Unable to Insure Ring with CHUBB!

[Sparkles4Luv]

I''ve read thru various posts but I can''t find what I need! Please help! I tried calling an agent in the L.A area that was on Chubb''s wesbite and they said they could not insure my ring thru Chubb unless I had another policy thru them (homeowner, auto, etc). Then I called Chubb directly at a phone # I found on another pricescope thread 1-877-972-8282 and once again the person on the phone told me they could not give me a policy unless I had bought the diamond from Bluenile.com or from Robins Bros and valued at $25k or above. I bought my ring from James Allen and the setting fron Robins Bros--the total appraised value is about $9300...what can I do? I like the fact that Chubb has a cashout policy vs Jeweler''s Mutual. Any suggestions on who might be able to get me a standalone jewely policy thru CHUBB? Any help is appreciated...thanks ahead of time!

 

[thegoat]

If you rent an apartment, most insurance companies will allow you to insure the ring as long as you cover your other contents for double the ring appraisal.

So, if your ring is to be insured for $9300...you would have to buy a renters policy for at least 18300. Try Allstate or State Farm if you want to go this route.

Personally, we like JM as I have posted in previously due to 2 losses in 2 months and we were paid both times with no problem.

If your insuring a newly purchased ring, my philosphy is that you want to get it replaced anyway and JM will allow you to get it replaced at the jeweler of your choice or they will recommend one if you prefer not to go back to the original vendor.

Give them a shot. They have excellent rates, claim service and customer service as well. Good luck!

 

[mrssalvo]

I''ve heard of folks getting the run around with Chubb depending on the agent. I do believe even if you could find someone to write the stand alone policy it does have to be valued at 10K so you''d be just under the cut off.

Jewelers Mutual might be a good option to look into,they will let you choose which jeweler to replace your ring from. homeowners/renters policy''s can work too, you just need a very detailed appraisal IMO.

 

[Sparkles4Luv]

Thanks for your feedback! Actually I had looked at Jeweler''s Mutual awhile back but didn''t realize that they would let me pick my own diamond vendor. I originally bought the diamond on James Allen so I would love to go back to them or another online vendor if I ever had to replace it. Are they normally ok with that? Do they cover chips on the diamond as well?

 

[dockman3]

Hi there. I just insured the engagement ring I bought with JM and yes, they do cover chips as covered under "physical damage", as long as the chip does not occur as a direct consequence of an act of war. (I''m not kidding by the way) I don''t know about online retailers as I bought mine through a B&M, but you could ask. They have great customer service from what I''ve experienced and I''m sure they''d be happy to answer all of your questions.

 

[thegoat]

Yes, they will allow an online vendor ( Im using Mark at ERD). I think the only vendor they will not accept are from large chains, such as Zales or Mayors, etc...but you may want to call them and ask them first.

And yes again, they do cover for chips and broken diamonds.

Happy Insurance Company Hunting!

 

[surfgirl]

If you do a search on Chubb you will find about 100 threads and they will all give you various contacts for Chubb dealers that can help you. You do not need to use a local Chubb dealer. Do a search and call some of the recommended agents on those threads. They can help clarify for you. Most local Chubb agents dont know how to issue a ring only policy.

 

[BriBee]

I ran into many similar problems. However, I was successful by going to Whiteflash''s site and insuring through the Touchstone link they have there:

http://www.whiteflash.com/info/insurance.aspx


It was very easy and Dave was wonderful to work with. I didn''t have to buy any other policies either. The only caveat might be that there could be a minimum value, but I''m NOT sure...I just remember hearing a 10,000 figure thrown out in some different Chubb threads. I didn''t run into this b/c my appraisal was over 10K....so I''m not sure if there''s any truth to this or not. I would try this route though, it was the best solution I found for going through Chubb.
Good luck!

 

[septembergirl]

I second Touchstone for Chubb

. They are amazing to work with and I have both my engagement ring and my wedding band insured through them.

 

[krisvrn]

Try Travelers. My ring is insured there without any other policy as my homeowners and cars are insured @ Allstate but Travelers insures the true value of ring, not what it will cost to replace it with similar type.

 

[Sparkles4Luv]

Thanks Everyone for your feedback! I actually submitted an application to Jeweler''s Mutual earlier tonight before I saw the responses of possibly using Touchstone to insure thru Chubb or contacting an agent in a different area.

I have not submitted the appraisal to JM yet since I have a few questions for them that I''m hoping someone on here can me with too..here it goes: can I submit a copy of my GIA certificate along with my appraisal to JM since specific cut information such as cut grade, crown angle, and pavillion angle are not on the appraisal? I also wanted to send them a copy of my idealscope image. Just want to make sure that if they have to replace with like kind we get as close as possible to the original stone! Has anyone sent additional documents or do they require all information be on the appraisal?

I wish I would have read the posts above earlier...maybe I can still inure thru CHUBB somehow and cancel this JM application...LOL. They just seem to so much eaiser since they have the inflation policy built in and the cash payment sounds more convenient! Hopefully they can insure if its less than 10K tho.

Anyways..can anyone help on the JM questions? Thanks so much!

 

[LGK]

I have my rings insured through JM, though I probably ought to have gone with Travellers since I have commercial property insured through them. Anyway, as far as I know unless you''ve paid your premium, you aren''t insured yet through JM and you could just go with Chubb instead.

Anyway, JM will take all the info like your GIA cert and stuff and include it in your file. Just fax it to them, or give them a call and let them know you''re sending it.

 

[Adylon]

This is how Jeweler''s Mutual Insurance works...
1) Yes you can pick any jeweler.
2) They do not pay out cash to the consumer. So if you lost your ring they will work with your jeweler to replace it.
3) Replacement value is based on the "items value" up to the amount insured. So let''s say you insure it for $12,000. It''s worth $10,000 based on what you paid. They''ll replace it with the same equivalent ($10,000 worth item)... however if in 5 years let''s say it''s now worth $13,000 they''ll replace with an item of it''s equivalent value and you''ll be responsible for paying the jeweler the $1,000 balance.
4) For jewelers, they have set values percentage wise they get paid for their profit, it varies depending if they also insure their inventory with JMI, how much the item is worth, etc. The larger the stone, the less profit is factored into the cost. So even though it''s insured for say $12,000 JMI pays the jeweler less then this amount basically giving them a set % profit. Let''s say you bought it online for a thin margin for $10,000, and now you want to have the stone replaced at Tiffany. JMI will only give Tiffany X% of the $12,000 insured value and if it''s not enough to cover their high markup to get the equivalent stone you lost, you''ll have to pay Tiffany the difference. So if you plan to get the stone replaced at a local jeweler instead of online vendor or you''re worried it may appreciate over many years and don''t want to keep adjusting your insurance level, you may want to pad the value to an amount you feel comfortable will get you an equivalent stone anywhere you may choose to shop.

When you work with the same jeweler it makes things a lot easier since they can source the same designers for mountings, use the same markups on loose stones, etc. I generally give all my customers 1 year free insurance from JMI and they can opt whether to continue the insurance or not after the 1 year has expired.