Heartbroken- PerfectCircle Outcome
- Thread starter MrsWhitney
- Start date
MrsWhitney
Shiny_Rock
- Joined
- Jul 19, 2012
- Messages
- 287
MrsWhitney
Shiny_Rock
- Joined
- Jul 19, 2012
- Messages
- 287
Oh, I am so sorry. The health troubles must be so hard on you. I can't even imagine! I know it can't make up for ill-health and I don't mean in any way to minimize your troubles, but I am so glad you will at least have your sparklies as you move through treatment.
Is the gene the same BRCA as Angelina, or is it the other one (BRCA 2)? No matter, neither is a cakewalk. At least we do know about these genes nowadays, so action can be taken.
I really feel for you. It is just not fair.
But hopefully you will have whatever treatment you need, and we are all sending dust and vibes that the outcomes will be good. Please do keep us updated. I'm worried about you now!
Holding you in my thoughts xxxxxxxxxxxxx
Is the gene the same BRCA as Angelina, or is it the other one (BRCA 2)? No matter, neither is a cakewalk. At least we do know about these genes nowadays, so action can be taken.
I really feel for you. It is just not fair.
But hopefully you will have whatever treatment you need, and we are all sending dust and vibes that the outcomes will be good. Please do keep us updated. I'm worried about you now!
Holding you in my thoughts xxxxxxxxxxxxx
- Joined
- Dec 3, 2011
- Messages
- 10,051
OP, I'm so glad all of this was resolved (for whatever reason). 
I wouldn't worry too much about whether or not JM will drop your policy, that's just not important right now, as you can always use another insurer. What's important is that you will be able to get your ring soon and can deal with your health without the worry generated by the insurance issue. Good luck to you, and I wish you a very speedy recovery!
I wouldn't worry too much about whether or not JM will drop your policy, that's just not important right now, as you can always use another insurer. What's important is that you will be able to get your ring soon and can deal with your health without the worry generated by the insurance issue. Good luck to you, and I wish you a very speedy recovery!
- Joined
- Apr 28, 2008
- Messages
- 11,676
Glad to hear you got it resolved to your satisfaction. However, I am confused as to what the insurance company did wrong. Their policy clearly states what happens in the event of a loss of a branded item. You must re-buy out of pocket, submit a receipt, and you will get reimbursed. Emotions aside, why are they bad guys? They are just following policy.
I have been following this thread because I have 2 rings currently insured with PerfectCircle and yesterday picked up another I need to cover. I have to say we had Chubb insurance on 3 home properties and had great diffulty when we filed a fairly small claim ( less than 35,000) for water damage/mold. They used every excuse to deny and we ultimately just gave up for our sanity and accepted a portion. So I suggest that you read carefully any Chubb policy too.
- Joined
- Jul 23, 2012
- Messages
- 20,153
CRYSTAL24K
Brilliant_Rock
- Joined
- Mar 25, 2014
- Messages
- 1,514
MrsWhitney
Shiny_Rock
- Joined
- Jul 19, 2012
- Messages
- 287
Niel|1428792689|3860570 said:
I understand the brand issue, as I said a dozen times; what my issue was, even when my father and husband looked into alternatives, say, Leon Mege....I would STILL have to find a jeweler to remake a similar ring, with a wholesale justification letter AND 15% markup only. This was not in the policy....
I never said "big bad insurance company", in fact, my grandfather started a large insurance company on the West Coast, so I am aware of the policies and the business model.
MrsWhitney
Shiny_Rock
- Joined
- Jul 19, 2012
- Messages
- 287
MrsWhitney
Shiny_Rock
- Joined
- Jul 19, 2012
- Messages
- 287
Laila619|1428789765|3860545 said:
I think the fundamental issue was the way I started to be treated when I looked at alternative avenues. My father was ill treat (in our opinion) as was I (again, my opinion). We were willing to look at alternatives, but their suggestion of "finding me a diamond identical" with their vendors, was not alright....again, to me.
Moreover, what is a branded item? I think legally it needs to be clarified. We had an attorney look at it, is Leon Mege a brand? It leaves a lot open.
MrsWhitney
Shiny_Rock
- Joined
- Jul 19, 2012
- Messages
- 287
- Joined
- Jan 11, 2006
- Messages
- 58,559
- Joined
- Jan 11, 2006
- Messages
- 58,559
tinsure|1428693291|3860007 said:
Mr. Cohen, we somehow need to get the names of stand-alone policies for jewelry that do cash payouts. I am one of the fortunate ones to have a Chubb policy, but our understanding is that they no longer offer stand-alone policies. So many members here have specialty cut stones or custom rings that cannot possibly be replaced anywhere other than the original source. A cash payout is generally best so one can decide to replace with the same or a different item if desired. If there are none that have reasonable premiums for cash payouts, then there surely are some that will replace a branded item without the customer having to pay out of pocket before the claim is settled.
