted a cash option, would they give me that cash amount of what they were able to replace the ring for? And would that include the Vatche U-113 or would it just include a cheaper Vatche Look alike, that I dont want? Or if giving me a cash option altogether is an NOT an option, my concern about my size and clarity make me nervous. I have a 1.43 K GIA triple ex, and I had to work hard to find that carat weight which gave me a much better price than hitting that 1.5 mark... but in my months of searching it was really the only one I found so you don't find many in the 1.4 range at all. Also my SI2 flaws are ones that work for me- they a prongable on the edges of the ring and a couple on the sides. What would they do for a like kind in my case, since I there aren't handfuls of other 1.43K excellent cut eye clean SI2's floating around out there?
I guess here are my two questions. Do I need to get them to write into my insurance that I have the Vatche U-113 and that is what I would only accept in the case of a loss? If for some reasons he didnt make them anymore, I'd want to pick my new setting, not let them pick for me! Also, I would want to pick my new diamond- not let them do it!
If I were subject to a loss is there a way I could just get them to write me a check for the apprised amount, so I could do all the new selections myself?? It says they will do what costs less to them- so I assume that means replace my ring.
I know these were so many questions but I dont want us paying for a policy that doesnt even cover the exact setting we have, nor would I want to let them pick out a like kind diamond for me, since my diamond specs are tricky.
Please let me know what you all think. I clearly need help! I am going to call them, but I wanted to hear from others who know much more about jewelry insurance first. I want to make sure i get this right.
Thanks so much!
Jessica
I received my policy for my future e-ring that we did through JM, and I have a concern I wanted to see if anyone knows something about. Under the "How much we Pay" section, it says: "Our cost to repair, place or rebuild the ring with material of the same kind and quality to the extent practicable. When we replace or repair the covered property, it will be from the stock of the jeweler from whom the covered property was purchased or from another jeweler who is approved by us."
My concern is the "OR from another jeweler who is approved by us" part. I have the Vatche U-113 setting, which is what I'd want if I ever had to file I claim. Does that "OR" come in when for some reason the original setting is no longer being made, or can they just decide to use the OR if they just wanted to give you a cheaper look alike setting?
My item Description item has my exact 1.43 diamond listed, but for the setting it just lists "LDS ENG 14 KT TTG MTG" which I am reading as Ladies Engagement 14KT two toned (since my band is YG and my prongs are WG) Mounting". So it doesn't even look like my Vatche U-113 got listed on there, so I am concerned I wouldn't get that back again if I were to suffer a loss.
It looks like I they can replace it for cheaper than the actual covered amount (10,250) in my case, then they would replace it instead of giving me a check to replace the ring. I If I wanted a cash option, would they give me that cash amount of what they were able to replace the ring for? And would that include the Vatche U-113 or would it just include a cheaper Vatche Look alike, that I dont want? Or if giving me a cash option altogether is an NOT an option, my concern about my size and clarity make me nervous. I have a 1.43 K GIA triple ex, and I had to work hard to find that carat weight which gave me a much better price than hitting that 1.5 mark... but in my months of searching it was really the only one I found so you don't find many in the 1.4 range at all. Also my SI2 flaws are ones that work for me- they a prongable on the edges of the ring and a couple on the sides. What would they do for a like kind in my case, since I there aren't handfuls of other 1.43K excellent cut eye clean SI2's floating around out there?
I guess here are my two questions. Do I need to get them to write into my insurance that I have the Vatche U-113 and that is what I would only accept in the case of a loss? If for some reasons he didnt make them anymore, I'd want to pick my new setting, not let them pick for me! Also, I would want to pick my new diamond- not let them do it!
If I were subject to a loss is there a way I could just get them to write me a check for the apprised amount, so I could do all the new selections myself?? It says they will do what costs less to them- so I assume that means replace my ring.
I know these were so many questions but I dont want us paying for a policy that doesnt even cover the exact setting we have, nor would I want to let them pick out a like kind diamond for me, since my diamond specs are tricky.
Please let me know what you all think. I clearly need help! I am going to call them, but I wanted to hear from others who know much more about jewelry insurance first. I want to make sure i get this right.
Thanks so much!
Jessica
300x240.png)