Ring on order from WF, what next?

[J2K]

OK, so I ordered a diamond + custom setting from Whiteflash to be delivered soon, yay! The ring is set to be delivered with a "letter of verification from an independent appraiser". Do I need to get it appraised locally as well? or will this be sufficient for insurance purposes? The reason I ask is that I really need to get the ring insured quickly, as I will be leaving town (going to Vegas to propose) the day after the ring is set to arrive.

Thanks in advance for the help!

Oh, and the ring consists of a RB .91ct F SI1 (eye-clean) GIA ex/ex/ex, HCA = .8 ex/ex/ex/vg and a setting very close to the following:

 

[angeline]

I guess it might depend on what type of insurance you get. I have ins with Chubb who pay out in cash in event of a loss. As my ring is new I just insured using the invoice from WF. The letter of verification is generally the value if you were to buy from a B&M and so is much higher. I don't like paying the premiums on that higher value.

After a year I will get another appraisal locally but let the appraiser know I am interested in the value if I were to replace via the internet again, i.e. appraise with someone who is familiar with the internet market.

So I guess I am asking if you know who you will be insuring with? Touchstone have a link from WF's site and they do Chubb insurance. That's who I am with. You can just use your invoice from WF and maybe after the proposal you can do the full appraisal thing if you want. At least it will be covered for what you paid while you are in Vegas. You can set this all up now with them as I assume you have the 'Paid' invoice from WF.

HTH

edited to add: That ring is gorgeous! One of my favourite designs. Pics please when you get it!

 

[J2K]

Thanks for the ring comments... I really like it, and hope that my GF does too!

I''m not sure yet who I''m going to insure with. I was planning on calling my current insurance agent to find out if they insure jewelry, and if they do, what their policies are, then call around and compare. From what I''ve read, Chubb and Jewelers Mutual are the 2 most common for jewelry, so I would probably look into those.

 

[ChargerGrrl]

FABULOUS ring- congrats!

Angeline is spot-on with the insurance/letter of verification info. That was all Chubb needed to get me started in ''05. I''m now with another insurance co (tied into my homeowners), and the letter worked for them too.

 

[marchswallowbird]

The letter of appraisal from Whiteflash will suffice for insurance, BUT they base their appraisal based on prices that would be similar to what you would pay at a very high end jeweler, not what you actually paid. At least they did this with me when I got my ring from Whiteflash. You will see this noted on the appraisal report they send you, in fine print. What it means is that your ring is appraised at much more than you paid for it, which, while nice to know, will translate into a higher insurance premium. Definitely get an independent appraisal on your own. An independent appraisal will provide you with a figure that is closer to what you actually paid for it, which could lower your insurance premium significantly.

P.S. The ring is gorgeous. Any more pics?

 

[J2K]

Thanks everyone!

I will contact Touchstone and my current auto/homeowners insurance provider tomorrow. I will at least get "some" insurance immediately and then if I feel the need I will research it further and switch companies when we come back from our trip. At that point, I won''t have to hide things from her and it will make it much easier.

I don''t have any pictures of the actual ring, since it''s not even here yet When I get it, I''ll try to snap some quick pictures and put ''em up here before we leave. I''m slightly nervous because in order to get the ring on time, I have to forgo the CAD drawing. I should be pretty safe though, since WF makes a ring that is pretty much what I asked for... except I wanted channel set side stones and their stock setting is bead set.