Jeweler's Mutual Question

[Resonance.Of.Life]

So, I updated my JM insurance to include my AVC + the new setting so that it will be covered during the setting process. I got the documents in the mail and in the description of item it says: "Eng rg plat/rose gold mtg with 1.07 Cush C Dia, J, i1, AGS 104053160002, (09/11)." Since it is a branded cut, isn't the description supposed to say "August Vintage Cushion?" Also, because it is rare to get an "eye-clean" diamond that is of I1 clarity, should it be included in the description as well as the measurements? Or will they go by the appraisal document to find a suitable diamond?

 

[diamondseeker2006]

You won't have to accept just any diamond as a replacement. If they offered you one that wasn't eyeclean, then you would not have to take it. And furthermore, it would probably have to be replaced by another AVC since you aren't likely to find a generic cushion with ideal light performance! Your appraisal can be referred to at that time...which we hope will never happen! They just don't type out the full appraisal on the insurance document.

 

[denverappraiser]

You supplied the description. What did you give them in terms of documentations? The summary that appears on the invoice is not the sme thing as what applies to the contract. That comes from the appraisal, photographs, scants and similar things that you submit before they agreed to the policy.

 

[Resonance.Of.Life]

Diamondseeker2006: thank you !!
Denverappraiser: I supplied them with a 5 page appraisal report, complete with pictures and the AGS certificate .

 

[StevL]

So, I updated my JM insurance to include my AVC + the new setting so that it will be covered during the setting process.

You need to read that policy closely and/or call JM. I don't have one in front of me but I do not think JM covers your diamond while it's being set. If the jeweler has JM insurance they now have a program that covers them to some degree, it does have a deductable to the jeweler.


Best of luck,
Steve

 

[Resonance.Of.Life]

I could have sworn JM was the only insurance company that covers the diamond during the setting process (last time I had an antique cushion insured, this was the case with JM). I'll check again. Thanks

 

[diamondseeker2006]

A rep from JM did post on this forum that they would cover while setting. You have to provide the info on the stone and the setting to them.

 

[Dreamer_D]

I am very certain that JM lets you choose the replacement stone and they just pay for it, provided it matches the lab report. They will work with any jeweler you want. So you would find your own eye clean I1 AVC and they just buy it for you. This is why I personally like JM for my own insurance. Even in Canada I could buy from a US vendor, the only caveat being that in that situation I would have to pay for the diamond myself and get reimbursed by JM, whereas if I buy in my own country they will pay the jeweler directly.

 

[pregcurious]

I also believe the JM will cover the stone when being set. You can just email your underwriter at JM if you have their email.

As for the description, you can have your underwriter change the short description line in your policy. I had mine change the description of several pieces last week, and they did it immediately, without any questions, via email. Just make sure that you have pictures of your items and receipts/reports to back up your claim. If you have any questions, you can ask them what they would need for replacement of your jewelery.

 

[StevL]

A rep from JM did post on this forum that they would cover while setting. You have to provide the info on the stone and the setting to them.

Can we find that post... I tried.


Cheers,
Steve

 

[StevL]

I am very certain that JM lets you choose the replacement stone and they just pay for it, provided it matches the lab report. They will work with any jeweler you want. So you would find your own eye clean I1 AVC and they just buy it for you. This is why I personally like JM for my own insurance. Even in Canada I could buy from a US vendor, the only caveat being that in that situation I would have to pay for the diamond myself and get reimbursed by JM, whereas if I buy in my own country they will pay the jeweler directly.

From JM web site:

When “we” replace or repair the “covered property”, it will be from the stock of the jeweler from whom the “covered property” was purchased or another jeweler who is approved by “us”.



Cheers,
Steve