Insuring and engagement ring bought abroad

2carrotplus

Hi,

I am thinking about buying my fiancee an diamond engagement ring. The preferred stone for the ring (cost £27K) is currently held in the US. I am thinking about sending my wife on a mystery tour, where part of the tour includes being given a ring... which I would have paid for this beforehand. Obviously in bringing it home there is a VAT issue. I am currently undecided about whether to let her just walk through customs or declare it. (I see numerous celebs doing this... and whilst not correct, seems almost de rigour.)
My question is; will an insurance company insure the ring (and pay out on the ring - should it ever be lost) - if duty was found not to have been declared?
There would be no point in bringing a ring into the UK if I cannot safely insure it! Any views appreciated.

TSx

You won't be allowed to profit from it, but the FOS have said that you should still receive what you paid for it.

In similar cases I've dealt with, where the item is available in the UK, we've deducted the import duty that would have been payable from the settlement.

InsideInsurance

Its VAT and Duty, about £6,200 in total assuming it is a ring and not a loose stone.

Assuming the rest of your lifestyle matches the value of the ring then you will be looking at the MNW or HNW providers and they tend to be less particular about these sorts of things - from my experience.

What would be highly sensible would be to get a UK valuation done as soon as it is here anyway as there are international variations in value for jewellery and this can also be used as the proof of value to any insurer should a claim need to be made.