DIAMONDS may be a girl’s best friend, but if you are planning to invest in expensive jewellery this Christmas, you will have to remember to get rock steady insurance to go along with it.
Begins a spokesperson: “Due to the expensive price tag of a good quality diamond, leading Scottish insurance and financial services firm, Borland Insurance, is advising that festive shoppers consider the insurance required for such precious gifts or your Christmas could fail to sparkle this year.
“According to research, it has been found that jewellery is now one of the most frequently under-insured items, along with fine art and clothing, with many forgetting to insure their expensive items after purchasing, as they believe it is already covered, too expensive or simply it is too much effort.
“However, the issue has highlighted in recent weeks with record-breaking diamond sales taking place, with an anonymous buyer paying a stunning £52 million for a rare pink gemstone.”
Nevertheless, Borland Insurance, which has offices in Aberdeen, Dunfermline and Kirkcaldy, has found that many are still forgetting to consider the fact that the value of jewellery, in particular, are continuing to increase.
Chief executive of Borland Insurance, John Silcock, said: “This year we have found that a number of clients possessing several expensive items, such as jewellery and fine art, have inadequate insurance cover, so in turn, their claim settlements will not match the market value of their item.
“This results in many losing money on their personal items as some policies do not cover all eventualities such as if your items were stolen whilst on holiday.
“It is also important to consider fluctuations in price that will result in a change in value, so it is essential your insurance company has an accurate and up-to-date record of items to guarantee your claim settlement will be met.”
Here, are some top tips to protect your items of jewellery:
- Regular valuations: In order to receive the correct protection and settlements for expensive items, it is recommended that professional valuations of items should be completed every three to five years. Photographic evidence is also advisable, preferably with the owner wearing the items to prove the items belong to you when claiming.
- Choose carefully: When deciding upon an insurance provider, you must check thoroughly that the policy meets all your needs. For example, if you are frequently out of the country, it is important to secure worldwide cover, which may have additional clauses, such as a requirement that the jewellery is worn by the owner when travelling. It is also essential to check if the insurer has a particular supplier and repairer that will have to be used if you claim, and also if you are entitled to cash settlement if items are irreplaceable.
- Type of cover: Although most standard home insurance polices will cover some items of jewellery, it will possibly fail to cover significant pieces and collections that you may own. Therefore, it is advisable to purchase specialist jewellery policies that will cover more extras such as stolen, misplaced or lost items of jewellery. Some specialist policies will also allow you to set an ‘agreed value’ for an item which means you will get that exact price whenever making a claim, therefore avoiding any financial loss, as some policies will only give you market price which could be less than the replacement cost.
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Contact: Jillian Sheran