Is your jewellery
correctly insured

With the cost of precious metals and stones constantly changing it is vital that you ensure that you are adequately insured. While your insurance will normally give new for old cover your must still make sure that you have enough cover in place. It is your responsibility to provide your insurer/broker with the sums insured you require, so don’t leave it to chance that your old gold ring or watch is still worth the £5000 you paid for it when there is every chance the value will have drastically increased if the markets have changed.

Within most policies there will be an unspecified section for jewellery which will cover you up to a total of the amount you request but with a maximum amount for any individual item. Alternatively if an item exceeds this limit it will need to be specified to its full value.

Many Mid and High Net Worth insurers won’t necessarily need a valuation until an item hits a certain level. We would, however, suggest that it is essential that you keep your values up to date so that in the event of a claim you are not left short. On this basis we would suggest it is worth considering obtaining a new valuation every 2-3 years.

All policies state that it is down to you, the policyholder, to ensure that the sums insured are accurate and are maintained as such.

In the last five years the cost of gold per ounce has almost doubled from £444 per ounce to its current level of £750 per ounce. At its peak it was value over £1000 per ounce. The figures are constantly changing which is why it is so important that you regularly review what you have.

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