Stand Alone Chubb Insurance Question

[tenyearanniversary]

I just signed up for a standalone Chubbs jewelry policy. It was around $1250/year for $55k coverage. I'm in NYC.

It would be helpful if you'd name your agent as there are others looking for agents who will write standalone policies. It could be that they have a minimum they will insure for since yours is a high amount.

Sure, I got my Chubb policy through Kurt Thoennessen at Ericson Insurance Advisors. He was recommended to me by David Wolfe from Just Appraisers. Kurt will check for other types of insurance too, like if you want to combine with homeowners insurance, etc. I don't know what contact info I can leave for him online, but I'm sure you can find it on Google.......

 

[TravelingGal]

Since I had to get a brooch insured, I asked William Castro at Total Dollar about this. His name has been mentioned on PS many times over the years. Here is his response as of 5 minutes ago:

"You are absolutely right, about two years ago Chubb stopped writing stand alone policies but in many instances
a small policy covering a rental apartment or coop will suffice to be able to write the jewelry policy with no minimum
amount for the jewelry item.. I will be very happy to provide any interested party with a quote.

Since Chubb, directly, stopped writing stand alone jewelry policies I contacted a wholesaler who represents
Chubb and Total Dollar Management was admitted as one their brokers enabling us to continue writing Jewelry
policies but the minimum amount of the scheduled jewelry for one or more items is $25K."

I hope I can put his contact info here since it's been posted before on PS (that's how I got to him in the first place), but if not, mods please let me know. I hope this helps people who are still wondering if Total Dollar will write a stand alone policy. BTW, he said he would be happy to provide quotes, because I directly asked him if I could post the information (his contact info included) on Pricescope.

William Castro
Account Executive
Total Dollar Insurance
One Pleasant Avenue, Port Washington, NY 11050
Phone: 516-833-1550 Main: 516-833-1555
Fax: 516-833-1556
Email: [email protected]

 

[Karen Gannon]

I just talked to my agent at Chubb about adding a ring onto our policy. I have a "stand alone" Chubb policy for my jewelry. Apparently, it is accurate that they no longer write stand alone policies for Jewelry as a general rule. We didn't go into why Chubb made this change but I can imagine they are based on losses and claims. She did say you can apply for the coverage and may be accepted or denied. If it is a spin-off of a policy, ie if my daughter inherits a ring that I had covered on my policy, and, she is no longer a resident in my home, she could apply and would most likely be granted the stand alone policy. She also said the policy is good for anyone who legally resides at the address so dependant children and spouses.

The current rates for Jewelry insurance is a follows: for the first $25,000 covered, the cost is $1.1000 dollars per hundred, so, for example for $25,000 of jewelry it would be about $275.00

For the next $75,000 covered, cost is $0.85000 per hundred so you get a bit of a break.

I personally think while you can get cheaper coverage elsewhere perhaps, it is well worth the extra few bucks for peace of mind, knowing you have a solid company behind you that will take good care of you. I have dealth with numerous clients who have had losses and had major battles with their insurance company insisting they go to a specific jeweler and are pushed to accept something or work with someone they aren't happy with. I have had this policy for a long time and never had a claim but I hear Chubb is on your side with claims.

 

[ame]

I did have a claim and it was smooth as can be. I just hope I never need to find out again!

 

[mayrain1]

Just FYI --- I called Bill Castro today, and he informed me that there's no longer any way to get a stand alone jewelry policy unless the item is valued somewhere in excess of $200,000. I was told the same thing by a Chubb agent in Pasadena, CA. Apparently they had a lot of issues with fraudulent jewelry claims when the economy tanked, and they are now more interested in bundled policies (e.g. jewelry, homeowner's, etc.) in excess of at least $50,000 in order to avoid fraud.

 

[TravelingGal]

Just FYI --- I called Bill Castro today, and he informed me that there's no longer any way to get a stand alone jewelry policy unless the item is valued somewhere in excess of $200,000. I was told the same thing by a Chubb agent in Pasadena, CA. Apparently they had a lot of issues with fraudulent jewelry claims when the economy tanked, and they are now more interested in bundled policies (e.g. jewelry, homeowner's, etc.) in excess of at least $50,000 in order to avoid fraud.

Wow, good to know. Thanks!

 

[ame]

Yep that's what my agent told me, which sucks, but I see why. You had to already have a policy with them to keep it, and I am curious to see if anyone will remain standalone over the next few years.

 

[Fife]

Just schedule this on your homeowners or renters policy. It should cost 1~1.5% per year.

My Costco ring appraised at $14,500. Scheduled on my renters policy, I pay $130 per year. It's covered for virtually all loss - Damage, Theft, Mysterious Disappearance... Hell, if it gets left in a hotel room or something, it's covered.

You don't need an entire insurance policy just for jewelry. It's likely going to cost more than it should.

 

[TravelingGal]

Just schedule this on your homeowners or renters policy. It should cost 1~1.5% per year.

My Costco ring appraised at $14,500. Scheduled on my renters policy, I pay $130 per year. It's covered for virtually all loss - Damage, Theft, Mysterious Disappearance... Hell, if it gets left in a hotel room or something, it's covered.

You don't need an entire insurance policy just for jewelry. It's likely going to cost more than it should.

The reason why people prefer Chubb is that PSers are particular about cut quality and other quality issues. Sure, your policy may cover you for those things, but will only need to find you the equivalent stats. They will replace, not pay out.

Chubb cuts you a check. They don't even mess with replacing in kind. Which is why a lot of us over the years have paid a premium with Chubb. Most of my jewelery is not easily replacement for what it is (well cut old cut diamonds, padparadscha sapphire, etc.) I'd rather have the cash.

 

[GirlyGirl]

This is too bad. I contacted Chubb this week to insure my wedding set and other pieces I have. It seems as if I should call Jewelers Mutual.

 

[mayrain1]

I wonder if anyone can comment on their experience making claims through Jeweler's Mutual for less traditional cuts? (I'm personally looking to insure an Old Mine cut.) With Chubb gone, I'm wondering what the best remaining option is for those of us who don't necessarily trust the insurance company to pick an 'equivalent' replacement stone.

 

[openhelix]

@Cherrera - If you could reach out to me, I'm in CA and would like to chat with you on jewelry insurance as well as homeowners. Thanks!

 

[diamondseeker2006]

@Cherrera - If you could reach out to me, I'm in CA and would like to chat with you on jewelry insurance as well as homeowners. Thanks!

This thread is 2.5 years old, so it would be very unlikely that a one time poster would see the thread. Just call some Chubb agents in your area for quotes. It is much easier to get the jewelry coverage if you have their homeowners policy.

 

[bbkk]

Just an update guys: I called around and indeed most agents don't do a stand alone policy for jewelers. However, Tripp Freeman is able to underwrite one for me ($34000 ring for a bit less than $500 per year). Please see below for his contact info and hope this helps!


Tripp Freeman
Vice President
CARLSON & CARLSON, INCORPORATED
*************************************************
Connecticut Customer Service Center & Mailing Address
15 Wilmot Lane
Riverside, CT 06878
PH (203) 637-7575
**************************************************
New York Sales Office (By Appointment Only)
45 Park Avenue
New York, NY 10016
PH (212) 697-3557
*************************************************
Toll Free (877) 637-7575
Facsimile (203) 637-5165
[email protected]
http://www.carlsonandcarlson.com

 

[Resonance.Of.Life]

Thanks BBKK for the info!