Jewellery insurance

boygirl

My wife and I run a small Ltd company and our business has virtually stopped in the current climate. There is little we can claim from the government due to teh way we are set up. We are therefore considering how we can reduce our outgoings during this period. My wife has a couple of items of jewellery that exceed the maximum single item limit available on any contents policy and as such we insure these separately. The renewal notice is due next month and, owing to the fact the items are not worn (as we cannot go anywhere) and in a safe we are considering not renewing until this crisis is over. We phoned the insurance company and they were very unhelpful in truth. They explained that doing this would be seen as risky and if we operated in this way they may not be willing to insure us again. They said if we are willing to risk not having insurance then this could show that we would also be seen as an enhanced risk in terms of how we look after the items. We are still under cover now and may well choose to renew anyway. However, I would be interested to know if the risk of not being able to get insurance again if we go without cover for a few months is correct or if this is simply a ploy from the insurance company to protect premiums.

LilElvis

boygirl said:

My wife and I run a small Ltd company and our business has virtually stopped in the current climate. There is little we can claim from the government due to teh way we are set up. We are therefore considering how we can reduce our outgoings during this period. My wife has a couple of items of jewellery that exceed the maximum single item limit available on any contents policy and as such we insure these separately. The renewal notice is due next month and, owing to the fact the items are not worn (as we cannot go anywhere) and in a safe we are considering not renewing until this crisis is over. We phoned the insurance company and they were very unhelpful in truth. They explained that doing this would be seen as risky and if we operated in this way they may not be willing to insure us again. They said if we are willing to risk not having insurance then this could show that we would also be seen as an enhanced risk in terms of how we look after the items. We are still under cover now and may well choose to renew anyway. However, I would be interested to know if the risk of not being able to get insurance again if we go without cover for a few months is correct or if this is simply a ploy from the insurance company to protect premiums.

Contact a broker and ask them to get quotes for you. When I received my engagement ring I called my existing insurer and they wanted to double my premium and install a floor safe. My broker swapped me to a different insurer for about £30 additional premium and no requirement for a safe. I have several specified items on my policy at the moment and the premiums are only marginally higher than the policy would be without them - mine are included as part of my overall contents policy and the single highest value item is insured for £17,000.