Valuables – has your jewellery got the right protection?

You may have a family heirloom, a couple of watches or a large collection of jewellery you have purchased over the years. No matter how much you may own it is important to get the right jewellery insurance cover for you.

There are two main ways to cover your jewellery, you can either add them to your existing household or contents insurance policy or consider a bespoke high net worth policy. What option you choose will depend on the limit of cover you require. If your jewellery collection is small (say less than £10,000) then a standard household policy would be sufficient. If you have a more significant collection then you should consider purchasing a specialist policy.

A specialist high net worth policy will cover your jewellery worldwide not just within the home; so whether you lose your ring on a train or your watch whilst on holiday you know you are covered. High net worth insurers provide cover for accidental damage and loss which are exclusions on standard household policies. They will also give you flexibility on how you want your claim settled which is vital with bespoke and high value pieces. They will offer you replacement with your own preferred jeweller or in some cases cash settlement. Unlike with a standard policy who will in most cases use preferred suppliers because of the discounts they have already negotiated. Make sure you have a choice when it comes to making a claim!

Jewellery insurance can reimburse you for items lost or stolen but there are a few simple steps you can take yourself which will minimise the risk of having a claim in the first place:

  • Install a safe not just in your main home but any other house you may take your jewellery to including weekend and holiday homes. Safes are categorised by ‘cash ratings’, which indicate how theft-resistant they are. It’s important that you choose a safe that is appropriate for the items being kept in there, if you have £40,000 jewellery you should choose a minimum of £4,000 cash rated safe. For larger collections a strong room or bank safety deposit should be considered.
  • Keep the provenance, such as diamond grading reports, and valuations in a separate safe or deposit box
  • When travelling, limit the value of jewellery you take, keep your jewellery on you and not left in the room. For those more expensive items check the hotel’s main safe facilities.
  • Have jewellery clasps and settings inspected regularly to check for signs of wear or damage.

Losing an item or having your most treasured possessions taken will always be a difficult and emotional time. As a specialist private client broker we can make sure this process is as simple and painless as possible by managing your claim; from reporting to settlement. You should also consider following these simple rules for a smooth and hassle free claims experience:

  • Getting your jewellery & watches valued every 3 – 5 years by a qualified and registered jeweller. Check the National Association of Jewellers register to find jeweller near you who can offer this service – https://www.naj.co.uk
  • As part of the valuation ensure you get as much detail about the item as possible including weights, measurements, qualities as well as photographs. For replacement or creation of a replica; full details enables a much quicker claims settlement.
  • Make sure your valuation/receipt are from a UK jeweller, if you purchased the item abroad these are often cheaper then what you can source a replacement for in the UK and insurance companies need the UK market costs.

To discuss how private client insurance could improve the protection of your valuables call us on 01242 898387 or email our specialist private client broker Dani at daniellar@johngroup.co.uk.

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