June 20, 2017

When did you last have your jewellery insured?

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When did you last have your jewellery valued?  It is so important to make sure your jewellery and other assets are insured for their correct value and are kept up to date so that an insurance claim can be settled swiftly without a sorry story.

High Net Worth Quotation

It is estimated that 90% of jewellery is underinsured – yes 90%!

And what about the fluctuation in precious metal and stone prices or the impact of the currency market – you could be surprised at the replacement value of that engagement ring you purchased overseas 10 years ago. Is it insured for the correct value? – I fear not.

The below table is the change in gold prices over a 3 year period as a basic demonstration of the changes in market values.

Gold Price Last 3 Years
Current Price £982.00
3 Year High £1,056.80
3 Year Low £694.19
3 Year Change £+209.71 (27.16 %)

So next time you or your wife are dressing up for special occasion such as a wedding, garden party, Royal Ascot, Henley, the polo or Glyndebourne, are you planning to take jewellery or a precious watch out of the bank vault or your safe in order to wear it for a special occasion? If so, do make sure it’s covered by your insurance.

Case Studies 

 

Theft and accidental loss generally account for over 80% of jewellery-related insurance claims, with rings and watches being the most commonly lost items (followed by earrings and bracelets). For owners of high-value jewellery who are worried about theft, police advice includes:

  • using a safety deposit box;
  • wearing your jewellery discreetly in public;
  • getting your gold and other jewellery valued and insured.

A standard household insurance policy may include “personal possessions cover” which covers valuables outside the home, but for anything that’s not listed separately on your policy the single item limit is typically set at £1,000 to £1,500, which is not – unfortunately – enough to cover the cost of replacing a much-loved Rolex! And that is just for one item.

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So, when insuring, do always remember to ensure that the level of cover is adequate to replace your belongings. It’s important to bear in mind that the value of jewellery can vary quite considerably over time, especially as a result of fluctuations in the price of gold, other precious metals and gemstones. The treasured gold bracelet you’ve decided to wear to a gala dinner or a very smart wedding may now be worth considerably more than you thought.

At Ascend Executive we are the only broker to be able to offer all our High Net Worth customers a free valuation service on Jewellery – therefore our promise is that NONE of our customers will be underinsured – compare that to 90% of the open market!

We will also provide you with a far more flexible policy limits and wording. It is not uncommon for a single article limits any one item to be £25,000 not £1,000 – that is 25x the cover with more flexibility to give you peace of mind. And that is just one example of where our Executive products are far superior to those being sold online or on aggregator broker platforms.

They, I am afraid are simply not fit for purpose.

So what do you need to do to benefit from one of the premier lifestyle insurance products? That is simple, just contact one of our consultants for a free no obligation review – you will be surprised of what we can achieve.

Matthew Collins

Ascend Broking – 01245 449061

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