bem3231
Brilliant_Rock
- Joined
- Aug 28, 2007
- Messages
- 646
Hi everyone -
Some of you may have read about my insurance saga on Rocky Talk. I have a big dilemma (well, it seems like a big dilemma to me, anyway), and would love some feedback...
Long story short - we purchased our stone at GOG and Leon is currently setting it. We live in Canada but will be vacationing in Maui at the end of this month. Leon prefers not to ship across borders, so he is having the finished ring shipped to an estate jeweler who carries some of his pieces in Maui where we can pick it up. Sounded like an ideal arrangement initially.
The problem is with insurance. I''ve checked with Chubb in Canada and they won''t underwrite a policy without having home insurance moved to them also, and they won''t insure a home with a building value less than $750k, so that''s out. Lloyd''s of London will underwrite a stand-alone policy out of an agency in the US that would cover my ring immediately and during shipping with the AGA appraisal that I''ve provided, however the cost is over double what it would cost to have the ring covered in a rider on my current home policy. They also add about 13% in taxes due to the fact that I don''t live in the US, so it ends up working out to about 3%/annum, which is quite high. I also need to courier a US funds cashier''s check to them to cover the premium, which is something of a pain. The insurance company that currently underwrites my home policy will add the ring as a rider at a rate of 1.5%/annum, however they will not do this without a Canadian appraisal, and I won''t be back in Canada and able to get this until about 2 weeks after we take possession of it.
My fiance does not seem concerned about this, although he is not a huge proponent of insurance in the first place. He thinks that nothing will happen during that 1 - 2 week period so I shouldn''t worry. The replacement value of the ring is about $60k. I am more concerned - I realize that likely nothing will happen, but that''s the point of insurance, right? In Maui I don''t want to wear it to the beach, swimming, etc., and yet the option would be to lock it in that in-room hotel safe thing in the condo.
My options are:
1) Swallow the extra cost and pay the huge premium demanded by Lloyd''s in order to be totally covered. By the way, I''ve read through the Lloyd''s policy and it doesn''t offer better coverage than my home insurer would. In fact, it seems to offer slightly less (ie: Lloyd''s won''t cover the stone during repairs, etc., but my home insurer will)
2) Get the Lloyd''s policy but then cancel once I get home and can switch to my home insurer. I can do this but Lloyd''s will charge a penalty on the premium - they don''t cancel pro-rata.
3) Go with my fiance''s suggestion and don''t worry about insurance until I get home, and just take *really* good care of the ring in the meantime.
What would *you* do??...
Thanks for the feedback!!
Some of you may have read about my insurance saga on Rocky Talk. I have a big dilemma (well, it seems like a big dilemma to me, anyway), and would love some feedback...
Long story short - we purchased our stone at GOG and Leon is currently setting it. We live in Canada but will be vacationing in Maui at the end of this month. Leon prefers not to ship across borders, so he is having the finished ring shipped to an estate jeweler who carries some of his pieces in Maui where we can pick it up. Sounded like an ideal arrangement initially.
The problem is with insurance. I''ve checked with Chubb in Canada and they won''t underwrite a policy without having home insurance moved to them also, and they won''t insure a home with a building value less than $750k, so that''s out. Lloyd''s of London will underwrite a stand-alone policy out of an agency in the US that would cover my ring immediately and during shipping with the AGA appraisal that I''ve provided, however the cost is over double what it would cost to have the ring covered in a rider on my current home policy. They also add about 13% in taxes due to the fact that I don''t live in the US, so it ends up working out to about 3%/annum, which is quite high. I also need to courier a US funds cashier''s check to them to cover the premium, which is something of a pain. The insurance company that currently underwrites my home policy will add the ring as a rider at a rate of 1.5%/annum, however they will not do this without a Canadian appraisal, and I won''t be back in Canada and able to get this until about 2 weeks after we take possession of it.
My fiance does not seem concerned about this, although he is not a huge proponent of insurance in the first place. He thinks that nothing will happen during that 1 - 2 week period so I shouldn''t worry. The replacement value of the ring is about $60k. I am more concerned - I realize that likely nothing will happen, but that''s the point of insurance, right? In Maui I don''t want to wear it to the beach, swimming, etc., and yet the option would be to lock it in that in-room hotel safe thing in the condo.
My options are:
1) Swallow the extra cost and pay the huge premium demanded by Lloyd''s in order to be totally covered. By the way, I''ve read through the Lloyd''s policy and it doesn''t offer better coverage than my home insurer would. In fact, it seems to offer slightly less (ie: Lloyd''s won''t cover the stone during repairs, etc., but my home insurer will)
2) Get the Lloyd''s policy but then cancel once I get home and can switch to my home insurer. I can do this but Lloyd''s will charge a penalty on the premium - they don''t cancel pro-rata.
3) Go with my fiance''s suggestion and don''t worry about insurance until I get home, and just take *really* good care of the ring in the meantime.
What would *you* do??...
Thanks for the feedback!!
, So I personally would suck it up and pay the insurance. I do however like Ellen suggestion though better safer then sorrier 
300x240.png)