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Natasha Root, Private Client Executive at Scrutton Bland explains the importance of keeping up with your jewellery valuations and insurance.
This is the time of year when glossy magazines and television adverts are full of advertisements for stunning jewellery. If you are lucky enough to receive a beautiful diamond necklace or earrings for Christmas, or perhaps you have inherited some antique heirloom pieces from a relative, then you should think carefully about the insurance implications for your jewellery collection.
While most of your possessions will be covered by your home contents insurance, many insurers impose a single item limit, meaning that you if you own an individual item worth more than the ‘single item sum’ specified in the policy, you may not be able to claim for the full value of that item. So, for example, if your policy has a ‘single item sum’ limit of £5000 and you need to make a claim for a stolen Rolex watch worth £8000, the policy will only repay £5000, leaving you out of pocket by £3000.
For this reason, it is imperative that you obtain up to date comprehensive valuations to make sure your jewellery is fully protected in the event of a claim. Most standard policies have low single article limits so it’s important that you have an insurance policy that suits your needs. At Scrutton Bland we pride ourselves in working with high value insurers who offer bespoke cover for jewellery insurance.
In order to make sure a claim is dealt and settled in a way that suits you best it is important to consider the following.
- Proof of ownership. Keep all receipts and evidence which show that you are the legal owner, and take photographs showing the condition of the jewellery when it was new, or when you inherited it;
- Evidence of the item’s current value for each item. This should be done by a UK jeweller or independent valuer with a full description of the item(s), signed and dated by them and needs to be less than 3 years old. The valuation should show the replacement value of the item at the time of the valuation.
- How the jewellery is stored. Is it in a safe or strong box, or in a bank vault? Safe manufacturers should be AIS (Association of Insurance Surveyors) approved and be rated according to European Norm (EN) rating, and the safe should be installed correctly according to the manufacturer’s recommendations.
If you are considering specialist insurance, whether it is for jewellery, watches, fine art, antiques or items such designer handbags, it is worth talking to a broker that specialises in covering such items as they will have experience in the high net worth market and in the event of a claim you have the peace of mind knowing that the claim will be settled satisfactorily.
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