Where to get insurance for expensive ring?

I-W

Hi all,

My OH has an expensive engagement ring (going to get valued but worth between £15,000-£20,000) which I'm trying to get insuranced for being warn all the time. However she is a nurse and has to wear the ring on necklace under clothes while at work. However I called More insurance and they said it doesn't count as being warn if on necklace not on hand therefore will only insurance if kept in safe every work day.

Does anyone know an insurance company that will cover being warn on necklace? My home insurance is with Tesco and they won't.

Thanks for any pointers

GRM

Hiscox? Or a specialist broker.

InsideInsurance

Its your other half, its an engagement ring, they've just gotten it as the question of insurance has just come up. Why don't you know its value?

TH March if you want a standalone policy.

Adding it to your home insurance is the norm but the valuation is going to make a difference as over £15k and a reduced number of insurers will consider it.

Is this typical of your items or massively disproportionate? If its in keeping then you are looking at a the beginning of the high net worth policies so someone like Hiscox 505 policy or Chubb etc

Keeping it on your finger or keeping it on a necklace shouldnt make any difference at all. You can easily get pendants that are worth many times what the ring is and insures happily cover them.

ilikewatch

InsideInsurance wrote: »

Its your other half, its an engagement ring, they've just gotten it as the question of insurance has just come up. Why don't you know its value?

My guess is that the ring, or the materials used to make it have been inherited or gifted from a relative.

*Scarlett

Maybe try M&S if the ring is £15k. If it is worth more it would need to be specified and you will usually pay more to cover it away from home.

http://bank.marksandspencer.com/pdf/HIPremierPolicySummary.pdf

Some mainstream insurers will decline a policy including such a high value item but some may consider with endorsements eg - kept in a locked safe or when being worn, jewellery inspection, etc.

MoreThan have said they can't cover as it's a ring on a necklace? What's the difference in having a £15k diamond pendant? Would they cover this? Maybe you need to speak to them again as you might have had a numpty agent.

If you decide to insure this separately you still need to advise your home insurers that it is at the property if the value falls outwith their limits, and possibly get it excluded from the cover.

dacouch

*Scarlett wrote: »

MoreThan have said they can't cover as it's a ring on a necklace? What's the difference in having a £15k diamond pendant? Would they cover this? Maybe you need to speak to them again as you might have had a numpty agent.

The difference being a pedant would be on a necklace designed to carry the weight of the pendant. A normal necklace may not be designed to carry the weight of a ring that I assume for that value is quite heavy.

Having said that there should be Insurers prepared to cover it as More Than underwriter are pretty conservative

*Scarlett

Hmm, never thought of the weight of the ring on a chain dacouch.

But I'm sure that most companies will not ask how you wear the item - just that it is being worn. Did you volunteer this info about the ring?

lisyloo

The difference being a pedant would be on a necklace designed to carry the weight of the pendant.

That's a bit pedantic isn't it? sorry, sorry couldn't resist.

just that it is being worn

In a way it's not intended to be worn.
I think I'd want to make sure that's covered.

InsideInsurance

dacouch wrote: »

The difference being a pedant would be on a necklace designed to carry the weight of the pendant. A normal necklace may not be designed to carry the weight of a ring that I assume for that value is quite heavy.

Not all pendants are sold with chains and even if they are there is nothing to stop you switching the chains

As to weight, a flawless 1.25ct diamond on a basic platinum setting is easily going to be over £15k and will be light. The stone is 0.25g and a ring isnt going to be much. You can certainly get much heavier things on exceptionally fine chains.

coolvicky21

I've heard good reviews of TH March. Adding to home insurance needs to be double triple checked, if you haven't already. Here are some notable points taken from a website regarding fine jewellery and home insurance:

- You have no cover away from home (aha, that's why it's 'home insurance')
- Restrictions on the total of jewellery covered or the amount for any one item.
- No accidental loss. Home insurance normally cover only theft.
- High excess
- On a claim you may be forced to replace lost jewellery at a place the insurer tells you and not the jeweller you may want to use or re-use
- The insurance company's staff may not understand jewellery very well. So if limited details of jewellery are taken when cover is arranged this can lead to replacement of the jewellery with an item of inferior quality.

InsideInsurance

coolvicky21 wrote: »

I've heard good reviews of TH March. Adding to home insurance needs to be double triple checked, if you haven't already. Here are some notable points taken from a website regarding fine jewellery and home insurance:

- You have no cover away from home (aha, that's why it's 'home insurance')
- Restrictions on the total of jewellery covered or the amount for any one item.
- No accidental loss. Home insurance normally cover only theft.
- High excess
- On a claim you may be forced to replace lost jewellery at a place the insurer tells you and not the jeweller you may want to use or re-use
- The insurance company's staff may not understand jewellery very well. So if limited details of jewellery are taken when cover is arranged this can lead to replacement of the jewellery with an item of inferior quality.

Unfortunately this is marketing blurb and not really all that it seems

1) Home insurance has the option of Personal Possessions or All Risks section that does cover outside of the home

2) TH March also have restrictions on the amount covered, for both policies you must make sure values are appropriate

3) Personal Possessions does normally cover accidental loss

4) All excess are set by the customer, most will allow a £0 excess

5) Not 100% true, you can always get a cash settlement but there may be deductions depending on the reason for wanting your own supplier. If the preferred supplier simply cannot provide a suitable replacement then no deduction can be applied

6) Details at time of cover are fairly irrelevant and are only really for identification. TH March takes equally vague details on their online system. The accurate details of the item are taken at the time of claim and it is normally the expert suppliers that will deem what is a suitable replacement not the insurer