My Insurance Experience

[Shay37]

Hello, again everyone. I have noticed a lot of insurance threads lately and thought I would add to the mix. I purchased my ring the end of February and Chris D. at Dave Atlas appraised it. (What a great experience. Chris is the best. Go Cowboys!) I have, however, dragged my feet when it came to getting insurance. After seeing a couple of horror story threads about diamonds damaged before insurance could be purchased, I decided to get in gear. About a month ago, I checked the Chubb site for local agents. I found one close and gave them a call. I am still waiting for their return phone call.

Next, I called my homeowners insurance co. They said that if my house burned, the diamond would be covered in the content replacement, otherwise out of luck without a rider. duh (BTW, if my ring was lost in a fire, I was wearing it and replacement at that point is who cares) Rider was going to cost $80 per year. I didn''t think that would be too bad, until I found out what they didn''t cover. Suffice it to say, I wanted more protection than that. Also, the replacement details I was not happy with. Still looking.

Last Friday, I got two agents off of web sites. One of them was a Plib agent, and the other was another Chubb agent in my area. The Chubb agent''s number was no longer in service. So, it was on to Plib. I called the closest agent who was in Boston. This was yesterday afternoon. I spoke with a lady named Lisa. She was very helpful. She said she would check the info from the co. and get back to me. It took literally five minutes to give her the info needed. She called me today with a quote. I said, yes. She had me fax her the appraisal, and she said upon receipt of the fax, coverage would be bound. The main policy and bill would follow in 2-3 weeks. Done and done. Ring gets to come out of the safe. I had put it there for safekeeping after some of the threads recently. It was painless.

If one of you math whizzes can tell me how to figure the cost per hundred, I will tell you what I got. Thanks

Shay

 

[ep6585]

Is it really that hard to insure a diamond ring? What do they cover and what don't they cover? I'm in the process of buying a daimond engagement ring and I'd like to know what to look out for when I talk to my insurance agent.

 

[Shay37]

Okay, I needed to add one huge thank you to D. Atlas. Lisa pulled the appraisal out of the fax machine and said that it was one of the most comprehensive appraisals she had seen. She said that it just makes everyone's job easier in the event of loss to have such detail. I guess they mostly get the one paragraph variety. I sent her the AGA cert. as well as the appraisal. (total of five pages) Thanks, Chris and D. Atlas for doing such a great job!!!

ep6585, hunting insurance can be frustrating. Sometimes it's okay to add it to your homeowner's policy, but be sure to ask what kinds of things they exclude from coverage just to be certain you can live with that. You also have to be aware that most homeowners coverage just offers replacement. You have to document to the nth degree if you have a branded stone in order to get a "like" replacement. I just did not like all the wiggle room my policy left for the insurance company. I bought a branded stone, and "like" replacement to me is: I get another SuperbCert. No questions asked. No quibbling. With Plib, they cut a check in the event of loss for the amount insured. No problems. No questions. No making me jump through hoops. If you don't get satisfactory answers to your questions from your policy, you might check Plib.com for the agent nearest you. Hope this helps other people.

Shay

 

[Lynn B]

While I was still looking for my ring and only gathering info, I called the insurance company who we have our homeowner's through. The agent told me to expect to pay roughly $1 per year per thousand dollar's coverage. This was to insure against any loss, damage, "mysterious disappearance", whatever. Having NO experience with any of this, I thought that was a GREAT price. Approx $18,000 coverage for $18/year.

On the very day that I GOT my ring, I took it in to have the paperwork drawn up and she says "That'll be $180." I said, "180? When we spoke on the phone recently, you said $1 per $1,000." She: "That's right. One dollar per thousand. That'll be one hundred eighty dollars." I am no math genious here but $180 is one dollar per HUNDRED, not one dollar per THOUSAND. BIIIG difference there. So I pointed that out to her, and she was like, "...ooops, yeah, hmmmm... you're right... um, sorry about that..."

>> Of course I hope I'll never have to use it, but it seems to be covered for any kind of problem or disappearance, including "acts of God"!

Lynn

 

[Ring101]

Is it Plib? Is it a nationwide insurance company? Any website for the company?

Thanks

 

[eyesoftexas]

PLIB is awesome to deal with and the policy is Chubb anyways. I do not understand why Chubb is so difficult to deal with directly for getting a policy but it does not matter since PLIB is nationwide (Licensed in all 50 states) and basically writes the exact Chubb policy you would have got with Chubb. Go figure... If you do not find an agent directly in your state from the PLIB web site call the one closet in your region. They will be able to write your policy and they know what you are trying to do (insure jewelry).

 

[Shay37]

Ring101, Plib.com Hope this helps.

Shay