stand alone insurance

[Atenay]

So I finally have the ring, and am now in the process of trying to find insurance. I wanted to go with Chubb, because I heard they have stand alone policies and don''t require an appraisal (I have an old one, from 1993 I think, and a new one from tiffany''s costs $200, which isn''t really in my budget right now, especially on top of insurance costs themselves). However, all the Chubb agents I have talked to say that they cannot write stand alone policies for items under $25000. My ring cost me $2000 and it would cost me maybe $5000 at the most at tiffany''s to replace it. What should I do? A cash buyout is less important to me, because the ring needs to be replaced with another tiffany ring of comparable quality, a tiffany ring shouldn''t ever be replaced with a non-brand ring, correct? This is also why I don''t think a current apprasial is as necessary. I would like the insurance to cover repairs though. Is there another company who can do this for me? I do not have homeowners, renters, or auto insurance- I only want a STAND ALONE policy, which is difficult to communicate to insurance agents.

An unrelated question, since I''m already posting. Tiffany says it is against their policy to change the name of the original owner in their computers. Several people here have reported doing this- why would they refuse to do that for me? So my ring is in their records as belonging to the person who owned it originally. Will this be a problem do you think?

 

[denverappraiser]

Try Touchstone Insurance. They’re a Chubb agent licensed in all 50 states and they're pretty agreeable to smaller dollar clients (as well as big ones).

I really do recommend you get an appraisal done even if the insurance company doesn’t require it. I gather that you were not the original client for the appraisal and there's quite a bit that could have happened since 1993. It serves as a baseline of what you have as well as identifying the current condition. Tiffany has lots of competitors in the appraisal business, many do much more thorough work and most are significantly less expensive.

If the cash payment policy isn't important to you I think you will find Chubb has several competitors who will replace a Tiffany with a Tiffany and who are considerably less expensive. Touchstone also sells a policy called Gemshield that you might consider as well as competitive offers by Jewelers Mutual. Depending on where you live, this sort of policy can be half or less of the price.

Most insurance, including the standard Chubb policy do not cover routine repairs.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Jewelry Appraisals in Denver

 

[Atenay]

Thanks for the info! I live in Massachusetts right now but am moving to CT this summer when I graduate- I would like to get insurance that will be valid after I move. GemShield looks good and I am looking into Jewelers Mutual as well. I can use these if I get an appraisal, and I know you said that a tiffany ring does not have to be appraised by tiffany''s (apparently I got some incorrect advice in the past), but where should I begin looking to find an appraiser who can give me a reasonably priced appraisal and is in my area, as I would really hate to ship it somewhere, especially as I have just received it.

 

[Diamond Confused]

It's very likely that Tiffany's cannot change the name on file to yours. Most warranties are null and void if the original owner is no longer the proprietor of the item in question. It's actually very common practice.

 

[Atenay]

I am afraid that, because tiffany''s will not change the name of the
original owner in their database, that if I have an insurance claim
there will be a problem, unless I get the ring appraised and verified
at tiffany''s. I called tiffany and the representative seemed really
confused and said there might be problems but in general didn''t seem
as if she got questions about secondhand rings often, which seems
weird to me.
anyway, my question is, if I have the ring appraised by an appraiser
I trust who will let me watch the entire thing and I won''t have to
ship it away for two weeks and charges over $100 less than tiffany''s,
is this going to come back and haunt me if I ever have to file a
claim? Also, can an independent appraiser correctly estimate the
retail value of a tiffany ring?
also, jewelers mutual requires an updated appraisal every 3 years.
will this cost me the same as an original appraisal every time I get
it done, or can I simply adjust for inflation and check for damage
for less $. It is the one thing that makes me hesitate over JM, even
though their prices are lower. Other than that, I think I would go
with them over Gemshield, simply because there is so much feedback
about them on this site that I would feel more secure.

 

[mrssalvo]

atenay, do you have a renters or homeowners policy you can add the ring as a scheduled rider too? it will probably be cheaper and even with a replace with like/kind policy, if you submit a Tiffany appraisal, they''d have to replace with a Tiffany ring. I know the $200 is a lot for the Tiffany appraisal, but I really do think if you can figure out a way to squeeze out the $ for a new appraisal from them along with changing the ownership you will be much better off in the future should you even need to file a claim.

you might also start a new thread asking Tiffany owners who bought their rings second hand how they went about doing it. I''d also call Signed pieces as well and ask them. They might have a good contact person for you that would make things easy.

 

[denverappraiser]

There’s a database of independent appraisers at the top of the page under ‘resources’. If there’s not one in your neighborhood consider shipping it to one of the out-of-town services. There are several who do this.

Estimating value on Tiffany merchandise is usually pretty easy, the tricky part is authenticating and documenting the pieces. Surprisingly, Tiffany staff does not seem to be the best at this. The root of your question seems to be twofold.

#1 Is the Tiffany staff better at identifying and documenting Tiffany work than the independents?
#2 Is the behavior of your insurance company at replacement time going to be different depending on the identity of the appraiser?

In both cases the answer is no. For the first, most independents are very long in the tooth as jewelers go. Many have been doing this for decades, have better equipment and better techniques than the store employees, will spend more time at it and will write more thorough reports. Each appraiser is a different business and some are better than others but the assumption that Tiffany staff are the best is simply not correct.

The second is a little more difficult because it depends on the insurer. They are not all the same. Ask your agent. As a rule, no, it doesn’t make a difference to the adjuster at claims time. ‘Independent’ appraisers actually enjoy an advantage because of the lack of a conflict of interest. Most do more thorough work and provide a better documented case which actually protects your interests BETTER than a Tiffany supplied document. The fact that they’re usually cheaper is just a bonus. If the piece is authenticated as a Tiffany item and defined as such in the appraisal than the company is under an obligation to replace with a genuine Tiffany. If the insurer wants to debate after the fact whether this authentication is valid they will need to subrogate (meaning they sue) against the appraiser, not the insured. Assuming this risk is part of what the appraiser is doing when they sign the report.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver