Questions about Jewelers Mutual Insurance

[Cricketcat]

Hello,
I have a diamond arriving this week from Brian Gavin. It is going to be set with a local jeweler. Jewelers Mutual told me the appraisal from the jeweler for the setting will work for insurance purposes for the setting portion, and the detailed sales receipt from Brian Gavin will work for the diamond. At what point do you insure? Do you wait for the diamond to arrive to make sure you're going to keep it? And then once you apply for insurance, how long does it take to have a policy in effect ( same day, 2-3 days, etc.)? Thanks for any information.

 

[WinkHPD]

For sure I would insure prior to letting the jeweler set the diamond. It is very rare for anything to happen to the diamond, but what a shame if something does. Your jeweler will not assume any liability for a diamond purchased elsewhere, nor should he.

I can not answer how quickly, but I would be surprised if it is not same day.

Wink

 

[darren]

JM will insure same day as long as the appraisal value is under a certain number, I forget the exact amount though. You will have to make full payment for the policy first. They will also temporarily insure a loose diamond as well, with the assumption that the policy will be updated within a certain period with the setting details.

I agree with Wink, insure the item sooner than later. If a situation occurs at your local jeweler, either with the diamond during the setting process or a loss/theft, you will be covered.