Insure the ring before the proposal.

Get the jeweler's words in writing

The description on your sales paperwork becomes the description on your schedule, so it should say exactly what you bought. The Federal Trade Commission's consumer guide to buying gemstones, diamonds and pearls says to make sure your sales paperwork includes any details the seller told you, such as the stone's origin, weight or size, treatments and special care requirements. If the seller doesn't include those details in writing, the FTC says to consider working with someone else.

Points from that guide worth checking before you pay:

• Carat weight. A fractional weight is not exact. The FTC says a 1/2 carat diamond could weigh between .47 and .54 carat, and a seller using fractions should tell you the weight is not exact and give you the reasonable weight range. A decimal weight should be accurate to the last decimal place: ".30 carat" could be a diamond weighing between .295 and .304 carat.
• Treatments. Ask if the stone has been treated. The FTC says jewelers may call fracture filling and lasering "clarity enhancements," and that these treatments lessen the value of the stone.
• Lab-created or natural. Lab-created and imitation stones should be clearly labeled. The FTC's example is moissanite, which may look just like a natural, mined diamond but is not the same, and it says not to assume a stone is a natural diamond because it looks like one.
• Grading report. When you buy a diamond, some jewelers will give you a grading report from a gemological laboratory. Ask for it and keep it with the receipt.
• Returns. Find the store's refund and return policies and get them in writing.

If something goes wrong, the FTC says to try to resolve it with the seller first. If that fails, it lists ReportFraud.ftc.gov and your state attorney general as places to report it. If you sell jewelry yourself, see jewelry store insurance.

If the ring is lost: California's claim clock

California's Fair Claims Settlement Practices Regulations set deadlines insurers must meet once a claim is reported. Other states have their own rules, so timelines vary by state. In California:

1. 15 calendar days after receiving notice of a claim, the insurer must acknowledge it (unless it pays within that time), give you the necessary forms, instructions and reasonable assistance, including what you must provide for proof of claim, and begin any necessary investigation (10 CCR 2695.5(e)).
2. 40 calendar days after receiving proof of claim, the insurer must accept or deny it, in whole or in part (10 CCR 2695.7(b)). If it needs more time, it must tell you in writing within that period what additional information it needs and why it cannot decide yet, and repeat that notice every 30 calendar days until it decides (10 CCR 2695.7(c)(1)).
3. A denial of a first party claim, in whole or in part, must be in writing and list the bases for it. It must also say that if you believe the claim was wrongly denied, you may have it reviewed by the California Department of Insurance, with that unit's address and phone number (10 CCR 2695.7(b)(1) and (b)(3)).
4. 30 calendar days after accepting the claim, in whole or in part, the insurer must pay or otherwise act on its claim obligation, subject to the exceptions in the rule (10 CCR 2695.7(h)).

A separate section, 10 CCR 2695.9, sets added standards for first party residential and commercial property insurance policies. Subsection (b) says no insurer shall require that the insured have the property repaired by a specific individual or entity. The section does not mention jewelry, so if a stone or setting is damaged, ask the adjuster how repair is handled under your policy.

How a loss is settled depends on the policy's own terms. I read the settlement clause with you before you choose a policy, not after a loss.