Question Regarding Jewelry Insurance

ShineAndDine · Jan 27, 2013

If you happened to see my previous thread, I just made an e-ring purchase

Where I had stone questions before my purchase, I now have questions on Insurance. Like, when is the right time to purchase the policy? Here's why I ask:

1. I purchased the diamond from GOG

2. GOG is sending the diamond to Mark Morrell for mounting

3. Mark is sending the completed ring back to GOG for final inspection

4. GOG is sending the completed ring to me via insured FedEx

Do I need to purchase the Jeweler's Mutual Perfect Circle policy before I receive the completed ring? If so, at what stage of the process should I make the purchase?

Christina... · Jan 27, 2013

Most vendors won't insure the setting of an outside diamond, so if something were to happen while your stone was being set by Mark, it likely won't be covered by him so you should check. I would contact JM and explain to them what the process will be and confirm that they will insure the stone while Mark is setting it. I believe that JM is the only insurer (though I've heard USAA may as well?) that will cover a loose stone during setting.

yssie · Jan 27, 2013

Network, contact JM and ask exactly those four questions in just that way - bulletpoints. See what they say - I'm unsure if my understanding of their policies is completely correct so I hesitate to share it. Ditto Christina - you definitely want some outside insurance because few vendors will accept responsibility for outside stones

Christina - I thought that too, but I recently contacted my homeowners and they'll cover loose stones for shipping/setting/etc. on a rider. Since they're a good bit cheaper than JM where I live I'll be switching providers - OP I'd say shop around a bit, make sure JM is the most cost-effective option for the coverage you need, since there may be other options.