Do I need jewellery insurance?

Many of our clients ask us whether they need specific jewellery insurance for their specific pieces or if it would be covered under their home and contents policy. To be clear, we’re not insurance advisers, but we can speak from our experience over the years.

Why does your jewellery insurance policy wording matter?

Earlier this year our client Ms R sadly requested us to assist her with her insurance claim to replace the loss of her pearl earrings. We had made the earrings for her years earlier and she loved them: high quality, lustrous South Sea pearls suspended from a unique 18 carat yellow gold setting.

We prepared a very competitive quote for submission to the insurance company. They responded that our quote was quite unacceptable and that she must use the insurance company’s preferred supplier. After many frustrating calls to her insurer, and disappointing visits to the appointed jeweller, Ms R was forced to accept an insurance payout as compensation – for $125!

The cheapest jewellery insurance is not always the best – often you get what you pay for!

This story is an extreme, but typical nevertheless. Your home and contents insurance policy may contain a clause that dictates that you will be required to seek compensation from a supplier of their choosing, on their terms. Speak to your insurance broker to find out what the best cover for your needs are!

Read the full story in the current issue of the Abrecht Bird News.