Jewelers Mutual any problems with?

[diamondseeker2006]

Thanks, Sue! This is very helpful information!

 

[FacetFire]

Date: 10/30/2006 2:38:03 PM
Author: Sue Fritz

Greetings! I would like to clarify a few points made in this discussion.

1. Jewelers Mutual offers a repair and replacement policy to help reduce fraud and keep premiums affordable.

2. As a JM insured, you work with your preferred jeweler for a repair or replacement with the same quality as the original. An earlier message in this discussion said that you must work with our network of jewelers. That is not correct.

3. We require that you have your jewelry inspected and values reviewed every three years. When an inspection is required, you will receive a renewal offer that includes an inspection form for your jeweler to sign and clear instructions. If you have special circumstances that make getting an inspection difficult – e.g., you are on a long vacation or are moving - we can extend the deadline for the inspection. Just call us.

4. When you need an inspection for jewelry purchased online, you will take the insured item(s) to an appraiser or local jeweler for inspection and value update. Some jewelers and charge for this; others don’t. Appraisers generally charge for this if they did not provide the original insurance report/appraisal.

5. Here is the process if a jeweler breaks your insured stone while working on it. You have several options.

a) If the chip is small and you want to keep your original stone, the jeweler can have your stone recut. Your JM policy pays for the recutting and reimburses you for the loss of value between your original stone and the recut stone, based on weight.

b) If the damage is extensive or you request a replacement rather than a recut stone, we will pay the jeweler to obtain another stone of the same quality, within your policy limits. Jewelers Mutual owns the original stone because we have replaced it with a new stone.

c) If you chose a replacement stone, but also want to keep the original (perhaps for sentimental reasons), you can purchase it. Just let us know.

When you are satisfied with the repair or replacement, we will pay the jeweler directly.

6. Regarding upgrades, certainly customers may pay an additional amount to upgrade an item that is being replaced under a JM policy. We just need to have the documentation from the jeweler for the cost to replace the original item.

Sue Fritz
Jewelers Mutual Insurance Company

Whoever I spoke with at JM told me that this was not the case, she told me that we had to replace it with a similar costing stone...so you might want to make sure that all your employees understand this point. If we had been told correctly that we could put additional money toward a more expensive stone if mine was lost/stole, we probably would have gone with a JM policy.

 

[denverappraiser]

Sue,

Thank you for the correction.

It sounds like you are willing to pay any ‘jeweler’ any asking price to replace an insured piece in a valid claim as long as their charges are less than the face value of the policy. Is this correct?

If an insured client chooses a cash settlement over replacement, how do you calculate the amount of the settlement offer?

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

 

[Modified Brilliant]

Thanks for the list, Sue. Maybe it would be possible to have the moderator place this information on a resource list.

Insurance topics and questions appear on a regular basis and it''s important to let PS consumers know the facts.

www.metrojewelryappraisers.com

 

[anacgarcia]

I''m confused, i think for what you''ve all said the best option is Chubb but I still don''t know if the insure things under 10k