Jeweler Mutual - do they really give u a new diamond if u loose yours?

[earth]

Hi,
planning to go for Jeweler Mutual insurance(after i read good words abt them on this forum) ..my concern: if i loose my diamond(hope it never happens)...then do i get a new diamond without any hassle or do they look for reasons not to give you. I mean to ask...hope it is not a 'peace of mind' till we dnt loose anything...once we loose then insurance becomes another problem to deal with.
thanks!

 

[denverappraiser]

They’re a legit outfit. They do, of course, reserve the right to question the legitimacy of your claim if something about the claim is suspicious but I’ve never known them to be unreasonable to their customers in paying out for a covered claim. I’ve personally been a JM client for decades and I”ve been involved in dozens of claims for our shared customers and I’ve never seen an important hangup with them.

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

 

[Jim Summa]

I agree with Neil, I have never had a problem with Jewelers Mutual.

 

[IceExplorer]

Date: 2/19/2010 11:47:18 AM
Author:earth
Hi,

planning to go for Jeweler Mutual insurance(after i read good words abt them on this forum) ..my concern: if i loose my diamond(hope it never happens)...then do i get a new diamond without any hassle or do they look for reasons not to give you. I mean to ask...hope it is not a ''peace of mind'' till we dnt loose anything...once we loose then insurance becomes another problem to deal with.

thanks!

I haven''t had to investigate that to closely yet but I''m going to have to start soon. Your question is of interest to me as well!

I read in one article that suggests to get a policy that confirms YOU get to pick the replacement. Apparently the insurance companies have suppliers they can beat up on to maximize savings. It was also said that they have jewellers re-cert lessor diamonds with more lenient laboratories.
EG:
They would take an AGS - 1 carat - I color -SI2 and have it regraded by a more lenient lab to supply a report that says: 1 carat - F - VS1 (my example only for demonstration purposes only.)

check out this link:
https://www.pricescope.com/community/threads/jewelers-mutual-in-canada.134982/

I posted a list of questions (that I found on the internet) to qualify your insurer prior to committing. These questions help clarify any potential angles or loopholes the insurance company might pull at time of claim.

Let us know what you find!

 

[denverappraiser]

The stated rules at JM are that you can shop wherever you like. This isn’t entirely correct but it’s close. The problem is that not every jeweler charges the same for their goods and skills and if your chosen jeweler wants to charge more than the market rates for what they’re selling, JM (and any other insurer with a replacement type policy) reserves the right pay only the going rate and the extra may be up to you. It is also common for customers to decide that since they no longer have the original piece, this is a good opportunity for an 'upgrade' and the extra costs for this are up to you. You can shop wherever you like, and you can buy whatever you want, but the insurer may not pick up the entire bill for your selection and the jeweler may not be willing to work for what the insurer is willing to pay.

Ice, you're absolutely right that this is a topic that's worth considering when shopping for insurance and that there are significant differences from one to the next. Most have a list of 'approved' vendors that you can choose from that's fairly big but at least one that I know of actually owns their own jewelry store and requires that you to buy it from them!

Not to sound self serving, but this is one of the reasons to get a thorough appraisal. The description from your appraisal is what will be used as the purchase order for the replacement. This description should contain all of the attributes that you would like to have considered if replacement ever comes up including grades on the stones, direct references to the lab reports (scans of the report are good), designers and model numbers as appropriate, special issues like h&a symmetry should be documented, etc. Photos are VERY helpful. Unfortunately, the ‘free’ document supplied by jewelers is often woefully inadequate for the purpose and this serves the best interests of the insurers, not you.

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

 

[Modified Brilliant]

I''ve been insured with Jeweler''s Mutual for many years but the most impressive thing about
their company is that they truly care about our industry. On many occasions, I''ve been with their folks at gemological and appraisal conventions. Always sociable and approachable and most
importantly they have a pulse on what is happening in our industry.

 

[Modified Brilliant]

Date: 2/19/2010 12:45:30 PM
Author: denverappraiser
The stated rules at JM are that you can shop wherever you like. This isn’t entirely correct but it’s close. The problem is that not every jeweler charges the same for their goods and skills and if your chosen jeweler wants to charge more than the market rates for what they’re selling, JM (and any other insurer with a replacement type policy) reserves the right pay only the going rate and the extra may be up to you. It is also common for customers to decide that since they no longer have the original piece, this is a good opportunity for an ''upgrade'' and the extra costs for this are up to you. You can shop wherever you like, and you can buy whatever you want, but the insurer may not pick up the entire bill for your selection and the jeweler may not be willing to work for what the insurer is willing to pay.

Ice, you''re absolutely right that this is a topic that''s worth considering when shopping for insurance and that there are significant differences from one to the next. Most have a list of ''approved'' vendors that you can choose from that''s fairly big but at least one that I know of actually owns their own jewelry store and requires that you to buy it from them!

Not to sound self serving, but this is one of the reasons to get a thorough appraisal. The description from your appraisal is what will be used as the purchase order for the replacement. This description should contain all of the attributes that you would like to have considered if replacement ever comes up including grades on the stones, direct references to the lab reports (scans of the report are good), designers and model numbers as appropriate, special issues like h&a symmetry should be documented, etc. Photos are VERY helpful. Unfortunately, the ‘free’ document supplied by jewelers is often woefully inadequate for the purpose and this serves the best interests of the insurers, not you.

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

How true. There is a very well known reputable jewelry retailer in our area who has never added diamond measurements on any of their "in house appraisals."
No measurements. That''s a basic bit of information that should absolutely be on an insurance appraisal. Your very round brilliant cut could be replaced with an ovally eggshaped not so round brilliant cut.