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To Blue Nile, WF says: eat me (vis a vis insurance)...

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Regular Guy

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Hard to say this politely.

Looks like they''ve seen a major potential area of concern, and addressed it recently.
 

Beacon

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What does this have to do with Blue Nile?

BN has a great insurance program. They are partnered with Chubb and you can buy insurance through Chubb that you could not easily get w/o the BN purchase. Much better pricing than Jeweler''s Mutual, for example.
 

JohnQuixote

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Hi Ira,

Though your title is an attention-grabber, this has nothing to do with anyone else.

Our Touchstone information is offered as a way of helping customers locate insurance with favorable terms - if they want to. We don't sell insurance or benefit financially from this; all dealings and transactions are between the client and insurer. We're hoping customers will appreciate the info and we are keeping Touchstone informed when market values increase.

Thanks for the shout.
 

Regular Guy

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Beacon,

My answer got kicked out when John responded...but I'm guessing his comment is a non-sequitur. You said:




Date: 3/13/2007 4:43:37 PM
Author: Beacon
What does this have to do with Blue Nile?

BN has a great insurance program. They are partnered with Chubb and you can buy insurance through Chubb that you could not easily get w/o the BN purchase. Much better pricing than Jeweler's Mutual, for example.
and I said:

Oh.

And what other vendor provides this articulation with insurers?

Isn't this still my point?
 

sgoehle

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As I am new to this whole area, I have a question that I would like to address to you. I am interested in insuring a ring that was appraised recently at $10,495, although I payed only $5295 for the stone that was put in my existing wedding band. Are appraisals always higher than the price of the individual parts? And if so, why? Also, it was suggested that I insure with Jewelers Mutual Insurance Company. Is this a good company, or are there better ones? I''m unsure where I might find your answer, if indeed you answer via the forum. Thanks, Ladyasterbilt
 

Cehrabehra

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Date: 3/13/2007 4:43:37 PM
Author: Beacon
What does this have to do with Blue Nile?

BN has a great insurance program. They are partnered with Chubb and you can buy insurance through Chubb that you could not easily get w/o the BN purchase. Much better pricing than Jeweler''s Mutual, for example.
I don''t understand any of this thread... except that can I still get a better deal through chubb if I didn''t get it right away when I bought the stone? hmmm......
 

Kaleigh

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Date: 3/13/2007 6:58:52 PM
Author: Cehrabehra

Date: 3/13/2007 4:43:37 PM
Author: Beacon
What does this have to do with Blue Nile?

BN has a great insurance program. They are partnered with Chubb and you can buy insurance through Chubb that you could not easily get w/o the BN purchase. Much better pricing than Jeweler''s Mutual, for example.
I don''t understand any of this thread... except that can I still get a better deal through chubb if I didn''t get it right away when I bought the stone? hmmm......
I''m confused as well...
 

mrssalvo

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Date: 3/13/2007 6:40:36 PM
Author: Lady Asterbilt
As I am new to this whole area, I have a question that I would like to address to you. I am interested in insuring a ring that was appraised recently at $10,495, although I payed only $5295 for the stone that was put in my existing wedding band. Are appraisals always higher than the price of the individual parts? And if so, why? Also, it was suggested that I insure with Jewelers Mutual Insurance Company. Is this a good company, or are there better ones? I'm unsure where I might find your answer, if indeed you answer via the forum. Thanks, Ladyasterbilt
lady asterbilt, many times appraisal's are inflated and then you're paying the premium on an inflated value. if something happened to your stone, the insurance company is going to replace at their cost no matter what you have it appraised for. if it's underinsured that's another story. i'd get a fair market appraisal that is a bit more than you paid for your stone taking inflation into consideration. why pay premiums on more than what the stone is worth or what you paid? You can do a search on jewelers Mutual but they are a good company. many folks here like to find insurance that will cash out so they can take the $ and find their own stone but I believe JM will let you choose who you replace with. For example if you bought your stone through WF they will replace through WF, but best to check on everything to be sure..
 

Regular Guy

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Lady Asterbilt,

It's not uncommon for appraisals to come in considerably higher than the price paid. The question of the consequences of that remains another question. A number of insurers are out there and good. Communicate this fact with the ones you are dealing with, and each in turn can review for you their policies vis a vis that differential, in terms of options you have (to insure for only the higher the amount, or possibly the lower amount, let alone an intermediate amount).

Then...

Date: 3/13/2007 6:58:52 PM
Author: Cehrabehra


Date: 3/13/2007 4:43:37 PM
Author: Beacon
What does this have to do with Blue Nile?

BN has a great insurance program. They are partnered with Chubb and you can buy insurance through Chubb that you could not easily get w/o the BN purchase. Much better pricing than Jeweler's Mutual, for example.
I don't understand any of this thread... except that can I still get a better deal through chubb if I didn't get it right away when I bought the stone? hmmm......
well...I've understood it, until your post. Then again, I initiated it. (I'm not sure what you mean about the better deal...)

