Jewellery Insurance Discussion Area

MoscowFlyer

If you can do the buildings and contents, definitely give Aon a call, 01252 768000. They have access to a few of the biggest high net worth insurers including Chubb, Zurich, AIG and Hiscox and should be able to sort you out a good policy.

Kitty_Kitty_2

Hi there,

At Christmas I was given a £20 ring by a relative who inherited it from another relative when she died. I was told she didnt know what the ring was / what the stones was but it was costume jewellery. On Friday I mentioned this to a friend of mine who told me the ring was 18ct gold with diamonds and emerald!!

Yesterday at my disbelief I took the ring to a jewellers who gave a rough valuation of £1000, but has now been sent off for a proper written valuation so I can get it insured.

I can't get hold of the receipt, although I am pretty sure where and when it was brought from (a big high street jewellers only 5 or so years ago). It has an engraving inside it which looks like an item code and is why I think it is from this particular jewellers, and I plan to call them later asking it is their number. I am only 20, and live with my in-laws so dont want to put it on their house insurance. That would, I believe, leave me with the only option of getting insurance is to take out private jewellery insurance?

Would people still recommend T H March? I had a look on the website and saw they require a written valuation which backs up my reasons for sending the ring off yesterday for one.

Needless to say at 20 I don't have a lot of money, and this is not what I was expecting when I was given this costume jewellery a couple of months ago (I even chucked the ring in its box in the bottom of a box of junk to sort out not knowing its worth lol).

Thank you very much (and sorry if I seem to be going over old ground here)

Cathy

blondie21

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Does jewellry increase in value. I need to claim on my household insurance for my engagement ring but the only valuation i have for it is 7 years old. I never thought i would lose it as i am very careful -but having lost a bit of weight it was a bit looser on my finger than i thought.
I went into a jewellers in town to see if they had anything similar but couldnt see anything.
she said to brng in my valuation from seven years ago and she would update it for £15 ( even though i didnt buy it there )
Any ideas ?
the ring was valued at £1500 in year 2000

mattymoo

The short answer is yes. Metal prices have risen (drastically in the last 12 months) as well as general increases in labour costs, overheads, fuel etc. The jewellerey makers and retailers obviously pass these costs on to the consumer.
Many policies will index link values to the rate of inflation. Metal prices have risen above the rate of inflation so this may not be sufficient to replace your lost ring with one of similar quality.
With older jewellery, works of art etc, prices rises can be even more volatile as items come in to and go out of fashion.

getting_sorted:-)

Hi, the usual proceedure would be for the insurance company to appoint their own supplier to replace the ring on a like for like basis, assuming you have a new for old replacement policy. They would ask specific questions about the ring to try and value it aswel as asking for any origional receipt/valuation/photos you might have. The porigional valuation should be fine as the insurers supplier can use that. As it was lost (?) and valued over £1000 my guess is they would appoint a loss adjuster to deal with the claim and work out settlement.

blondie21

The insurance company said to get a quote for a similar one ( also a cost of £15 from the jeweller i went to) and also to send the valuation ( which is 7 years out of date ( but can be updated by the jeweller ( for £15 ) this jeweller is quite reasonable in prices and not one of the larger chains so i may have to bite the bullet and pay them the money first . i jus dont know how much they will allow me so dont know what price range of rings to look for

brazilianwax

A lot of insurers want a valuation that is less than 3 years old.

Just make sure the date on your fake valuation is believable!

getting_sorted:-)

do they know how much it cost origionally? Insurance policys are usually to replace like for like so get quotes for very simelar rings and see what they say. How much is the single article limit on the policy, or is it specified?

blondie21

getting_sorted:-) wrote:

do they know how much it cost origionally? Insurance policys are usually to replace like for like so get quotes for very simelar rings and see what they say. How much is the single article limit on the policy, or is it specified?

its an all risks policy any item up to £2000, has to be individually listed if over £2000 my husband paid around £1100/£1200 in 1996
would a valuation in 2000 not be more reliable than me going into the jewellers and saying yeah its similar to that one......??????
i have always had insurance and this is the first time i have ever had to make a claim on my insurance EVER.

getting_sorted:-)

i would have thought they would prefer the origional valuation rather than asking you to get one now, we used to ask for origional receipt/valuation, a detailed description and any photos of the item, then our appointed jeweller (large high street retailer) would speak to the policy holder to double check description, then look for a very simelar replacement within the single article limit. What does it say in the policy wording about how they settle claims