Setting change / insurance question

[firsttimer]

Hi everyone,

thanks to all you help earlier I got a great diamond from whiteflash and sucessfully got engaged. I originally concentrated on the diamond itself knowing that the setting choice would change. My fiancee has been looking around, and has found one that she really likes. The question that i have is regarding the actual setting change. Currently, the ring is not insured. I was always under the impression that it would be easier to insure after the setting change. When we were at the store she found the setting in, they said that they were not liable for anything in the event something happened during the change. I can understand that thinking given that we didnt buy the diamond there. Now if we got insurance, we would have to get it under her name as she is the one that wears it right? secondly, does insurance cover setting changes? thirdly, should we continue to shop around until we find a store that would take responsibility for the diamond if they should harm it in the switch?

 

[diamondseeker2006]

My opinion is that the diamond needs to be insured regardless of the setting. Our insurance is in both names. Not sure how that works before you''re married, but I''d try to put it in both names in case you later want to add other jewelry items. I imagine you could add on the setting later if it is so expensive that it needs insurance.

In any event, I surely wouldn''t turn my diamond over for setting without insurance.

 

[princessv]

There are stores that will fully cover your diamond in the unlikely and unfortunate even it breaks during resetting.

 

[Mimikins24]

Firsttimer, I am also wondering if ring insurance must be in the wearer''s name. When my BF and I finally decide on a ring, I would prefer if the insurance is in his name, but I don''t know whether this possible or if it affects the coverage. I would also appreciate if anyone can chime in with advice in this regard.

 

[denverappraiser]

If the owner and the wearer are different, the insurance should usually be in the name of the wearer. Ask your insurance agent because the rules differ in different states and between different companies. This is an important question if you don’t live together and especially if you live in different states.

Yes, there are jewelers who will take liability for setting a stone that they didn’t sell but, not surprisingly, these aren’t usually the cheapest setters. If you can do it, I recommend it anyway because it reduces your stress level and the setter is in a better position to assess the risks than you are. In most cases your risk is quite low but I always liked the idea of having the setter betting their money on their skills. It seems like everyone’s objectives are more aligned this way.

Neil Beaty
GG(GIA) ISA NAJA
Professional Appraisals in Denver

 

[firsttimer]

Some more info that i''ve picked up from calling liberty mutual ( my home insurer) and nationwide (cold call for info)
liberty mutual said it would be considered negligence and not covered if the diamond were to chip if i insured the entire ring if i wanted to swap settings. i asked about insuring only the diamond and they said they would check with the underwriters and find out.
talking to nationwide they said that i should be able to schedule the diamond with liberty mutual and then add the setting in later.

So it seems the best route to go would be to try to insure the diamond itself first, then add the setting in later.

Checking the appraisal that i have, regarding the diamond it clearly states
brilliant cut
exact weight and sizes of diameter/depth
clarity/color and perfect condition
cultlet neither abraded nor chipped
exhibits H&A effect
dated back in november

is the november apprasal date considered too far back? would those terms on the appraisal be enough to get back in similar fashion if something were to happen? now i''m looking to see if i should get another apprasal done. what do you think?

Thanks!