Does insurance cover a chipped diamond/ring?

[eks6426]

When I originally got my ering in March, I added it to my Allstate insurance policy with my homeowners and car. But when the documents came there were too many exceptions--no coverage for damage to the ring, had to use certain jewelers etc. So, now I''m shopping again. I''m looking at Chubb and Jewelers Mututal and I want to know if either of these companies would cover it if chipped my diamond or damaged my rings in any way? I have 3 sided pave Michael B rings (both ering & wedding ring) so the possibility of damage is there. If anyone knows, please let me know.

Thanks!

 

[denverappraiser]

Ask the companies directly. They all have several different products available that have differing terms and types of coverage. The local agent''s don''t usually know this kind of informtion but the national office can be quite helpful. When you''ve selected what you think is a reasonable policy, READ it.

I"m pretty sure that Allstate does offer a policy that will cover breakage and damage. Check with them and make sure that your source knows what they are talking about and that they have you in the correct policy.

Neil Beaty
GG(GIA) ISA NAJA
Independent Appraisals in Denver

 

[mrssalvo]

IslandDreams. i have my insurance with allstate. they have a scheduled ryder on the policy that covers the ring for everything. i sent them a 4 page comprensive analysis on my stone. they say they replace like kind, so they will have to find one that matched all the data

i also had an WF eterntiy band added and the policy states it must be replaced with WF's aca melee. you have a Michael B, your policy should state, must be replaced with michael b etc. i have recently been looking into other options and have made several calls to my agent. as for the chips etc. i have had 2 chips on my stone whcih decreased the clarity and the stone's value. i'm in the process of seeing if i have a claim. if i do proceed i will be sure to follow up with the process.

 

[AChiOAlumna]

Date: 6/21/2005 6:12:22 PM
Author: mrssalvo
IslandDreams. i have my insurance with allstate. they have a scheduled ryder on the policy that covers the ring for everything. i sent them a 4 page comprensive analysis on my stone. they say they replace like kind, so they will have to find one that matched all the data

i also had an WF eterntiy band added and the policy states it must be replaced with WF''s aca melee. you have a Michael B, your policy should state, must be replaced with michael b etc. i have recently been looking into other options and have made several calls to my agent. as for the chips etc. i have had 2 chips on my stone whcih decreased the clarity and the stone''s value. i''m in the process of seeing if i have a claim. if i do proceed i will be sure to follow up with the process.

I did the same with my Allstate policy, including a copy of my GIA certificate and appraisal paperwork. I don''t have a name brand setting to have it replaced with, but they did say they replaced the like kind...

 

[solange]

The point broke off my original pear shaped engagement ring many years ago. If it were recut, it would have been much smaller.

The insurance company tried to replace it but when I was dissatisfied with the stones offered even if I added to the price, they gave me the cash.

I recently got a new ring and I discussed this with my agent from Liberty Mutual. I was told that they would have to give me what I had before or cash out. If the stone were very slightly damaged, they would pay for the repair and loss in value. But if there were a significant loss in size or value, they would either replace it or pay out. The agent said that since I had provided so much information about my stone and it would be difficult to find another, they would probably just pay it out although they do not have the same cash out policy as Chubb.

I do have other insurance with them but I believe their tates are lower than Chubb.

 

[mepearl53]

Chubb and Jewelers Mutual are excellent companies and understand the difference between designer jewelry and other types. The larger companies have arrangements with replacement services that seem to treat all jewelry the same.

 

[claimsjeff]

Yes...primarily our exclusions are wear/tear and intentional acts. So chips are covered...assuming it''s not wear or done intentionally.

Thanks.

Jeff Mills
Jewelers Mutual Insurance Co.
Vice President Claims

 

[Richard Sherwood]

Jeff, under what circumstances would a chip not be "wear & tear"?

 

[diamondfan]

I know Chubb is considered one of the tops. You need to make sure what each specific policy covers, and make sure the coverage is for full replacement value of like kind. You do not want to have to get a substandard replacement if you have a loss claim...perish the tought! Fireman''s Fund is also supposed to be good, but I would price shop and do an apples to apples comparison of the terms of each poicy.l

 

[diamondfan]

(not that I am in the industry but I just did a bit of research myself so...take it for what it is worth) A chip would be in one act, like maybe banging, hitting or dropping your stone. Wear and tear occurs over a period of time, is not defined by one moment or one incident...does that make any sense? Like with a tire, wear and tear comes from usage over time and miles, but if you get a flat from driving over a nail that is an incident occuring one time...

 

[claimsjeff]

Hi Rich...I agree with diamondfan above. Want to be an adjuster? Prongs are the most common area of wear that we see. Obviously mechanical items wear...ie...watches. Chips often occur when they hit a table or another hard item.(which is not wear/tear). Soft stones are obviously more likely to scratch..... We one into problems with Opals also because of the moisture content. Hope that helps.

Thanks
Jeff Mills
VP Claims
Jewelers Mutual Ins. Co.

 

[pinkee]

I have Liberty Mutual and have a rider and my diamond was chipped when it was reset, within days I had a return call from LM, a gemologist at my house in a week, and 4 days later a replacement diamond which I upgraded. I am very happy with Liberty Mutual!

 

[RockDoc]

Date: 6/24/2005 8:20:52 AM
Author: claimsjeff
Hi Rich...I agree with diamondfan above. Want to be an adjuster? Prongs are the most common area of wear that we see. Obviously mechanical items wear...ie...watches. Chips often occur when they hit a table or another hard item.(which is not wear/tear). Soft stones are obviously more likely to scratch..... We one into problems with Opals also because of the moisture content. Hope that helps.

Thanks
Jeff Mills
VP Claims
Jewelers Mutual Ins. Co.

Hello Jeff....

You have said in the above that you don''t cover wear and tear. Also you said that prongs are a item which "wears and tears".

If a consumer has a worn prong, and doesn''t fix it and they lose the stone, what would JM do?

Obviously, the primary contributing cause would be wear and tear. In that event, what would JM''s position be?

Rockdoc

 

[claimsjeff]

If an insured advises us that the prongs are worn, we advise them that it is their responsibility to keep their jewelry in good condition. We would normally document our policy and then have the underwriter follow-up with the insd to make sure that the repair has been taken care of and have the jlr confirm that the repair has been done. However, if the stone falls out because of a worn prong that we knew about, we can technically deny the claim. Usually, though, the loss is just reported to us as losing a stone and we never really know whether it is because of a worn prong or not and we usually do not question it.

Hope this helps.
Thanks
Jeff Mills
Jewelers Mutual
VP Claims

 

[RockDoc]

Date: 6/27/2005 11:32:12 AM
Author: claimsjeff
If an insured advises us that the prongs are worn, we advise them that it is their responsibility to keep their jewelry in good condition. We would normally document our policy and then have the underwriter follow-up with the insd to make sure that the repair has been taken care of and have the jlr confirm that the repair has been done. However, if the stone falls out because of a worn prong that we knew about, we can technically deny the claim. Usually, though, the loss is just reported to us as losing a stone and we never really know whether it is because of a worn prong or not and we usually do not question it.

Hope this helps.
Thanks
Jeff Mills
Jewelers Mutual
VP Claims

Jeff

Isn''t the JM policy an all risk type policy? If something is in need of attention, is the policy noted with a "risk alert" which might deny the insurer''s responsibility till the "repair" is completed?

In cases where a diamond was lost, do you require inspection of the mounting ?

Are there other reasons other than wilful loss or destruction that JM might deny claims?

Rockdoc