Jewellery Insurance Discussion Area

bossom

hi everyone, I have just returned from Turkey with an engagement ring we used a reputable jewellers and have the certificate and receipt. I need to get it valued as it will be different to the valuation in Turkey, and also need to get it insured. it is worth over 1500 so above the limit on what is within my contents insurance without paying more. As I cannot get polishing and dipping of the white gold from the jewellers in turkey, is it worth getting insurance with a jewellers rather than with my contents insurance?or is the dipping etc not part of insurance anyway? Please excuse my ignorance on the subject, never had jewellery worth insuring before! many thanks x

drlarios

I thought I'd post my experience in the hope it will be helpful to someone.

I have just got engaged and been given a ring valued at 15k (about 10x the value of my car!!). This ring was bought at Cartier in Dubai. I phoned March insurers (no. given in an earlier post in this thread) and they quoted me £189 for annual insurance.

When calculating this premium they look at your postcode (mine is pretty poor), your home security (I just have locks, no alarm), your occupation and your claims history.

They need the certificate of C's that comes when buying a diamond and they need an up to date UK valuation. They told me that to replace they would go to Cartier and ask them to find the nearest possible ring to it as a replacement. It is worth checking how insurers reimburse you because some just provide vouchers for a high street jeweller (eg Samuels) who may not be able to provide you with an equivalent ring.

They also note that the ring is only insured whilst it is on your finger or in a lockable safe. If you take it off to do the baking and someone jumps through the window and runs off with it then it's not covered. it is covered for damage though.

I think the insurance money will be hard to find whilst I'm a PhD student but the thought of telling my fianc!e it was damaged or lost after he went to so much trouble to get it means I'll have to find it somehow!

dacouch

That's a good post drlarios.

I would recommend that in your situation you obtain the valuation from UK Cartier (They may even do it for free) as their valuation may be a little higher than a normal high street jeweller so if March intend using them to replace it would make sense.

It is also worth getting the settings (Parts of the ring that hold the diamonds in place) checked at regular intervals eg every two or three years (Again Cartier may do this for free)

lexa_2

My sister advised me not to put any jewelley on home contents- its just too general and she said some of them will only give you voucers, so you might want to look out that they pay you the money back. TH March seems decent...

achillea

My parents had a recent theft with all my mothers jewellery taken. They had no receipts, no valuations and no photos. They have been through a painstaking process of describing the items to the insurance company loss adjuster.

They have now come back with a valuation which (what a surprise) is much lower than expected. They are also insisting that the claim is settled using a Jewellery Card rather than cash which is spent in one of their approved shops.

On challenge the company say this is a result of no photographic evidence to support the claim.

I'll ask my parents to read the small print but are they in their right to do this? Most of the jewellery was sentimental and mum can't replace it but just wants the cash.

What can we do?

thanks in advance

dacouch

achillea wrote: »

My parents had a recent theft with all my mothers jewellery taken. They had no receipts, no valuations and no photos. They have been through a painstaking process of describing the items to the insurance company loss adjuster.

They have now come back with a valuation which (what a surprise) is much lower than expected. They are also insisting that the claim is settled using a Jewellery Card rather than cash which is spent in one of their approved shops.

On challenge the company say this is a result of no photographic evidence to support the claim.

I'll ask my parents to read the small print but are they in their right to do this? Most of the jewellery was sentimental and mum can't replace it but just wants the cash.

What can we do?

thanks in advance

http://www.financial-ombudsman.org.uk/publications/ombudsman-news/10/oct-repair-replace-cash.htm

lisyloo

On challenge the company say this is a result of no photographic evidence to support the claim.

So they have absolutely no photos whatsoever of your mother wearing any jewelry??
I have to say that you can hardly blame then for being suspicious of that.
Most people would have wedding photos (probably one with a good view of the ring), cruise portraits, family portrait photos, casual holiday snaps showing at least some of the jewelry.
Sounds highly supicious to have none at all unless all their photo albums were nicked as well.

Jennip38

T H March have been recommended to me by my eweller and my ring is valued at $4000. Not had a response from them yet but seem to be the top rated insurer.

annoyedstudent

I'm a full time student in a form of halls (living in uni owned accomodation with other students at least) with an engagement ring to insure. Its too expensive to go on my parents home insurance, i've tried student contents - too expensive to go on. TH March won't cover me, because I am a student....any ideas? For stupid reasons, if it were over £5000 or an instrument (somewhat easier to steal than a ring on my finger) it would be fine. Anyone have any ideas?

Frustrated Student......

BeenAround

Poppy9 wrote: »

T H March specialise in jewellery insurance and insure most of the jewellery companies that can afford insurance! I know H Samual offer cheap insurance on their purchases and I think the goldsmiths chain does as well. Beware with H Samuel though as it doesn't cover you if you lose the item. Accidental damage and theft is covered though.

Thanks for the reference to T H March. I saved £100 by using them rather than covering a diamond ring on my house policy.