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What is your CHUBB insurance rate?

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rogeshoe57

Rough_Rock
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Apr 3, 2008
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I talked to an agent today from CHUBB and they are willing to insure my engagement ring. However, they charging me $310/year premium for a 10k ring? Isn''t that a bit much? That''s $3.10 per $100 insured. What type of rates did everyone else get? If you got a better rate than this do you have any contact info for where you got your CHUBB insurance? Thanks.
 
It depends on where you live, but if you live in a somewhat high crime area that is certainly within the realm unfortunately...

You''ll pay a bit more with Chubb than other companies due to their cash out policy too.
 
Well, I just answered this on your other thread, but mine is about $280 for $24,000 in coverage from Chubb.
 
Do you happen to have the phone number to the representative you used? They are asking for $310 from me for a 10k ring. That''s a little nutty?
 
I guess it will depend on where you live, your insurance history and the amount of claims you have made etc, etc.
 
I have never made any claims in the past few years and I live in California.
 
Hi rogeshoe
I work in insurance so I will try to answer for you - I understand you have said you haven''t made any claims under your house insurance? so thats not a issue. Either way, if you did have something negative in your disclosure this would most likley just mean a higher excess on the policy, not an increase in premiums.
As mentioned, the premium will depend on a number of things such as the suburb, not state that you live in. This is because of the number of claims that have been made by Chubb policyholders in that postcode, so you can''t change that unfortunately.
Also if you have good security on your home such as a monitored alarm or secutity grills on all doors/windows, you could be entitled to a discount.
Depending on your preference, you could enquire if there is an voluntary excess applicable to the policy as this could make the premium cheaper - although of course be prepared to pay it in the event of a claim!
Do you have any other policies with this insurer? Your home and contents for example? Most will offer discounts in the range of 10 - 20% if you have your polices with the same insurer..
Lastly, I would just say to shop around and obain another quote - if you can pit two insurers against each other to get your business you''re in a better standpoint. After all, they should want your new business - if you don''t already, act interested about taking out home and contents with them. Once you obtain another quote, Chubb should always be able to ask their underwriting department to match or beat another premium to get your business - from my experience if you ask they may be able to knock off about 5%.
Hope this helps!
 
Date: 4/9/2008 11:04:48 PM
Author: diamondseeker2006
Well, I just answered this on your other thread, but mine is about $280 for $24,000 in coverage from Chubb.
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DS-

I know we've spoken about this before (but I cant remember).....Is all of your jewelry insured through Chubb? I need to insure my other jewelry (the only thing now I have insured is my e-ring). My w-bands and other valuable pieces are sitting un-insured and its freaking me out a bit. I inquired about adding them onto my homeowners policy, but my contact there told me that in order to do that, all of the pieces must be appraised first- what a PITA! I guess that's why I havent gotten around to doing it.
Do you reccommend me insuring the rest of my stuff through Chubb or my homeowners (I have yet to check out the details of my homeowners policy, but I think its fairly decent)? Does homeowners cover you if your jewelry is lost or stolen outside of your home? I know that's a dumb question. but I really dont know!

To the original poster....like pp's said, your premium is based on the area you live in, previous claims, etc. I dont think that number is ridiculous for the area you live in for 10 K worth of coverage. I live in NJ (NYC metro area), and I pay about $400 p/y for 18K worth of coverage with Chubb.
 
Actually, I had purchased a diamond on Blue Nile for about $9500 last month and insured it with CHUBB directly for $180/year. I am planning to return the diamond and get one from GOG instead. The Blue Nile CHUBB deal, I was working directly with a contract company that handles only Blue Nile. That is why I was curious to see why it jumped from $180/year to $310/year. Anyone have any good contacts that they were able to get CHUBB insurance at a reasonable cost? I also do not own a home yet nor have any policies or claims that I can remember.
 
