What is the deal with Chubb?

[luvmysparklies]

I called the Prince Wood Insurance agency, but was told that they don''t do policies in Maryland. They referred me to a rep in my area.

So I called the chubb rep in my area and they told me that they have to check with their underwriter to see if they can insure my ring. The agent said that chubb is discontinuing their engagement ring program. I said that I wanted the valuable articles policy and the rep said that Chubb was trying to up the values on the valuable articles policy and that 18-20K worth of coverage might not be enough. They also said that the engagement ring policy "was" the valuable articles policy--that it was one in the same. I am waiting to hear back from the agent.

In the meantime, I thought I would get it from the horse''s mouth, so I then called the 800 number listed on the main website to ask for clarification about what chubb will and won''t cover and to see if the engagement ring policy was being discontinued. They said they only insure rings from blue nile. I knew this and told the customer care rep that I knew about the blue nile deal, but that I just wanted to understand what chubb still allows to be covered through their independent reps, as I was sort of given the runaround. The customer care rep then told me, they didn''t know what kinds of policies the reps could underwrite and that I would have to talk to them. What good is talking to the reps when they (the reps) have to see what "underwriting" (that would be Chubb) has to say???

Is there any Chubb agent, in the MD area who knows about and can write the Chubb valuable articles policy for my ring? I called and e-mailed "Dave Stone" at the very beginning of all this, but can get no response.

You guys are lucky, who were able to get this policy. It seems like I might not be able to...If someone knows of a dependable rep, please post!
Thanks!

 

[ScubaDucky]

I live in MD and would love to know if there's anyone that can help. We were going to call the Prince Wood Agency when we finally get the ring (Have the diamond, just no setting yet), but that sucks that they don't do policies for Marylanders. POO!

 

[niceice]

Are we the only people who find the statement "they will only insure rings purchased from Blue Nile" to be a disturbing concept? It kind of gives us the shudders... Is Blue Nile in the insurance business now? We suppose it would be the next logical step for the owners of Amazon.com to take (they back BN you know).

Anyway, why mess with Chubb? Call a State Farm Agent in your area and purchase a PAP - Personal Articles Policy with inflation coverage and be done with it. They will only pay the replacement cost for the insured item, but if the item description is written accurately it will enable you to replace the item appropriately. Be sure that the item description contained on the PAP policy clearly states the full description of your diamond including the crown and pavilion angles! The key to obtaining proper insurance and "like and kind" replacement is ensuring that the item description is as detailed as possible so that you have the insurance company painted into a corner if a loss occurs. Don't leave them any wiggle room in terms of what they can and can't replace with. In other words, there is a whole lot of difference between:

"One ladies platinum and diamond solitaire style engagement ring weighing 4.5 grams and containing as a center stone (1) round brilliant ideal cut diamond graded by the GIA as weighing 1.01 carats and being of VS-1 in clarity and F in color with inert fluorescence and measuring 6.45 - 6.49 x 3.98 mm with a total depth of 61.5% and a table diameter of 55% with a medium, faceted girdle and no culet. The GIA graded the polish and symmetry of the diamond as Excellent. Independent OGI Mega Scope computerized proportions analysis indicates that the diamond has a crown angle of 34.2 degrees and a pavilion angle of 40.8 degrees. The diamond is set in a six prong platinum head"

And:

"One ladies platinum and diamond ring with a one carat, F, VS-1 round brilliant cut diamond"

Which is what the underwriter is likely to abbreviate the description to when the policy is written because of space limitations in the software program used by the insurance company. So to protect yourself from this, you have the policy written as:

"One ladies platinum and diamond ring, containing a GIA Graded 1.01 carat, RBCD Ideal Cut, 1.01 carats, VS-1 clarity, F color / inert; 6.45 - 6.49 x 3.98 mm; 61.5% TDepth; 55% TDiameter; 34.2 CA; 40.8 PA; medium, faceted; none; Ex/Ex/Ideal."

And keep a copy of the original lab report, proportions analysis, sales receipt, appraisal, etc. in a personal safe, safety deposit box, etc. because any documents that you give to your insurance agent will be round filed after the policy is issued. We kid you not.