Try this....

Boo Yah...you can get insurance (through a facilitated process) with our diamonds, too! (and by the way...apart from BN, are there any other vendors that can say this!)...

 

mrssalvo

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Cehrabehra

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Date: 3/13/2007 7:38:50 PM
Author: mrssalvo

Date: 3/13/2007 6:40:36 PM
Author: Lady Asterbilt
As I am new to this whole area, I have a question that I would like to address to you. I am interested in insuring a ring that was appraised recently at $10,495, although I payed only $5295 for the stone that was put in my existing wedding band. Are appraisals always higher than the price of the individual parts? And if so, why? Also, it was suggested that I insure with Jewelers Mutual Insurance Company. Is this a good company, or are there better ones? I''m unsure where I might find your answer, if indeed you answer via the forum. Thanks, Ladyasterbilt
lady asterbilt, many times appraisal''s are inflated and then you''re paying the premium on an inflated value. if something happened to your stone, the insurance company is going to replace at their cost no matter what you have it appraised for. if it''s underinsured that''s another story. i''d get a fair market appraisal that is a bit more than you paid for your stone taking inflation into consideration. why pay premiums on more than what the stone is worth or what you paid? You can do a search on jewelers Mutual but they are a good company. many folks here like to find insurance that will cash out so they can take the $ and find their own stone but I believe JM will let you choose who you replace with. For example if you bought your stone through WF they will replace through WF, but best to check on everything to be sure..
I''m really worried about the appraisal on my stone... it is just too unusual and everything I see that is close is way more than I paid for mine... but I don''t necessarily think mine is worth more than I paid... I just don''t know if I could replace it for the same money... I have it all documented so let them try to find another VS J blah blah blah, butI think it would cost more to replace it than I paid... right now I''m set to go with jewelers mutual but I wonder if I am underinsured at the value I paid or if they''ll just replace it based on stats or???????
 

Beacon

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Cehra - as I recall you bought your stone from BN. They have an arrangement w/ Chubb. I am not sure if you are actually over the time limit (and I think there is one) for insuring the stone.

I have a really long story to tell w/ Chubb but I won''t bore you. Here are the advantages of Chubb: they will cut you a check for the appraised amount on loss, rather than "replace with like kind". You can do either, your choice. There is no deductible. JM wants 1K.

Once you establish the relationship with Chubb, you can insure your other jewelry, non BN, through them on the same terms.

Generally Chubb will not make this insurance available to you unless you are doing a big policy for all your earthly possessions, but b/c of the relationship w/ BN they will work with you. Call them and see what they can do for you.
 

Regular Guy

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Date: 3/15/2007 1:02:51 PM
Author: Beacon

Generally Chubb will not make this insurance available to you unless you are doing a big policy for all your earthly possessions, but b/c of the relationship w/ BN they will work with you. Call them and see what they can do for you.
I hear that. As I read it, even the friendly guys at Totaldollar now want a $10K starting place to consider insuring a diamond alone...but I presume...like for BN, the new program this thread is designed to acknowledge will cover most WF options, regardless of price. Plus, based on a cursory reading...WF has annexed two insurers...through one agency? A bit confusing to me. But, it seems you can go either fork in the road...getting Chubb in fact, with a bit of patience, and a probable modest premium, or a repair & replace policy, saving a bit, effected more quickly, with a different, but reputedly quality insurer.
 

Cehrabehra

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Date: 3/15/2007 1:02:51 PM
Author: Beacon
Cehra - as I recall you bought your stone from BN. They have an arrangement w/ Chubb. I am not sure if you are actually over the time limit (and I think there is one) for insuring the stone.

I have a really long story to tell w/ Chubb but I won''t bore you. Here are the advantages of Chubb: they will cut you a check for the appraised amount on loss, rather than ''replace with like kind''. You can do either, your choice. There is no deductible. JM wants 1K.

Once you establish the relationship with Chubb, you can insure your other jewelry, non BN, through them on the same terms.

Generally Chubb will not make this insurance available to you unless you are doing a big policy for all your earthly possessions, but b/c of the relationship w/ BN they will work with you. Call them and see what they can do for you.
I''m content to pay a deductable... i''m willing to bet on nothing happening to the ring/stone because I don''t want anything to lol Even still, I can afford to replace 1k but not 20k so....
 

Beacon

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cehra, here''s why Chubb is better than JM: I priced both and the premiums very very similar. But Chubb had no deductible and JM had 1K. Chubb would cut you a check, JM, would only ''replace with like kind''. For you and me, there really is no ''like kind'', so better to have the check and then shop for ourselves, even if it takes a really long time.

This Chubb option of cutting a check is also a decent way to deal with the ''over-appraisal'' problem. Meaning, often people appraise your stone too high, you pay a premium on that high price and then insurer won''t give you that amount in cash, only a ''like kind'' stone, which we all know won''t cost as much as the appraisal. Chubb will actually give you cash. No comparision.
 