For the record, Chubb was barely more than JM when I insured my ring and earrings, so it was a no-brainer to go with Chubb.
- Joined
- Jul 24, 2003
- Messages
- 2,709
MrsWhitney|1428521851|3858789 said:
Sidenote and I am new here and haven't read this massive thread... but I did speak to Tiffany and was shocked that they don't use GIA or AGS. They said their certification is better, I said BS... you're not independent, why should I trust you. Just because you have a great name doesn't mean you're not trying to make an extra dime by inflating your certifications...
- Joined
- Dec 3, 2011
- Messages
- 10,051
tjking82|1429221633|3863175 said:MrsWhitney|1428521851|3858789 said:
Sidenote and I am new here and haven't read this massive thread... but I did speak to Tiffany and was shocked that they don't use GIA or AGS. They said their certification is better, I said BS... you're not independent, why should I trust you. Just because you have a great name doesn't mean you're not trying to make an extra dime by inflating your certifications...
...and this, tjking82, is a whole other can of worms!
Hi, there are a number of companies that will settle a claim with a cash payout. I've represented a few of them over time and still do. I also understand that there is a real value in purchasing a repair and replace policy. Much of the decision should be based on what you want to have happen if you have a loss, and where you are in life. I've I have great regard for companies that will bend over backwards in order to assist an insured and I can tell you that most insurance companies are staffed with human beings who genuinely want to do the right thing. I also have issues with companies that settle claims that are pretty clearly fraud. The reason I feel that way is that we all pay a premium penalty when people take advantage. The average person looking for insurance coverage shouldn't have to pay for someone else's dishonesty. When it comes to buying insurance most of the problems that people have is understanding the limitations of their policy. There are questions to ask when a client is seeking protection, and like most things, it requires a little bit of time to learn the right thing for your needs. I'm a proponent of stand alone insurance jewelry insurance policies (I sell other types of insurance as well) because of the importance of residential policies and the precarious nature of maintaining those policies should you have a claim. A number of years back I put on a webinar in order to educate people on the basic types of policies and answer any questions that people had about the specifics of the different types of coverage. I must confess that I only look in on Pricescope very occasionally (generally when one of my clients calls me and tells me to stop being so preoccupied and respond to someone who needs help) and that I need to do so more frequently. I do remember that part of the protocol for discussion is to keep from shamelessly promoting your own interests. I'm happy to provide anyone with advice but I don't wish to overstep the rules of the venue. Brian Gavin was one of the people that promoted the webinars of the past, and Bill Lieberum (he was the RocDoc) also asked that I attend one. I used to speak with Bill on a regular basis and when he passed away I seemed to lose the impetus to visit the site. I'm happy to answer anyone's questions and perhaps we should try another webinar. If you all are interested in having something along those lines I will email Pricescope's administration, and also see if Brian would like to do this again.
I'm happy to help and I believe I have replied to either you or Mrs Whitney. I'm not at this as much as I should, and I have a bit of trouble navigating back to the thread. Apologies if I missed a question or didn't respond as quickly as I should. As a Chubb policyholder how have your premiums been since your policy's inception?
drk14
Brilliant_Rock
- Joined
- Jun 25, 2014
- Messages
- 1,061
I think Mr. Cohen may be prohibited by the PS rules against self promotion from answering with these details.diamondseeker2006|1428805742|3860674 said:
I did speak to him when I was shopping for insurance last year, and my recollection is that he represents Chubb and Lloyd's (both of which offer cash pay-out, and if my memory serves me right, can be written as stand-alone policies if the amount insured is sufficiently high), as well as GemShield (a repair and replace policy).
- Joined
- Jan 11, 2006
- Messages
- 58,559
tinsure|1429229178|3863263 said:
Thanks so much for the information, Mr. Cohen! I am fortunate to have Chubb jewelry insurance and I totally agree that it is best to separate jewelry from homeowners. I am glad to hear that is your advice! It was very sad to lose RocDoc. I will tell you that Brian Gavin left Whiteflash a few years ago and started his own company, so he is no longer a Pricescope vendor. Perhaps one of these days when I have time, I can give you a call and get some basic information about companies that offer cash pay-outs so the next time someone asks here, I can give some current information. I have had jewelry insured probably for 35 years (but the first 25 years it was on a homeowners rider and then the last 10, Chubb), and I thankfully have never made a claim.
