Requirements for Jewelry Insurance???

[LEO140]

If I were to use Jewelers Mutual, for instance, what would I need to give them to have the ring insured aside from an appraisal? My concern is that I do not have a sales receipt for my diamond and the only receipt I would have is from Tacori as the ring is in the process of being made. I purchased the diamond through a friend in the diamond business so I did not purchase the diamond from the store that sold me my setting. Thanks for your help!

 

[denverappraiser]

Appraisal. Money. Application.

 

[LEO140]

Easy enough! Thanks for your prompt reply!

 

[drk14]

Is there a reason your "friend" can't give you a receipt for the diamond? It wouldn't have to be anything fancy, but he/she could at least type up a memo that lists the specifications of the diamond as well as the date and price of the sale. If you submit this, along with the Tacori receipt, to JM, they will be able to insure your diamond against any damage that may occur during setting.

You can then submit an appraisal later, and also adjust the total insured value if necessary (i.e., if the appraised replacement value is significantly different from what you paid for the ring).



ETA: I'm assuming above that you have not already had an appraisal done on the loose diamond. This would be the preferred course of action (in which case you would submit to JM the diamond appraisal and the Tacori receipt for the setting, in order to get insurance during the setting process). If you don't have an appraisal on the diamond, my recommendation is as above -- use the receipts to get initial insurance coverage, then submit an appraisal later.

 

[MollyMalone]

just fyi: Jewers Mutual/Perfect Circle accepts a sales receipt in lieu of an appraisal only if the item to be insured sold for $5000 or less (this limitation on the acceptance of sales receipts is under the Application tab on the web site's FAQs). I'm guessing your diamond + Tacori setting is costing you more than $5000, so you would need an appraisal even if you had right now a sales receipt for the diamond.

 

[drk14]

just fyi: Jewers Mutual/Perfect Circle accepts a sales receipt in lieu of an appraisal only if the item to be insured sold for $5000 or less (this limitation on the acceptance of sales receipts is under the Application tab on the web site's FAQs). I'm guessing your diamond + Tacori setting is costing you more than $5000, so you would need an appraisal even if you had right now a sales receipt for the diamond.

Although this policy may be on their FAQ, I'd like to clarify for OP that in my own recent experience, I was able to get coverage for >$5k using only a sales receipt. Nonetheless, YMMV, so the best thing to do is to simply call JM and ask the rep. My advice is unchanged: if possible, get an appraisal on the loose center stone and use it (along with a sales receipt for the setting) to get insurance coverage against damage during setting; otherwise use detailed sales receipts for both the stone and setting when applying for insurance (can't hurt to apply, even if JM may reserve the right to deny coverage without appraisal in some circumstances). After setting, get an appraisal on the complete ring and update your insurance coverage accordingly.