Specialist Jewellery Insurance Provides Peace Of Mind
Standard household insurance may cover jewellery and personal valuables, however due to restrictions and limitations on policies, it may not be suitable for high end jewellery.
The majority of standard insurance policies do not cover jewellery outside the UK, or even outside the home. Plus there are normally limits on the value of items to be insured, both individually and collectively. As with all insurance it’s important that you have the correct level of cover in place, this is especially the case with high net worth jewellery. The experience of having jewellery, lost, stolen or damaged is not only emotionally distressing due to sentimental value but also financially traumatic. Getting specialist jewellery insurance will give you peace of mind and allow you to wear your valuables with confidence.
Assessing Risk For Jewellery Insurance
Assessing the level of risk and therefore the premiums you pay, isn’t exclusively limited to the value of your items. Consideration of individual factors, such as how the jewellery is stored when not in use, is also taken into account. Keeping your jewellery in a safe for example, would be seen as reducing the level of risk. This is why we make a big effort to get to know you, in order that we can find insurers who will fully understand the level of risk involved.
Valuations For Jewellery Insurance
Having a correct valuation is key to getting the right level of cover. It should also result in less complications and delays, in the event of a claim being made. A valuation is best conducted by an accredited valuer, who will usually provide a thorough examination and documentation of important details. Reports will normally include details of weight, dimensions, hallmarks and settings. Is should also document the types of precious gems in the jewellery and any faults or damage. Most valuers will also provide photographic evidence.
The price of precious metals and stones fluctuate due to variations in the market, therefore regular re-valuations will help to ensure the level of cover provided, continues to be correct. If a policyholder is under-insured, the insurer can only pay the original valuation if a claim is made.
A Few Hints & Tips
- Get a professional valuation, one that reflects current market trends.
- Always make sure you have photos of each valuable item.
- Keep copies of your professional valuation and receipts for items purchased. Separate the copies and keep them in a safe place
- Get regular re-evaluations in order to ensure cover is correct.
- Keep jewellery in good order, it would be advantageous to get items professional cleaned and checked on a regular basis.
- If possible keep jewellery not being worn in a suitable safe.
If you would like to know more about our specialist High Net Worth Jewellery Insurance, please find our contact details here, we will be happy to help.
More about High Net Worth Insurance at Gomm Insurance here