Jewlery Insurance

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#256
bumping this old thread.

I have been thinking about insuring my rings and after some research narrowed down to Chubb...only to learn that they no long do stand-alone jewelry policy =(

I really want something with a pay out option. jeweler mutual will not be an option for me as I feel their replacement policy of "like-kind" is a bit sketchy. Say...if i have like a 2ct E/VVS1 triple ex H&A diamond ...the "like-kind" might just be a 2ct E/VVS1 triple EX. But most diamond educated people know that even if the diamond is triple EX does not mean it's an H&A quality.

So I'm wondering if you wonderful gals could recommend a good (hopefully hassle-free and covers loss/theft) stand-alone jewelry insurance company.
 
#258
krisalyn said:
bumping this old thread.

I have been thinking about insuring my rings and after some research narrowed down to Chubb...only to learn that they no long do stand-alone jewelry policy =(

I really want something with a pay out option. jeweler mutual will not be an option for me as I feel their replacement policy of "like-kind" is a bit sketchy. Say...if i have like a 2ct E/VVS1 triple ex H&A diamond ...the "like-kind" might just be a 2ct E/VVS1 triple EX. But most diamond educated people know that even if the diamond is triple EX does not mean it's an H&A quality.

So I'm wondering if you wonderful gals could recommend a good (hopefully hassle-free and covers loss/theft) stand-alone jewelry insurance company.
Click to expand...

I had a loss and Jewelers Mutual replaced it with exactly what I wanted. The jeweler dealt with them. All I did was to report the loss. They are very easy to work with. Just wanted to mention that. I have no relationship to them.
 
#259
krisalyn said:
bumping this old thread.

I have been thinking about insuring my rings and after some research narrowed down to Chubb...only to learn that they no long do stand-alone jewelry policy =(

I really want something with a pay out option. jeweler mutual will not be an option for me as I feel their replacement policy of "like-kind" is a bit sketchy. Say...if i have like a 2ct E/VVS1 triple ex H&A diamond ...the "like-kind" might just be a 2ct E/VVS1 triple EX. But most diamond educated people know that even if the diamond is triple EX does not mean it's an H&A quality.

So I'm wondering if you wonderful gals could recommend a good (hopefully hassle-free and covers loss/theft) stand-alone jewelry insurance company.
Click to expand...

I also have Jewelers Mutual and have in writing (email) that if I suffer a loss on my Tiffany diamond, it will be replaced with a Tiffany diamond. ("Yes in the event of a loss or claim, you would return to Tiffany & Co. to replace the ring with like kind and quality and it would be replaced with the Tiffany & Co. brand."). So I think as long as you clarify that its a "branded" diamond in your policy, you should be alright.
 
#260
Yea make sure that you stipulate that YOU select like kind WITH the jeweler. I know GOG should be able to work with JM if you go with them, they're a great jeweler for excellent cut stones. There are no other payout options out there to my knowledge. Which sucks.
 
#262
Has anyone with JM lost and a ring and would like to talk about the processing? How long it took, b/c they are an online company I believe.

How about anyone besides Ame who has CHUBB, with other types of insurance, how did the claim go? how long did it take?
 
#264
reason why I don't want to work with JM is because my bf is in the jewelry business. He is able to find great diamonds at great prices...and get settings at wholesale cost. Which was why cash pay-out is the way to go for me.

ame, I'm glad to know that GOG works with JM! I have heard so many glowing reviews about GOG.
 
#265
krisalyn said:
reason why I don't want to work with JM is because my bf is in the jewelry business. He is able to find great diamonds at great prices...and get settings at wholesale cost. Which was why cash pay-out is the way to go for me.

ame, I'm glad to know that GOG works with JM! I have heard so many glowing reviews about GOG.
Click to expand...

I don't understand this at all. You want to pay low for a diamond and then get extra cash when you lose the ring? The purpose of insurance is to make you whole, not to make you better off...
 
#266
acrowcounted said:
I don't understand this at all. You want to pay low for a diamond and then get extra cash when you lose the ring? The purpose of insurance is to make you whole, not to make you better off...
Click to expand...

acrowcounted: woah...i think you have totally misunderstood me. I, by no means want to get extra cash or benefit from losing a diamond. What I meant is that my bf can get probably get settings/stones/etc the same price as any other jeweler...if not better price, since he manufacturers diamond goods in Hong Kong, thus cutting out the middle-man.