Date: 4/10/2008 5:26:07 AM
Author: rogeshoe57
Actually, I had purchased a diamond on Blue Nile for about $9500 last month and insured it with CHUBB directly for $180/year. I am planning to return the diamond and get one from GOG instead. The Blue Nile CHUBB deal, I was working directly with a contract company that handles only Blue Nile. That is why I was curious to see why it jumped from $180/year to $310/year. Anyone have any good contacts that they were able to get CHUBB insurance at a reasonable cost? I also do not own a home yet nor have any policies or claims that I can remember.
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well in that case the only people that can answer that is Chubb!
I would guess in the last financial year they went through a "re rate" for your postcode, and as I mentioned other policy holders in your neighborhood may have made more claims, therefore your premiums went up. Just a guess though. I'm sure with the current financial climate in the US there could be other factors at play? but I'm certainly not qualified to comment.
I would just ask them why its so much more, and if you're not happy get another quote..
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Date: 4/10/2008 5:09:24 AM
Author: Dani

Date: 4/9/2008 11:04:48 PM
Author: diamondseeker2006
Well, I just answered this on your other thread, but mine is about $280 for $24,000 in coverage from Chubb.
Click to expand...


DS-

I know we''ve spoken about this before (but I cant remember).....Is all of your jewelry insured through Chubb? I need to insure my other jewelry (the only thing now I have insured is my e-ring). My w-bands and other valuable pieces are sitting un-insured and its freaking me out a bit. I inquired about adding them onto my homeowners policy, but my contact there told me that in order to do that, all of the pieces must be appraised first- what a PITA! I guess that''s why I havent gotten around to doing it.
Do you reccommend me insuring the rest of my stuff through Chubb or my homeowners (I have yet to check out the details of my homeowners policy, but I think its fairly decent)? Does homeowners cover you if your jewelry is lost or stolen outside of your home? I know that''s a dumb question. but I really dont know!

To the original poster....like pp''s said, your premium is based on the area you live in, previous claims, etc. I dont think that number is ridiculous for the area you live in for 10 K worth of coverage. I live in NJ (NYC metro area), and I pay about $400 p/y for 18K worth of coverage with Chubb.
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Hi Dani,
from my narrow experience Chubb has a rep on being a bit more expensive?
To your question, no your jewellery will not be covered if you take it out of the home. Of course this is the main reason you want insurance, so you will have to get an additional level of cover or a "rider" to your homeowners - usually its called something like Personal Valuables. This should cover you country wide including while travelling, however I would definately check the terms of your actual insurance Co.
I might just check on the evaluation thing that they''ve given you the right info - usually the insurer doesn''t require an evaluation to add the item to the policy, they just need it if you make a claim. Also where did you buy your ring? I would''ve thought the proof of purchase and certificate is enough to get it insured?
But as has been mentioned by pro''s like DenverAppraiser in the past, you definatlely want a good professional evaluation so that if you Do have to claim, you get exactly what you want in a replacement (eg. ideal cut, H&A, any thing else distinguishing).
hope that helps!
 
So while we''re on the subject... Can someone clarify what amount your should insure a piece for. Mark at ERD told me to do it for appraised value, not what we paid... BUt that puts us well over a grand a year in insurance!! What value should I insure it for?
Oh... and I am using Chubb.
 
Date: 4/10/2008 7:06:27 AM
Author: CrookedRock
So while we''re on the subject... Can someone clarify what amount your should insure a piece for. Mark at ERD told me to do it for appraised value, not what we paid... BUt that puts us well over a grand a year in insurance!! What value should I insure it for?
Oh... and I am using Chubb.
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Crooked, may I ask what was the discrepancy in value between the appraisal and what you actually paid for it? A grand a year just for ins. sounds an awful lot...
 
Arjunajane~ I don''t have the exact numbers right in from of me but I think Mark gave me an apprasial that was about 9k more than we paid... Leon is appraising the ring when its done. So adding in what he charged plus the 9k over from Mark we will be about 18k over the stone price, plus whatever Leon thinks it will be worth... Does that make sense?
 
