Since it was Valentine’s Day this week, I’m sure all you romantics out there have treated your loved ones to a special gift, many of which will be a piece of jewellery.
Diamonds are by far the most popular choice for this special day and no doubt you will have spent hours planning the perfect colour, cut, clarity and carat (also known as the 4 c’s ) which are very important when choosing that special present.
Although you may not be looking to spend thousands on a diamond or piece of jewellery, it’s still important to add your purchase to your household insurance policy. On a standard policy you will most likely have a single article limit of £1-2,000; this is a maximum amount you can claim without specifying an item and cover is not included away from the home unless added separately. However, High Net Worth (HNW) policies provide worldwide all risks cover for all your contents & jewellery, which means your possessions are covered anywhere in the world.
Jewellery cover can be added and doesn’t need to be specified unless an individual item of jewellery is valued at £15,000 – £25,000, depending on the insurer. For larger collections of jewellery, items can be restricted to a safe in return for a reduction in premium. With watch collections on the increase, it’s the perfect way to reduce your premium as you can only wear one watch at a time!
Most HNW insurers also provide automatic cover for new purchases up to 60 days (subject to terms with different insurers) allowing you peace of mind and time to add that special gift to your policy.
When a claim occurs for a piece of jewellery on a HNW policy, the insurer offers you the choice of a cash settlement or replacement item.
At ProAktive, we can discuss and propose safe suppliers, jewellery valuers and deal directly with jewellers on your behalf. Let me know when you’d like our help. Call me on 07966 240530.
Clare Bingham Cert CII – Private Client Manager