 

[diamondlil]

I live in Southern Maryland and have had Chubb insurance for 4+ years. I have both my homeowner's policy and separate valuable articles coverage for my more valuable jewelry items and even a grand piano. I used the J.E. Rice Insurance Agency in Dunkirk, phone 301-812-1200. Ask for Atena Paul. She's been great to work with.




I don't know if you can get a valuable articles policy without having homeowner's policy also. For some reason this is ringing a little bell in my head that they won't do just valuable articles, but I could be wrong. Give them a call. If you need any further information, feel free to PM me.




Hope this helps.




Diamondlil

 

[ScubaDucky]

Thanks for the response..

We're gonna check out Chubb as well as ERIE. I think that's where we have our homeowners insurance. I will make sure that they put as much detail as possible in the policy wherever we decide to go.

 

[icelady]

Hi luv,

I had a similar problem when I called the national Chubb number. I decided to call the Chubb agency in my area anyway and got insured immediately. They also had to call the underwriter to see if they would do it, but called me back very quickly to tell me yes. I had a few pieces of jewelry to insure and my total was just over $29000. Maybe I reached their magic number to insure, or maybe they were just in a good mood that day, I don't know!

I do not have my homeowners policy with them.

Hi Robin & Todd,

One of the main reasons I chose to go with Chubb is that they will cash out with me if anything happens to my jewelry so that I can choose who I want to replace the piece and have a say in it. It is my understanding that I will not be locked in to replacing my Radiant diamond with another like quality Radiant if at that time I would like to replace it with a Round brilliant that is larger etc. I do definitely see your point regarding specific documentation to prove the quality of diamond you possess especially if the insurance company is going replace it themselves, I just wanted the freedom if anything happens!

 

[diamondlil]

Scubaducky,


Make sure you ask Erie if they have "cash-out" policy. That is why we went with Chubb as no one else I talked to would do this. For us, we thought it was worth the minimally higher premium.




Diamondlil

 

[Mara]

Yes that is also why I went with Chubb. I didn't mind paying more for ensuring cash-out.




I seemed to get in right before they whole 'only Blue Nile' thing though because I called Chubb directly and didn't use an agent.




Though there are agents that still do ensure e-rings. Run a search on Chubb in the last month, we have had other questions like this where people ended up figuring it out with Chubb. Good luck!

 

[luvmysparklies]

Wow! Great responses gang...I called the home office of the underwriting department of chubb for clarification instead of the customer care number on the site. I spoke with a very helpful individual who assured me that they (Chubb) DOES write stand alone valuable articles policies--without home, auto and all those other policies. I called the agent back and informed them that I had spoken with the corporate office of chubb's underwriting department. The agent is supposed to be getting back to me with a yea or nay if they will write a policy for me. Will keep you posted. Thanks nice ice for the tips on how the policy should be written. If this Chubb deal doesn't work out,that's good information to have...

 

[daboyzmomi]

We too are trying to get insured with Chubb after our homeowners (Mercury) decided they would only insure it for what we paid for it which is simple ridiculous. I have put in several call to local Chubb agents and have yet to recieve a call back. UGH. I want to get this done ASAP as I need to send my ring back to WF to have center stone tightened and ring sized due to finger ouch.

Just tired of the run around like everyone else. I will be curious to see how it all plays out for us all. Good luck!

 

[jenibear]

I just insured my ring with Chubb in Massachusetts last month.
I had problems with several independent insurance agents who said they would not insure a ring without homeowner's etc (and many were VERY rude), but I finally found a great place that checked into it and told me I could have the cash-out policy for my ring.
Turns out my FI insures his car with the same agency - which I (and they) did not know before getting the insurance.
We plan on getting renters insurance after we're married and we'll use this same agency because they have been so honest and up front. And I may also insure my car with them.
What I don't understand is don't insurance companies realize if they get a customer to insure a small item and the customer is happy, that same customer will likely use that company to insure other valuables? Duh!

