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yet another insurance question

slg47

Ideal_Rock
Joined
Apr 4, 2010
Messages
9,667
Sorry for so many questions about insurance, but it is very confusing to me!

we signed up for a policy through Jewelers Mutual that would be in place while the diamond is being set. Since the diamond is not set yet, we do not have an appraisal. We have the quote for the setting and the receipt for how much we paid for the diamond.

Is this sufficient for insurance purposes, or after the diamond is set are we required to get an appraisal?
 

nosirrah

Rough_Rock
Joined
Jun 5, 2010
Messages
82
If JM gave you coverage with the proof you showed them, then you''re set to go. When I talked to JM (before I had the ring set), they needed an appraisal for the loose stone and either an appraisal or a receipt for the setting in order to grant coverage. You might want to call them just to double check that you''re insurance is all in place.

As far as getting another appraisal after the final ring is set, that''s more a personal choice. Either you''d do the appraisal for your own piece of mind or you''d do it so that you could work with your appraiser to possibly lower or higher your insurance premium.  Both vendors I used for my diamond and setting worked with me beforehand to get to an appraisal I was comfortable with so that I could get the insurance premium I wanted.
 

Dreamer_D

Super_Ideal_Rock
Joined
Dec 16, 2007
Messages
26,068
Date: 6/9/2010 5:32:10 PM
Author:slg47
Sorry for so many questions about insurance, but it is very confusing to me!

we signed up for a policy through Jewelers Mutual that would be in place while the diamond is being set. Since the diamond is not set yet, we do not have an appraisal. We have the quote for the setting and the receipt for how much we paid for the diamond.

Is this sufficient for insurance purposes, or after the diamond is set are we required to get an appraisal?
I believe that JM requires an appraisal of the finished ring. The appraisal is not just about value but also to have a third party verify that the ring exists in the form it is supposed to exist in and in the form it is insured for.

But call or e-mail and they will tell you.
 

nosirrah

Rough_Rock
Joined
Jun 5, 2010
Messages
82
Date: 6/9/2010 6:28:15 PM
Author: dreamer_d


I believe that JM requires an appraisal of the finished ring. The appraisal is not just about value but also to have a third party verify that the ring exists in the form it is supposed to exist in and in the form it is insured for.



But call or e-mail and they will tell you.

Hmm, maybe their policies have changed? They gave me full coverage and all I provided them beforehand was the gog loose stone appraisal and my jbeg setting receipt. They approved me beforehand and haven''t required anything since.
 

Dreamer_D

Super_Ideal_Rock
Joined
Dec 16, 2007
Messages
26,068
Date: 6/9/2010 6:37:54 PM
Author: nosirrah


Date: 6/9/2010 6:28:15 PM
Author: dreamer_d


I believe that JM requires an appraisal of the finished ring. The appraisal is not just about value but also to have a third party verify that the ring exists in the form it is supposed to exist in and in the form it is insured for.



But call or e-mail and they will tell you.

Hmm, maybe their policies have changed? They gave me full coverage and all I provided them beforehand was the gog loose stone appraisal and my jbeg setting receipt. They approved me beforehand and haven't required anything since.
Well I could be wrong too. Call them! ETA Has your policy been bound? Are you sure you presently have coverage?
 

slg47

Ideal_Rock
Joined
Apr 4, 2010
Messages
9,667
no, I believe the policy starts when the payment goes through and shows up on the credit card? so we have not paid for the setting yet, because the policy is not yet in place.

I will just have the BF call them and ask all of these things...I think somewhere I read that an appraisal is ''recommended'' but not ''required''...so will have BF ask. plan is to wait a few days for the payment to go through, and if we don''t hear anything (submitted sat) to call and ask!
 

slg47

Ideal_Rock
Joined
Apr 4, 2010
Messages
9,667
hmm...so in the other thread Little Grey Kitten said you can insure for the price you paid or the appraisal value. ours was not at a pawn shop so not sure what the ''appraisal value'' would be in relation to the ''how much we paid'' value...
 

Dreamer_D

Super_Ideal_Rock
Joined
Dec 16, 2007
Messages
26,068
Date: 6/9/2010 11:05:01 PM
Author: slg47
hmm...so in the other thread Little Grey Kitten said you can insure for the price you paid or the appraisal value. ours was not at a pawn shop so not sure what the ''appraisal value'' would be in relation to the ''how much we paid'' value...
Apparently this is only up to $5000 or something.

Sue Fritz from JM posts here and has answered a lot of questions. Look up all her posts, there are not many, and I bed you will find your answer.
 

slg47

Ideal_Rock
Joined
Apr 4, 2010
Messages
9,667
ohhh...ok. thanks dreamer...will try to look those up. maybe thats what JM meant when they said we could use the value from receipts?
 

slg47

Ideal_Rock
Joined
Apr 4, 2010
Messages
9,667
yep, found this online posted from Sue Fritz. i''m attaching in case anyone else is interested. thanks!

Ira is correct. If the stone and setting are less than $5,000 when added together, you could send in the receipt for the setting and the appraisal for the stone. If together, they are greater than $5,000, we need an insurance evaluation/appraisal. Ask the retailer for an insurance appraisal for the setting.

Here is the process for insuring a loose stone that is being set.

1. Obtain an insurance appraisal that includes the stone and the setting, as well as applicable taxes.

2. Complete our insurance application. You can use a paper application or our online application at www.InsureYourJewelry.com. For the online application, you can attach, email, fax, or mail us the appraisal.

