Who''s policy for insurance -- mine or fiancee?

[fatkid]

Before we get engaged, I''ll be holding on to the ring for 4months (while waiting to propose).

Upon engagement, obviously my gf/fiancee will have the ring, but she lives in another state.

Can I keep using my home insurance policy? (or do I have it totally wrong)

-r.

 

[:)]

I think when this has been asked before, if I recall correctly, you an insure it until you give it to her. At that time, it becomes her posession

, and would need to be insured by her, until you are married and can do a co-policy!

 

[strmrdr]

ask your agent and get it in writing.
Some companies will let you keep it under yours some wont.
Or get a jewelery specific policy from JM or Chub.

 

[denverappraiser]

The states have a tendency to regulate this sort of thing and so the rules will vary considerably from state to state. Talk to your agent about it. I would expect the answer to be that it should be in your name while you have possession of the piece and when she takes possession, you should change the policy to her. If you live in locations with different risk profiles, this may also result in a premium adjustment.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[Moosejaw]

Not that you plan on getting the ring back...but if she takes out a policy, is she not claiming ownership of it? This would only effect you if you wanted it back if something were to come up in the relationship.

Depending on the cost, you may want to take the policy out.

I only speak from personal experience, where I did have a amicable broken engagement, where she agreed to give the ring back since it was substantial.

-G

 

[enbcfsobe]

Definitely talk to your insurance agent. Some insurers treat it as joint property even after you give it to her. My understanding is that this has no bearing on whether she is legally required to return the ring in the case of a broken engagement. This, too, is determined by state law (some treat it as a gift that need not be returned; some treat it as a conditional gift with the condition being marriage; some even look at fault). Bottom line is I don''t think that how your insurer treats it would affect whose property it is. Not that you should worry too much about it, its just an interesting legal tidbit.

 

[fatkid]

Date: 1/22/2007 10:28:33 PM
Author: denverappraiser

The states have a tendency to regulate this sort of thing and so the rules will vary considerably from state to state. Talk to your agent about it. I would expect the answer to be that it should be in your name while you have possession of the piece and when she takes possession, you should change the policy to her. If you live in locations with different risk profiles, this may also result in a premium adjustment.

Neil Beaty

GG(GIA) ICGA(AGS) NAJA

Professional Appraisals in Denver

thanks all for the info.

We travel a lot for work -- moving every year and countries.
I was hoping for a policy that would float with us -- independent of locale (but I guess I was being naive in regards to premium variance)

-r.