Collecting on Insurance/ Advice on which insurance

[SparkleRx]

Hi All,

I have been doing major research on jewelry insurance and a lot of the insurance posts are from a few years back. I was hoping for some current advice.

I have had Chubb insurance but for my one particular ring, cost has gone up to $1600/year (from $1200 when I first insured through them). I am in talks with my homeonwners insurance, but doesn''t sound too hopeful. Sounds like my homeowners won''t even cover my less expensive rings (that I don''t have insured currently). I have seen some info on Jewelers Mutual but don''t know much about them.

*Has anyone actually had to collect on insurance (or know someone sho has)? If so, which company and how did it go?

*Anyone have info on Jewelers Mutual or any other insurance company. (Good or bad)

*Any other advice what I should specifically look for or any other generic advice?

*Should I insure pieces for appraised value or what I paid for the pieces or a number in between?

*Anyone have different insurance companies for different pieces?

*How often do you get your pieces appraised?

So far I only have my one piece insured but would like to insure the others as well. I like Chubb since you get the cash value of the insured value. That specific piece was custom made and would be hard to replace. I was thinking of lowering the insured value since the appraised value is more than what we paid, but like I said, it is custom and would be hard to replace. The other pieces are brand names and would be easier to replace so I may be able to go through different insurance company for those. Unfortunately, none of my pieces qualify for the Homeowners policy (I have my agent looking into adding insurance, but it doesn''t sound too promising). Also, homeowners policy is strict (must be stolen from house, can''t be replaced from stolen/lost outside of house or by fire or flood, etc)

Thanks in advance for any advice!

 

[Adylon]

JM doesn't pay cash as you may know.

Date: 7/14/2008 2:54:42 PM
I like Chubb since you get the cash value of the insured value. That specific piece was custom made and would be hard to replace.

I'm not familiar with Chubb, but perhaps the reason that the price is high on the insurance is because it's a cash out policy? JM is probably much less because its a replacement policy where they give the jeweler a set amount over their cost to replace your ring. The jeweler submits invoices to JM, and JM agrees to pay X% over that amount for the jeweler's profit margin. This amount varies depending on the value of the ring, if they're a JM policy holder themselves, etc. If you're worried about having enough funds to replace it by your original maker, ask them if they work with JM and what they recommend you insure it at, they should give you an exact figure, or if they're not sure what JM would pay them just have JM give them a call.

Same could be said for any insurance company. Have the insurance rep contact your jeweler to see what your "insured value" should be to make sure that your jeweler is paid sufficiently that you get an exact replacement. Then get a quote for insurance coverage on that insured value. This will make sure you have sufficient coverage, without overpaying insurance.

Yosef

 

[MMT]

Hi I have been researching this also. I currently have my insurance with my home and car insurance. Allstate. I was having my ring cleaned and found out it was chipped. When I contacted my insurance they told my they would fill in the chip. I was really upset and decided I would rather pursue my upgrade then have a filled in ring. If I had lost the ring they would replace it with a like quality ring. After shopping around I think I will probaby end up going with JM. Apparently they will replace your ring with like quality with the jeweler of your choice. I am planning to contact them and get more information on this. I''m still shopping for my upgrade so I have a little time. I would love to see what other peoples experiences are also.

 

[denverappraiser]

Date: 7/15/2008 8:09:12 AM
Author: MMT
Hi I have been researching this also. I currently have my insurance with my home and car insurance. Allstate. I was having my ring cleaned and found out it was chipped. When I contacted my insurance they told my they would fill in the chip. I was really upset and decided I would rather pursue my upgrade then have a filled in ring. If I had lost the ring they would replace it with a like quality ring. After shopping around I think I will probaby end up going with JM. Apparently they will replace your ring with like quality with the jeweler of your choice. I am planning to contact them and get more information on this. I''m still shopping for my upgrade so I have a little time. I would love to see what other peoples experiences are also.

If it’s not too late, I would recommend perusing this a bit. You can’t ‘fill in’ a chip on a diamond. The choices on most policies are to replace the stone with another of ‘like kind and quality, or to recut and reset it and pay you for the loss in value as well as the costs associated with the repair. In most cases they will also offer you to pay you cash in the amount that it would cost them to do whichever of these things is cheaper. Normally the insured gets to decide between the these. How long ago was the damage discovered? Who is your carrier? What state are you in? Has the claim been settled?

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

 

[geckodani]

I have Jewelers Mutual and have been happy with them so far.

I actually did some research last week here on PS and found a thread detailing how JM handles claims. (Of course I now can not locate it. I''ll try to find it.) From what I recall, JM primarily uses a repair and replace policy. So if I lose my ring, I contact my jeweler (that''s the nice thing about JM, you pick the jeweler) and they quote a price to JM to get me a stone of like lind and quality.

I believe that they also allow for upgrades, but the process is a little tricky. Your jeweler quotes them a price for a replacement stone, JM pays the jeweler that amount, but you can pay the jeweler additional money to upgrade/make something completely different etc.