3. Submit the completed the application, appraisal, and payment BEFORE the stone is set.

4. When you have confirmation that the policy is in place, tell the jeweler to set the stone. This assures that you have insurance coverage for damage to the stone while it is being set.

Not only will you have coverage while the jeweler is setting the stone, you will have insurance for an entire year for breakage, loss, theft, and even mysterious disappearance.

I hope that helps. Please don''t hesitate to ask additional questions.

Sue Fritz
Jewelers Mutual Insurance Company
 

yssie

Super_Ideal_Rock
Premium
Joined
Aug 14, 2009
Messages
27,307
slg can you give us the date on Sue''s post?
 

slg47

Ideal_Rock
Joined
Apr 4, 2010
Messages
9,667
yssie good point, I will try to find it.

sorry for posting so many, I thought it might be helpful to have them all in one place. the dates are bolded above each post.

5/2006
Jewelers Mutual will insure loose stones that are in the process of being set. We require that the individual obtain an appraisal/insurance evaluation for the stones and setting and purchase a policy for the total value. The policy must be in force before the stones are being set if the individual wants coverage for the setting process. Not only is the individual covered for the setting process, he or she is covered for loss, damage, theft, and mysterious disappearance for the next 12 months. Our rates vary based on location. We have a rate estimator and an online application on our web site: InsureYourJewelry.com.

1. As Wink explained, JM insures stones that are in the process of being placed in a setting by a jeweler. Ira pointed out that our policy guidelines state that we do not insure loose stones.

We typically decline loose stones because our experience shows that they present an increased hazard. They are small and easily misplaced or damaged. Insuring loose stones suggests that we insure “investment” type items – something very different from insuring a consumers’ jewelry. On the other hand, if you have taken loose stones to a jeweler to be put into a mounting, the danger of the stones being lost or damaged is much smaller. We are willing to take that risk and provide insurance at that point. We see this as a value-added service.

Neil is correct in his explanation that it is time-consuming and costly to revise an insurance policy in all 50 states, so we have not done so for this small part of our business. We may revise the policy language at a later date.

2. We are not actively promoting this coverage. We understand that it meets a need for individuals who purchase diamonds online and have them set by a jeweler. When we have more experience with this risk, we may promote it to jewelers and customers.

3. Under our Personal Jewelry Insurance policy, we may subrogate (e.g., request reimbursement) from a jeweler who damages an insured item. We do not subrogate against jewelers who have business policies with our company. We may subrogate against other jewelers.

4. We do not typically insure antique jewelry because ours is a repair and replacement policy. In our experience, it often is difficult to replace an antique item with like kind and quality that satisfies the customer.

10/2006
Jewelers Mutual insures jewelry items purchased online and we accept insurance evaluations/appraisals provided by online vendors. For a replacement in the event of a loss, we direct individuals to a jeweler with a storefront because that results in the highest customer satisfaction in our experience. Remember, the loss may occur years later when the individual has less time to search for the "right" stone, ring, etc.

In some cases, the insured and jeweler determine that the best replacement is via an Internet vendor. That’s a decision made by the insured and the jeweler. The jeweler can order the item for the insured’s review and approval with less hassle for the insured. (e.g., no concerns about shipping and receiving, insurance, etc.) This approach helps assure that the insured is receiving a replacement with the same kind and quality as the original.

3/2010
Greetings, IceExplorer. If the purchase price of the ring was less than $5,000, a detailed receipt with a full description is sufficient. If it is valued more than that, we will need an insurance appraisal or evaluation in order to insure it. And yes, you have worldwide coverage when you travel. Congratulations!

4/2007
I can''t speak for other insurers, but here is the process for insuring your stone with Jewelers Mutual. You should obtain an insurance appraisal/report for the stone and setting and apply for coverage. When the policy is in force, instruct the setter to proceed. (The policy needs to be in place before the work begins.) If you have an insurance appraisal for each component, that works just fine.

We do not REQUIRE a second insurance appraisal/report after the setting is complete, but we recommend that you have one completed within the first year for your protection. We ask customers for a copy of that second appraisal if they choose to obtain one. As mentioned by in other messages, if you go to the same appraiser, the charge for updating the appraisal is usually nominal.

6/2007
Ira is correct. If the stone and setting are less than $5,000 when added together, you could send in the receipt for the setting and the appraisal for the stone. If together, they are greater than $5,000, we need an insurance evaluation/appraisal. Ask the retailer for an insurance appraisal for the setting.

Here is the process for insuring a loose stone that is being set.

1. Obtain an insurance appraisal that includes the stone and the setting, as well as applicable taxes.

2. Complete our insurance application. You can use a paper application or our online application at www.InsureYourJewelry.com. For the online application, you can attach, email, fax, or mail us the appraisal.

3. Submit the completed the application, appraisal, and payment BEFORE the stone is set.

4. When you have confirmation that the policy is in place, tell the jeweler to set the stone. This assures that you have insurance coverage for damage to the stone while it is being set.

Not only will you have coverage while the jeweler is setting the stone, you will have insurance for an entire year for breakage, loss, theft, and even mysterious disappearance.

I hope that helps. Please don''t hesitate to ask additional questions.

4/2007
Jen: We recommend that you have jewelry inspected and the values updated at least every three years. This assures that your jewelry is in good repair and that you have an appropriate limit of insurance to cover a loss. When the metals or diamond markets are volatile, you may want to have the values reviewed more frequently.

Having your jeweler clean and inspect your jewelry every year will keep your jewelry looking its best and identify little problems before they become big ones.
 
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