From what I understand, an insurance company like JM pays the jeweler of your choice. The jeweler also has to make money from the stone/setting/whatever he sells...thus, the jeweler is a middle-man...and then if the jeweler doesn't make his own jewelry, he gets it from a manufacturer, and the manufacturer has to make a profit too...my bf can get it directly from the manufacturer. (sorry my wording is confusing)

What I'm trying to is, if i insure my ring for $50k, I'd like $50k cash if something happens to it...not a diamond of "like-kind" because through a jeweler, a diamond of "like-kind" might only cost them $40-$45k (they need to make a profit too). Why do I want a replacement diamond of something lower than my insure value?

PS: I really do hope I didn't offend anyone because I wanted a pay-off option...and I am sorry if some of you think that I'm out to earn money or scam the insurance companies.
 
#267
krisalyn said:
acrowcounted: woah...i think you have totally misunderstood me. I, by no means want to get extra cash or benefit from losing a diamond. What I meant is that my bf can get probably get settings/stones/etc the same price as any other jeweler...if not better price, since he manufacturers diamond goods in Hong Kong, thus cutting out the middle-man.

From what I understand, an insurance company like JM pays the jeweler of your choice. The jeweler also has to make money from the stone/setting/whatever he sells...thus, the jeweler is a middle-man...and then if the jeweler doesn't make his own jewelry, he gets it from a manufacturer, and the manufacturer has to make a profit too...my bf can get it directly from the manufacturer. (sorry my wording is confusing)

What I'm trying to is, if i insure my ring for $50k, I'd like $50k cash if something happens to it...not a diamond of "like-kind" because through a jeweler, a diamond of "like-kind" might only cost them $40-$45k (they need to make a profit too). Why do I want a replacement diamond of something lower than my insure value?

PS: I really do hope I didn't offend anyone because I wanted a pay-off option...and I am sorry if some of you think that I'm out to earn money or scam the insurance companies.
Click to expand...

Sorry that I misunderstood. My point was "like kind" means "same thing". You're not insuring a 50k ring, you're insuring a 2.13ct E VS1 ring (for example). Thus if the ring gets stolen, they replace it with a 2.13ct E VS1 ring. It doesn't matter how much you paid or how much it's costing them to replace it. "Like kind" certainly does NOT mean 'whatever 50k can buy you'. In fact, lets say your bf is amazing and gets a 50k retail ring for 25k. You can either show reciepts and insure it for 25k cash payout, or you can insure it based on kind as a 2.13ct E VS1 stone. If your ring gets stolen, then in a cash payout situation they would give you 25k (just enough for your bf to replace the ring exactly) or in a replacement situation the insurer works with the jeweler of your choice/original jewler (your bf) to replace it based on its specs("kind"). In either case you end up with another 2.13ct E VS1 ring created by your bf. Also remember that most of these insurance companies have relationships with the jewelers and so they get the rings for far below retail ( but slightly above wholesale so that everyone gets their piece of the pie). Whew- hope that all made sense. Sorry again for jumping to conclusions.:smile1:
 
#268
krisalyn said:
reason why I don't want to work with JM is because my bf is in the jewelry business. He is able to find great diamonds at great prices...and get settings at wholesale cost. Which was why cash pay-out is the way to go for me.

ame, I'm glad to know that GOG works with JM! I have heard so many glowing reviews about GOG.
Click to expand...

Well, unfortunately, unless you get Chubb, I don't think you're going to find a cash-out policy. I don't know of any other insurer that does that anymore, mostly bec of fraud. Regardless, your boyfriend's involvement in the business has no bearing on your replacement "value". You're replacing like for like, not insured value.
 
#269
acrowcounted: thanks. I get what you're saying. I guess I just have to find an independent appraiser to appraise my ring for the price I got it from. I just don't want to be paying $50k premium for a ring I can get for $25k. Because my bf doesn't have a retail store, I feel it might be a hassle for the insurer to work with him.

ame: it really is such a pity good insurance company like Chubb no longer insure personal jewelry. Would you have gone with JM if you didn't insure w/ Chubb?

I have read the JM's sample policy and noticed that there was a "pay-out" option, but believe it's only at THEIR discretion. While doing research on JM, I read a gal's story about how JM gave her a pay-out. She insured w/ JM for 7 years, but never got her ring reappraisal-ed for the current value and because gold and diamond prices sky-rocketed, JM wasn't able to find her a "like" stone at the price she insured, which was $17k, so they gave her a check for the amount.

I guess it's really mandatory to reappraise every 2 years or so...
 
#270
They definitely require that you do it regularly.

IF I did not have Chubb and it was not an option, I probably WOULD go through JM. I plan either way that if I ever have another loss to get the replacement through GOG, assuming I do actually replace it.
 
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