 

[elmo]

I think you want to contact Personal Lines Brokerage, a subsidiary of Chubb. The list of offices is at http://www.plib.com/LearnMore/LocateAPLIOffice/Home.asp?ViewAllOffices=1 and it looks like you have a branch in Baltimore:

200 St. Paul Place
St. Paul Plaza
23rd Floor
Baltimore, MD 21202

p: 410-223-1790
p: 800-272-0550
f: 410-223-1791

It is just plain dumb for someone else not to set up a valuable articles policy for you, since chances are excellent that you'll return to insure your car and home at some point in the future.

 

[luvmysparklies]

Oh, thanks elmo-
I am still waiting to hear back from the agent. If the agent tells me the underwriter says no, I will explore the other options given in these other great responses. It is stupid for them not to insure the ring. I also told the agent I had other jewelry items to insure as well. If other people are and have gotten insurance with no problem, I don't see why I and others are given the runaround.

 

[niceice]

----------------
On 1/8/2004 4:00:20 PM icelady wrote:

Hi luv,

One of the main reasons I chose to go with Chubb is that they will cash out with me if anything happens to my jewelry so that I can choose who I want to replace the piece and have a say in it. It is my understanding that I will not be locked in to replacing my Radiant diamond with another like quality Radiant if at that time I would like to replace it with a Round brilliant that is larger etc. I do definitely see your point regarding specific documentation to prove the quality of diamond you possess especially if the insurance company is going replace it themselves, I just wanted the freedom if anything happens!

----------------

Actually an insurance company can not force you to replace your lost or stolen item with an identical item. However, by contract most of them will cash you out based upon the value of what they can replace the insured item for... So make them go through the paces of locating a comparable replacement item and determine the replacement value for that item and then ask to be cashed out. We see insured's cash out all the time. Naturally you should read the fine print on your specific insurance policy and determine the legality of the provisions of your policy as they apply in your specific state. We are basing our opinion in this matter based upon our own experience from insurance claims we have seen in the states of California and Oregon, Maryland may be a completely different scenario.

 

[canadiangrrl]

We went through Prince-Wood in Woodbridge for my e-ring and my fiance lives in Maryland (near the VA border, but Maryland nonetheless.) No problems whatsover. Have no idea who Mr. CG dealt with - pretty sure I remember it being a woman, though.

 

[chowchow99]

Just to add my 2 cents to this whole matter. I just insured 3 pieces of women's jewelry worth $49k through my local agent in Mass. using Chubb. No problem. I DO NOT have a homeowner's policy through them but I am going to be switching auto insurance to them. No problem with the cash out option either. That's what I told then I wanted and that's exactly what I got. No hassles, and no BS. Just the insurance policy!

 

[KittyTiger]

Thanks Elmo!! I looked up an agent in my area from the site you listed. And "YAY" they'll insure me!




But I want to run the quote by everyone, because it seems fairly expensive. Here it is:




$1-$25,000 is $3.10


$25,001-$75,000 is $2.50




So the total for my mom's ring is $925/year!




Does that seem kind of expensive?

 

[Mara]

No that's not expensive at all for Chubb. I pay $200 a year to insure my $10k ring....it's about $2.00 per $100. Typical for Chubb. They charge you more for the convenience of their cash-out policy. We were quoted about $1.50 for State Farm but I wanted Chubb.

Chubb prices out also depending on the region you live in...more expensive in certain areas (aka mine). Also we went directly through Chubb with no agent, so we paid less (no agent fee worked into $$/year).

 

[KittyTiger]

Okay, I trust whatever Mara says.

So I'm going with Chubb!




Now I have another thing to consider... the appraisal is $31,000 and we paid $18,358. Since Chubb will cut a check and not just replace me with a stone they choose, which should I insure for?

 

[Mara]

Scary, blind loyalty!

I wouldn't just take my word on it, but if you want the cash payout, Chubb is the way to go even though you pay more.




You'll also be paying ALOT more if you insure for $31k. That's $13k more than what you paid!




I would either insure for the $18k or try to get the appraisal modified to be something in the middle of that (e.g. $24k or similar). Realistically, you want to insure for whatever it would cost you to replace this stone. If you think that you can get it again for $18k, insure it for $18k. But if you think you got a great value and that something like that would be hard to find again, insure for more along the lines of a reasonable price, but $31k IMO is overkill. Plus alot more expensive!