When I first came to PS almost 10 years ago and got a new diamond ring, we compared premiums from Jeweler's Mutual and Chubb, and Chubb was less than 10% more. We felt the value of having the total freedom to choose a replacement was worth a small amount more. In fact, JM might have cost more because at that time they insisted on using an appraisal as opposed to purchase price (which we prefer), so we would have had to insure at an inflated value with them. I absolutely LOVE that Chubb gives us the opportunity about once a year to increase the coverage on an item if we wish with no appraisal. I follow diamond prices and can tell when I need to add coverage based on value. Since I have never made a claim, I do not know how that experience is, and hopefully I never will! My premiums have had small increases but nothing significant that I can recall. I have upgraded items and my premium is higher because I have more value insured, though!
- Joined
- Jan 11, 2006
- Messages
- 58,559
Mr. Cohen, one more question. Is there a ballpark idea of the minimum value Chubb would require today to write a standalone policy? I only ask because I hate for people to recommend Chubb to people buying $20k rings when they require $50k (or more) as a minimum for standalone policies. And would that be total value of items (such as ring and earrings), or just the value of a single item?
Hi, I'm not promoting Chubb any longer. They are a very good company and worth looking at, but the increase of 5% annually to my clients was difficult for me to accept and, in some cases harder for them to accept. There are other firms that do not automatically increase their coverage. They will accept an endorsement to value at any time. Typically these endorsements are done at renewal and only require some evidence of the increase (not a new appraisal). They also will offer deductibles and credits for the appropriate security. The question then becomes how good are the companies offering this sort of flexibility and the answer is that they are AM Best A rated companies with long histories in business. Minimum retail costs for cash value policies can vary, but the sweet spot for my firm is about 35k. The difference in the premium, for people just starting out in life, between the cash value policy and the repair and replace policy, is significant. I tend to recommend repair and replace policies to young people because their main goal is to replace the diamond ring in the event of a loss. The insurance company for repair and replace coverage that I deal with will only send the client back to the jeweler of their choice. They (meaning the insurance company) will only accept a replacement with a diamond certification that matches the one that was lost, and that means the cut of the diamond must match the original as well. I oversee this program, and I can state with great confidence that what I write here is accurate. While we all understand that diamonds (and in some cases jewelry) are unique, if the goal is to get a new diamond ring that matches the one you had, regardless of whether you pay the jeweler in cash, or the insurance company pays for the replacement, there are certain realities that we must recognize. The facts are that getting the identical thing you lost is not possible, so you must acquire something as close as possible to the article that was insured. When people have a collection of jewelry the cash value policy may be the right choice. People just starting out will save some significant money purchasing a repair and replace policy, and if purchased from the correct insurance company, they will have the right to deal with the jeweler they prefer. Their jeweler is someone that they trust and will try to reproduce, as closely as possible, the lost article. The insurance company will stand behind this and the insured's jeweler should provide assurance that the same piece can be duplicated as closely as possible to the original. If there is a loss, and the jeweler is not working out to the insured's satisfaction, then there are alternatives that can be managed. As long as you are fully insured for the total replacement cost of the jewelry, and working with the jeweler that earned the insured's business to begin with, these strong components have produced satisfied outcomes in almost every case that I have been associated. Cash value allows for flexibility and is absolutely essential when buying unique antique jewelry, custom designs, or if it simply isn't practical to return to the original jeweler. You can buy whatever you want, but if you want the same piece that you had, you have the same issues as the repair and replace policy. Making the choice between the two types of coverage is just a question of what you want to happen in the event of a loss. Someone suggested the companies I represent. I have recently made some changes and am now offering better security. My website is being updated and may not reflect current information, however it will soon. I'm happy to try to answer any questions that you may have.
- Joined
- Jan 11, 2006
- Messages
- 58,559
Thank you, Mr. Cohen! Just out of curiosity, will those repair and replace policies allow the customer to add their own money if they'd like to upgrade the diamond or setting at that time? Or choose a different setting of the same value as the old one? Just wondered if there was flexibility there at all?
My insurance value has never been increased without my choosing it. It is hard for me to compare my premiums from year to year due to the fact that I have made several changes to the items covered. I may do some price shopping before my next renewal, however!
My insurance value has never been increased without my choosing it. It is hard for me to compare my premiums from year to year due to the fact that I have made several changes to the items covered. I may do some price shopping before my next renewal, however!
AIG offers two new policies. They are called GemSafe policies. There are two types. One is cash value, and the other is repair and replace. The names of the policies are GemValue and Gem-Extensive. The GemValue policy is the repair and replace policy. When it comes to upgrading, that would be between you and your jeweler. AIG will pay up to the insured value of the coverage. There is an agreement with the jeweler to replace the article if lost, but if you are willing to pay the difference for an upgrade, I doubt that any jeweler would turn down that business. The Gem-Extensive policy is the cash value policy, and that policy and also covers collections etc. AIG has been in business for over 90 years. They are a US based company and approved in all 50 states. let me know if I can provide you with any other information.
- Joined
- Jan 11, 2006
- Messages
- 58,559
300x240.png)