Insurance – it’s not as boring as you thought!

The rapid rise in the price of diamonds and fluctuations in the cost of precious metals like platinum and gold are causing a wide-spread epidemic of under-insured jewellery owners in the UK.

Many of our customers sort out their jewellery insurance at the point of purchase, ensuring their items are fully insured for the full replacement value should the worst happen. Unfortunately, what then happens is that the documentation gets filed away and forgotten about for, sometimes years. Should the worst happen and an item of jewellery become damaged, lost or indeed stolen and the official valuation of the item is out of date, the insurance company will not pay for a full replacement at the current market prices. This means you having to make a choice between compromising on the replacement and its quality or size, or stumping up for the difference, which, could literally be thousands of pounds!

I have even been involved in cases where the insurance company refuses to pay anything out at all due to the customer being “under-insured”. Nil. Nada. Zip. Diddly Squat. This is devastating for all concerned and I would recommend you revisit your insurance valuations at least every 2 years.

Your jewellery needs to be assessed by a professional valuer who will provide you with a comprehensive schedule for your insurance company. Your jewellery and watches should be listed, fully described, weighed and measured with a clear photograph. After that you only need to get the values re-assessed every two years to ensure fluctuations in gem and precious metal prices are accounted for.

If you already have your documentation in place, then I would suggest contacting the valuer who did it initially for a quote to re-assess. Alternatively, give me a call on 01423 561458 and I will happily advise on the best way forward.

Don’t get caught out. It really isn’t worth it.

Chris