Yup, ur making complete sense. However, I''m not sure how qualified I am to give a definitive answer on this. My personal instinct would be to choose a mark somewhere between the "true" value and the appraised value and use that for the insurance?

I guess the key (and the "crux" of insurance), is finding the "sweet spot" where you''re not under-insured (therefore lose out when claiming), and also not over insuring and paying inflated premiums. You have to remember that if you insure the ring for, say 25k, and if you go to make a claim - if, according to all your appraisal, cert, etc the ring can be replaced in exact like condition for 18k, then this is what the Ins. Co will pay out. Then you will have been paying inflated premiums for nothing..
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As has been mentioned by Pro''s in the past, due to the detail in which PS''ers apply to their rings, our replacement conditions will be different to your "average" consumer , and will need to include the value of such things as a one of a kind Leon setting, or a rare cushion cut that could take 3months to find a new one, etc.

I hope I am making some sense!
Honestly crooked, I get confused about the inflated appraisals - I would suggest I think starting your own thread asking for help from Denver Appraiser and the like - he has given some really good explanations on this topic in the past. I will try to dig up a thread if i can...
Hope that has helped at least a lil!
 
I really appreciate your help. I hit the nail on the head with my main concern being paid less for a replacement than then premiums we were paying for. I remember Scarlets thread saying that Chubb was great and all they did was send her a check that day for her replacement. I wonder if they take a little more time when it gets over the 50k mark... Who knows. By the time Leon appraises it I think the insurance will be over 1500. Not so cool! I may need to start my own thread. Thanks again though!!
 
No worries!
 
I think arjunajane is correct in trying to pick a number between the paid price and appraised price. I know Chubb has a 150% overage policy - meaning, I THINK, if I insure for $10,000 and when I go to get my pay-out find that the exact same ring is actually more than that, they will pay up to $15,000 total. Someone should clarify that. If that''s the case, maybe it''s not so important to insure so high.

CR-I think they make you re-appraise every 2 years or something if your piece is over a certain value. The good thing with Chubb (and why most people do pay their added premium) is it doesn''t pay out according to what a replacement value would be; they pay out according to what your insurance coverage is for. For example, I insured for $8500 on my last ring and that''s how much my check was for (they didn''t even go out and check how much it would be to replace it).
 
Date: 4/10/2008 10:06:55 AM
Author: scarlet16
I think arjunajane is correct in trying to pick a number between the paid price and appraised price. I know Chubb has a 150% overage policy - meaning, I THINK, if I insure for $10,000 and when I go to get my pay-out find that the exact same ring is actually more than that, they will pay up to $15,000 total. Someone should clarify that. If that''s the case, maybe it''s not so important to insure so high.

CR-I think they make you re-appraise every 2 years or something if your piece is over a certain value. The good thing with Chubb (and why most people do pay their added premium) is it doesn''t pay out according to what a replacement value would be; they pay out according to what your insurance coverage is for. For example, I insured for $8500 on my last ring and that''s how much my check was for (they didn''t even go out and check how much it would be to replace it).
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Oh cool Scarlet, thankyou for clarifying about how Chubb pays out - thats a really good policy and I had no idea. that would definately factor in to the decison then..Sorry ppl for spreading mis infomation, i was just talking frommy own general experience in the ins. industry!
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I can see now why it would be worth it for the additional cost of a Chubb policy then..Thanks!
 
I guess that''s the concern. I would imagine for items over a certain amount they may do a little research to figure out the replacement cost. I''m gonna call my agent now.
 
I can use some help finding some good CHUBB agent contact info. Anyone out there get reasonable jewelry quotes can provide me and others some contact info. Thanks.
 
roge, if you do a search for Chubb you will find a ton of information as well as various agents to contact.