 

[KittyTiger]

Okay, I think that may be a better idea. Do you think they'll just let me insure for less? Or do I "have to" get a re-appraisal?

 

[Mara]

I'm not sure...when we got our appraisal, she asked if he wanted a retail amount or a realistic. You may just be able to call up the appraiser and let them know the deal....tell them you know you can replace the stone for less and you don't want to overpay on insurance so you would like the appraisal altered. It may really depend on the appraiser and what they feel comfortable with.




Chubb let us insure for either purchase price or appraisal. Since we got a very realistic appraisal (slightly over what we paid), we went with appraisal value.

 

[KittyTiger]

Thanks, Mara

 

[luvmysparklies]

Well, here's the update.

I got the coverage through the independent agent for Chubb that I was dealing with at the beginning of this post.

Since I was getting the runaround/mixed messages, which there was no real reason for, I called their (Chubb's) home office in New Jersey (underwriting) and was told that Chubb *IS* still writing valuable articles policies (not just the blue nile deal) but also through their independent agents--as advertised on their website. I then called the agent back, let them know that I had the information from the home office and that I planned to see this transaction through. I also reminded the agent that it is false advertising for a plan to be offered on a website and then a person inquires about it, only to be told that they "don't really write those kinds of policies anymore, unless its with auto, home etc" That's bait and switch.

Somehow, they approved me

So, just wanted to share the update and say thanks again for the great advice.

Luv

 

[BearMan]

----------------
On 1/8/2004 9:04:41 PM elmo wrote:





I think you want to contact Personal Lines Brokerage, a subsidiary of Chubb. The list of offices is at http://www.plib.com/LearnMore/LocateAPLIOffice/Home.asp?ViewAllOffices=1 and it looks like you have a branch in Baltimore:

200 St. Paul Place
St. Paul Plaza
23rd Floor
Baltimore, MD 21202

p: 410-223-1790
p: 800-272-0550
f: 410-223-1791

It is just plain dumb for someone else not to set up a valuable articles policy for you, since chances are excellent that you'll return to insure your car and home at some point in the future.
----------------

Man i guess that the RUNAROUND

is comonplace unfortunately.....

GOOD NEWS

I was directed to PLI by CHUBB HOME OFFICE after said runarounds.....

PLI was EXCELLENT

For those in North Carolina I spoke to DOREEN 800-754-1116

my cost is $1.15/$100 and i was told that is a "CASH OUT" policy.

Does that rate sound OVERLY LOW???

 

[RockDoc]

RE: Chubb....

The agent of Chubb I am most acquainted with is Dave Stone, here is Florida. He has arranged for just jewelry coverage for many readers of DT, DCC, and Diamond Talk

He has a toll free number (800) 473-6603. He is out much of the time, but he does return calls, if you leave him a voice mail message.

There is an advantage to having a Chubb Agent over Chubb Direct, if you have a problem the agent goes to "bat" for you. With Chubb Direct, it is a lot more difficult to do this.

Dave is licensed in many states, not just Florida. I think around 19 of them. So call him first, to see if he can write insurance in your locale. I know he is licensed in California, Florida, South Carolina.

Cubb does have a sort of agent''s protection thingy set up. Once an agent calls for a quote, the company doesn''t support other agents representing you. This keeps agents unfairly competing and since the premiums are the same in each state, I''d suggest you''d talk to him first. He has years of experience and very knowledgeable with Chubb''s standalone jewelry insurance policies.

As to prices.... they vary a lot based on the crime level in the area. I have heard that in South Carolina it is very low. In NY, Chubb charges much higher due to the crime rate.


For those living in different states, you must tell the insurance company if the jewelry is going to be worn other than the state/ area it''s insured in.

I know of one consumer who is paying a higher rate cause his fiance lives in LA, but when she moves with him to SF, the premium will drop.

Hope this helps.

