Insurance under home and contents cover may not be possible if you are just starting out and are yet to have a property policy to attach your jewellery items to.
This is particularly relevant to recently engaged couples who are often young and yet to move into their first home.
It is also important to understand that a general contents insurance policy will only apply if the item is lost or stolen from within the home. Therefore, if you are travelling or accidently damage your jewellery items whilst away from home you will not be able to claim against your contents insurance.
Like car insurance, unless you have comprehensive, all risk cover for your jewellery items you will not be fully and globally covered.
Another consideration is the amount of the excess payable on a claim –most general insurance policies will require an excess amount be paid by the client towards the cost of the replacement. The lower the excess amount you nominate, the higher the regular premiums will be.
If you have a loss, many general insurers will advise that a claim is to be fulfilled by a jeweller of their choice rather than the client’s preferred jeweller. There placement pieces supplied may be of a lesser quality or finish than the original item and are almost always not quite the same as the precious piece lost.It is important to know that you can nominate your jeweller of choice to replace your items however as the insurance company will often seek a discount from the supplier, the payout received may be less and the claim process more complicated if your jeweller is not affiliated with the insurer.
If you have purchased loose investment quality gems for financial purposes that are kept in a bank vault these require a specific type of insurance cover called a private vault policy that reflects the nature of these precious items. This specialised type of insurance needs to be obtained from an insurer who offers this cover.