JohnQuixote

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Date: 3/13/2007 7:39:35 PM
Author: Regular Guy

Try this....

Boo Yah...you can get insurance (through a facilitated process) with our diamonds, too! (and by the way...apart from BN, are there any other vendors that can say this!)...
Aha. I understand where you were coming from now RG. Thanks for the redux.
 

Regular Guy

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Date: 3/15/2007 7:51:39 PM
Author: JohnQuixote

Date: 3/13/2007 7:39:35 PM
Author: Regular Guy

Try this....

Boo Yah...you can get insurance (through a facilitated process) with our diamonds, too! (and by the way...apart from BN, are there any other vendors that can say this!)...
Aha. I understand where you were coming from now RG. Thanks for the redux.
Ummmmm........well.. but now I don''t actually understand the extent of the innovation. This is from Blue Nile''s web site, and I do understand that, at least up to now, BN & Chubb have had something of an exclusive partnering...although the page at BN speaks to a $5K minimum.
 

Cehrabehra

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Date: 3/15/2007 6:28:30 PM
Author: Beacon
cehra, here''s why Chubb is better than JM: I priced both and the premiums very very similar. But Chubb had no deductible and JM had 1K. Chubb would cut you a check, JM, would only ''replace with like kind''. For you and me, there really is no ''like kind'', so better to have the check and then shop for ourselves, even if it takes a really long time.

This Chubb option of cutting a check is also a decent way to deal with the ''over-appraisal'' problem. Meaning, often people appraise your stone too high, you pay a premium on that high price and then insurer won''t give you that amount in cash, only a ''like kind'' stone, which we all know won''t cost as much as the appraisal. Chubb will actually give you cash. No comparision.
oh I understand the difference beacon - it just seems chubb is better for making claims and I''d rather bet on NOT having to make a claim. Kinda like life insurance is your way of betting your gonna die and the insurance company''s betting you aren''t LOL
 

hikerchick

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Date: 3/16/2007 11:57:27 AM
Author: Cehrabehra
Date: 3/15/2007 6:28:30 PM

Author: Beacon

cehra, here''s why Chubb is better than JM: I priced both and the premiums very very similar. But Chubb had no deductible and JM had 1K. Chubb would cut you a check, JM, would only ''replace with like kind''. For you and me, there really is no ''like kind'', so better to have the check and then shop for ourselves, even if it takes a really long time.


This Chubb option of cutting a check is also a decent way to deal with the ''over-appraisal'' problem. Meaning, often people appraise your stone too high, you pay a premium on that high price and then insurer won''t give you that amount in cash, only a ''like kind'' stone, which we all know won''t cost as much as the appraisal. Chubb will actually give you cash. No comparision.
oh I understand the difference beacon - it just seems chubb is better for making claims and I''d rather bet on NOT having to make a claim. Kinda like life insurance is your way of betting your gonna die and the insurance company''s betting you aren''t LOL
But you wait long enough and you are gonna win that battle everytime
 

Cehrabehra

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Date: 3/16/2007 12:07:51 PM
Author: hikerchick

Date: 3/16/2007 11:57:27 AM
Author: Cehrabehra

Date: 3/15/2007 6:28:30 PM

Author: Beacon

cehra, here''s why Chubb is better than JM: I priced both and the premiums very very similar. But Chubb had no deductible and JM had 1K. Chubb would cut you a check, JM, would only ''replace with like kind''. For you and me, there really is no ''like kind'', so better to have the check and then shop for ourselves, even if it takes a really long time.


This Chubb option of cutting a check is also a decent way to deal with the ''over-appraisal'' problem. Meaning, often people appraise your stone too high, you pay a premium on that high price and then insurer won''t give you that amount in cash, only a ''like kind'' stone, which we all know won''t cost as much as the appraisal. Chubb will actually give you cash. No comparision.
oh I understand the difference beacon - it just seems chubb is better for making claims and I''d rather bet on NOT having to make a claim. Kinda like life insurance is your way of betting your gonna die and the insurance company''s betting you aren''t LOL
But you wait long enough and you are gonna win that battle everytime
bahahah TOUCHE!!!
 

analyticangel

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I went with JM and there was NO 1k deductible at all
I went with them because they were friendly easy and helpful
Chubb wont even write in Florida
You can go right to Jewelrs Mutual and get an exact quote easily with no decuctible just by going to the website

I would have thought I preferred Chubb after reading Pricescope but the reality was that they like almost every other insurer in the country haver screwed folks who have the "misfortune" of living in coastal areas (Hurricane zones) Insurance is expensive , hard to obtrain and many companies wont write even if you have never had a claim in your life(my case)

I applied for insurance on a 17,250 ring and Chubb said no via the Plastridge agency in Boca Raton

Jewelers Mutual was extremly helpful and a very differnt experience I feel my premium is affordable and i have ZERO deductible
 
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