Rockdoc

 

[NyssaLynne]

Date: 1/9/2004 3:33:10 PM
Author: KittyTiger



But I want to run the quote by everyone, because it seems fairly expensive. Here it is:




$1-$25,000 is $3.10


$25,001-$75,000 is $2.50




So the total for my mom''s ring is $925/year!




Does that seem kind of expensive?

Seems way too expensive to me. My Chubb policy is $138/year for $12,500 worth of coverage. I live in Ohio and Jeweler''s Mutual listed my county as a more expensive one for coverage.

 

[luvmysparklies]

Date: 4/3/2005 6:40:51 PM
Author: RockDoc
RE: Chubb....

The agent of Chubb I am most acquainted with is Dave Stone, here is Florida. He has arranged for just jewelry coverage for many readers of DT, DCC, and Diamond Talk

He has a toll free number (800) 473-6603. He is out much of the time, but he does return calls, if you leave him a voice mail message.

There is an advantage to having a Chubb Agent over Chubb Direct, if you have a problem the agent goes to ''bat'' for you. With Chubb Direct, it is a lot more difficult to do this.

Dave is licensed in many states, not just Florida. I think around 19 of them. So call him first, to see if he can write insurance in your locale. I know he is licensed in California, Florida, South Carolina.

Cubb does have a sort of agent''s protection thingy set up. Once an agent calls for a quote, the company doesn''t support other agents representing you. This keeps agents unfairly competing and since the premiums are the same in each state, I''d suggest you''d talk to him first. He has years of experience and very knowledgeable with Chubb''s standalone jewelry insurance policies.

As to prices.... they vary a lot based on the crime level in the area. I have heard that in South Carolina it is very low. In NY, Chubb charges much higher due to the crime rate.


For those living in different states, you must tell the insurance company if the jewelry is going to be worn other than the state/ area it''s insured in.

I know of one consumer who is paying a higher rate cause his fiance lives in LA, but when she moves with him to SF, the premium will drop.

Hope this helps.

Rockdoc

RockDoc-
Dave Stone never returned any of my messages and e-mails during the time I was trying to get this insurance. I gave up after I was treated to a nasty-didn''t-want-to-be-bothered attitude from the secretary when I left my final message with his office. I thought it was extremely unprofessional to not be responded to in any way shape or form. I let him know that Bill Leiberum (RockDoc) referred me as well. Maybe others have had good luck with him.
Luv

 

[moolman]

Date: 4/3/2005 7:31

3 PM
Author: NyssaLynne

Seems way too expensive to me. My Chubb policy is $138/year for $12,500 worth of coverage. I live in Ohio and Jeweler''s Mutual listed my county as a more expensive one for coverage.

WOW, I have almost the same coverage as you and I''m paying triple, I live in Los Angeles, so it''s 3% of the total value. I found a real nice Chubbs agent who didn''t play games and was very fast and nice in West LA. I called a lot of them on the Chubbs website and a lot said you needed another policy or they would only do a minimum of $50K, one kept insisting on getting my Social Security number over the phone before getting a quote, becareful out there. My agent quoted me $10 less than other agents but besides that the office was 10 min away from me so I went with them but all you need to do is fax them everything before leaving the jewelers and you''re insured.

Alex

 

[aljdewey]

Folks, please, please, please read this:

Chubb is NOT the only insurance agency that will do cash-out!

When I got my ring, I phoned a few agencies and told them precisely what I wanted. I wanted an "agreed amount value" policy -- meaning they would cash out instead of like kind/placement.

A few of them hadn''t heard of it or didn''t think it was possible, but upon asking the companies they write for, we found 2-3 (who weren''t Chubb) who would do so. I needed renters insurance anyway, and our rate was $1.70 per $100 (vs. $1.15 per $100 if we went with replacement).

Agreed value means that we submit our appraisal and they agree to that amount of coverage and cash us out in the event of loss.

When we purchased a home recently, we only considered companies who would provide this type of coverage so we could add it to our homeowners when the renter''s policy expired. On our homeowners policy, it''s only $1.50 per $100.

Chubb isn''t the only way to get this....it just takes a bit of homework on your part, and you can get it a LOT more cheaply than Chubb provides.