We love nothing more than a Royal Wedding! It puts a smile on all our faces.
Whilst they may not all be worth the ‘princely’ sum of Meghan Markle’s, our engagement rings stay with us for life and are undoubtedly amongst our most prized possessions. Do you know what to do if you lose yours? Read on below to learn how best to protect it, with advice from the experts at Lumley Insurance:
Jewellery Insurance Checklist:
- Have professional jewellery valuations updated every 3-5 years
- Have clasps and settings checked by a qualified jeweller at least every 2-3 years
- Check the limits and coverage levels under your insurance policy
- Be vigilant – keep jewellery in a safe place or hidden away when not being worn
- Keep photos of items, preferably of you wearing them
- Keep purchase receipts for new items
- Know who to call in the event of a claim and consider your options for claim settlement
- Call Lumley Insurance – find out if you could protect your jewellery with a better policy today
Protecting it properly:
Value: It’s essential to be certain that your ring is insured for a sufficient amount to cover the cost of replacing it should the worst happen. In recent years the values of precious metals and stones have increased exponentially and it’s highly recommended that you have significant items of jewellery re-valued by a qualified professional every 3-5 years. The last thing you’d want to be faced with in an already stressful situation is finding out that your ring was worth a great deal more than you had insured it for, potentially leaving you with a less than satisfactory reimbursement.
The Lumley Insurance Solution: At Lumley, your dedicated account handler will keep records of your previous valuations and advise when it may be time to consider an update. We also have well-established relationships with several independent and trustworthy professional valuers who we would be happy to put you in touch with if you’re unsure of who to contact; some of our insurers are even able to arrange valuations at discounted rates for their clients. One less thing to worry about.
Maintenance: Whilst your local jeweller is assessing the value of your ring, why not ask them to inspect the settings too? Our insurers recommend that settings and clasps on all jewellery should be checked regularly and repaired where necessary. Accidental loss of stones is a common cause of claims and this risk can easily be alleviated by having a professional inspection done every few years; it’s better to be safe than sorry!
The Lumley Insurance Solution: As with jewellery valuations, we will be on hand to advise when your insurer is requesting a ‘check-up’ for your items to keep your stones from doing any vanishing acts.
Vigilance: It may seem obvious, but vigilance is the best defence against any loss or theft. It’s likely that an engagement ring will be close to your heart and safely on your person at all times, but any valuable items of jewellery that can’t be worn all-day every-day should be kept hidden, and preferably locked away in a safe. Keep jewellery out of sight if you have tradesmen visiting your home and, if you travel with your jewellery, have it kept in the main safe at your hotel instead of the flimsy one provided in your room.
Check your cover: It is an unfortunate fact that many standard market insurance companies are uncomfortable with items of jewellery over a certain value, and instead of offering a flexible solution would rather exclude cover altogether; which could really put a dampener on things if you’ve just been surprised with the most intrinsically, if not the most fiscally, valuable jewellery item you’ll ever own. If you have a particularly valuable jewellery collection, or even just a single item, it’s important to check that your insurance policy will cover it sufficiently.
The Lumley Insurance Solution: Our insurers are renowned for their amenable coverage solutions and higher than average limits for single items. As brokers, we know the questions to ask to facilitate the most flexible options for your individual needs and will negotiate them on your behalf. Cover is arranged on an all risks, worldwide basis, meaning that your precious engagement ring is protected wherever in the world it travels with you.
What to consider if you need to make a claim:
Making a claim: If you do suffer a loss or theft you should contact the police in the first instance who will provide you with a crime reference number to pass on to your insurance provider. Then make sure that you contact your broker or insurer as soon as possible to advise them of the circumstances.
Don’t have a valuation?: In the event of a claim, your insurer will require some form of proof of value. Whilst keeping up to date with valuations is the preferred method of determining value, keeping purchase receipts for recently acquired items will also assist. It is also good practice to keep photos of you wearing the items as proof of purchase and ownership. Photographs are also a great help if your insurer is attempting to recreate an item for you as it will allow them to stay as true to the original as possible.
Consider your options: Check with your provider about the options available to you; you may be given a choice on how to settle the claim, so it’s a good idea to think about which would be best for you. Can the item be easily replaced? Perhaps your engagement ring is a precious family heirloom or was custom made for you; something unique and irreplaceable. If that’s the case you could arrange for the item to be re-made (those photos come in handy here) or request a cash settlement. For your peace of mind, it’s important to know that your insurer is prepared to be flexible dependent on the scenario.
The Lumley Insurance Solution: Our insurers have been hand-picked because they won’t quibble over paying claims. Some won’t even ask you to pay an excess. Unlike policies you may find online, many have been known to bend over backwards to put your happiness first, whether to recover a lost item or find the perfect replacement.
If you would be interested in obtaining a quotation for a household insurance policy that will care for your precious jewellery as much as you do, or have any questions about insuring and protecting it correctly, call Lumley Insurance on 01285 885885 or visit our website www.lumleyinsurance.co.uk – we’ll be happy to help.
Thank you to Lumley Insurance for sponsoring this article and benefitting our member schools.