As for appraisals, there is no sane reason to get an appraisal for way more than what one''s stone/ring is worth. The appraisal should be for the actual replacement amount. Period. Not an inflated amount. I am baffled why people think they''ve gotten a bargain when an appraiser inflates their appraisal value. It makes no sense to me at all. I know exactly what it will cost to replace my stone/ring in today''s market, and that''s what my ring is insured for. Unless you have money to burn, make sure your appraisal is done by a reputable independent appraiser and make sure you tell them you want actual replacement value, not some crazy inflated number. And again, it doesn''t matter what other people pay unless you''re talking someone with the same value ring in the same city as you. SoCal and NYC are extremely pricey for insurance, sadly...
 
Date: 4/10/2008 1:21:13 PM
Author: surfgirl
roge, if you do a search for Chubb you will find a ton of information as well as various agents to contact.

As for appraisals, there is no sane reason to get an appraisal for way more than what one''s stone/ring is worth. The appraisal should be for the actual replacement amount. Period. Not an inflated amount. I am baffled why people think they''ve gotten a bargain when an appraiser inflates their appraisal value. It makes no sense to me at all. I know exactly what it will cost to replace my stone/ring in today''s market, and that''s what my ring is insured for. Unless you have money to burn, make sure your appraisal is done by a reputable independent appraiser and make sure you tell them you want actual replacement value, not some crazy inflated number. And again, it doesn''t matter what other people pay unless you''re talking someone with the same value ring in the same city as you. SoCal and NYC are extremely pricey for insurance, sadly...
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Roge, my lady is slightly clueless, so maybe someone else can chime in!

Surfgirl~ Isn''t it the appraiser''s job to decide the appraised value? Yes, Mark did give us an appraisal over what we paid, but in fairness, when I looked, and I do often, the closest thing I can find to my stone is about 7-12k more than we paid. So I don''t think that any of us aren''t sane. We got lucky finding our stone. Period.
I don''t think you can know exactly what your ring would cost to replace. You don''t know what the prices of stones wil be in a year, 2 years, etc... It could be far less, it could be more. I would rather take a median number and play it safe.
 
I think i found someone who is willing to do the CHUBB insurance for me around 1.9 per $100. I''ll let you guys know how it goes. Thanks.
 
Roge - I''m not home right now but Bill Castro at Total Dollar is good. I''ll get his info for you shortly.
 
Date: 4/10/2008 2:28:21 PM
Author: CrookedRock

Surfgirl~ Isn't it the appraiser's job to decide the appraised value?
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Technically, yes. However, it's fairly common knowledge that many appraisers inflate their appraisals. Do a search and I'm sure you'll find plenty of reading material on this. People come here regularly crowing about how their appraisal was for so much more than they paid and didn't they get a deal, etc. The truth is, your stone/ring is only worth what it costs to replace it right now. And with Chubb, they figure in annual inflation rates. In fact, I recently posted about this very issue as they had a general annual increase but due to the recent price hikes in platinum and larger stones in particular, they wanted my appraiser (who is very conservative, and doesn't over inflate his appraisals) to give them the current valuation of my ering and the overall replacement values went up quite a bit, but again, I know what it would cost right now to find a comparable stone for my ering and my insured value is at that point (and the appraisal matches that figure). My ultimate point for roge, since this is his thread/question, is that it doesn't make sense to over insure a ring. It's worth what it's worth, and if it's replaceable for $10k, then why insure it for $15k or more? You'd be paying way more for insurance on something that's not really worth that sum. Again, lots of threads on this topic around here as it comes up on a pretty regular basis. As for who to appraise, I'd only go to a reputable independent appraiser and I never take a vendors appraisal as an actual appraisal. Vendors are supposed to make you feel as though you've gotten a great deal so there's a bit of a conflict of interest there in terms of being unbiased...
 
William Castro
Total Dollar Insurance
Account Executive
Phone: 516-833-1550
 
I will try William Castro. Thanks.
 
--- Interesting information in this post. Might be a good one for the helpful threads file.
 
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