As jewellers we are often asked about insuring one’s jewellery. The one important fact about jewellery insurance is that your home contents insurance may not be quite as good as you think. Most only cover loss or damage in or around the home. So lose your precious diamond ring whilst away for the day, and your house insurance may not cover it.
The best policy is ‘All Risks’. This will cover almost any eventuality, even if its just for your very best pieces. Also be very aware of insurers that do not want a valuation. If it gets lost, its up to you to prove value, and that may be difficult, so if you do have some valuable pieces, a jewellery valuation is essential. If you have a receipt thats fine, but items that you have inherited may only be at probate value, and that can some five times less than replacing that favoured piece.
So what to do if you do lose a ring or a piece of jewellery. Well, assuming you have the correct type of insurance and an appraisal, then after reporting the loss your insurance company may wish to send in a loss adjuster. Their job is to replace the item at the least cost to an insurer. They may use a loss adjuster agency, (we belong to LMG) . These people are very fair, but they have to be fair to both sides, they can be just as liable to lets say a slightly less than honest claim. Once they have established a loss, they will make an offer to replace the item. The word here is ‘replace’. They rarely give a cash settlement. Dont think that losing your ring that may have cost you £2000 will mean that you get a cheque for that sum. Many insurers will try to get you to use their preferred jewellers, Goldsmiths for example. Thats fine, but if you dont wish to use one of their preferences you can still use a jeweller of your choice especially if you are trying to replace an antique piece. So insist, they cannot refuse, even if they try, stick your ground. As said before, we are agents for Loss Management Group. We can supply from our shop or website, and give them the discount they demand. Its not always possible as some of our items are commission sales, and we cannot offer insurers the discount they demand.
If you have a query, then ring us on 01373 462090, we can always give you advice whether to replace or repair a damaged item. We have three goldsmiths who are all experts in their field. We can deal direct with your insurers and have been members of the National Association of Goldsmiths for many years. We can also provide insurance using TH March and another local broker for very high value items. We can give a quote.