when to appraise?

[slg47]

OK, so I have been reading some of the forums on appraisals and am a bit confused...

should you get the stone appraised before it is set, or get the entire ring appraised? What is required for insurance?

Also I was reading JM insurance policy and am a little bit confused...so they cover ''loss'' but not ''normal wear and tear'' or ''gradual deterioration''...

do prongs usually have some sort of normal wear and tear or gradual deterioration that I should be concerned with?

thanks for any input

 

[yssie]

Hi sgl, I actually asked JM pretty much exactly this when I was looking to insure. The response:


1. If you take your jewellery in to get looked at, the jeweller says the prongs are getting worn and you'd better fix this, if you don't do anything and the diamond falls out a year later the diamond is covered but getting a new setting or getting your old setting fixed is not.

2. If you have a loose or scratched prong, you send it in to have it worked on or fixed, and the jeweller damages the setting or diamond, both are covered.

3. They will not cover repolishing or replating expenses


Hope it helps!

 

[slg47]

OK, thanks a lot. I will definitely contact them (or maybe should have the BF do it )

 

[sfritz]

Let me offer a little more explanation of “normal wear and tear,” which is not covered in our policy. Over time, pearls need to be restrung; watch batteries need replacing; prongs on a ring need retipping or replacement; clasps need tightening or replacement, and so on. These incidents are considered normal wear and tear and they are not covered under Jewelers Mutual’s Personal Jewelry Policy. That’s one of the primary reasons that you should have your jeweler inspect your jewelry at least once a year. The jeweler also should advise you about whether the value on your insurance appraisal is adequate.
Consider an analogy with your car... your car insurance doesn’t pay when you get the oil changed, replace windshield wipers, or get an engine tune up. It pays for accidental damage and loss.
I hope that helps.

Sue Fritz
Jewelers Mutual Insurance Company

 

[slg47]

Sue-thanks so much.

So does the stone need to be appraised before it is set, or should the entire ring be appraised after it is set (or both?)

 

[sfritz]

Date: 4/19/2010 6:55:15 PM
Author: slg47
Sue-thanks so much.

So does the stone need to be appraised before it is set, or should the entire ring be appraised after it is set (or both?)

slg47,

If you want the Personal Jewelry Insurance policy from Jewelers Mutual to cover the setting process, ask for an appraisal of the stone and the setting BEFORE the stone is set. Apply for insurance (available online) for the stone and the setting, noting that you plan to have the stone set in the next month. When you have received confirmation that the policy is in force, tell the jeweler to set the stone.

Thank you,

Sue Fritz
Jewelers Mutual Insurance Company