August 24, 2022

Protecting the things that you value most. Is your jewellery covered?

We understand that insurance won’t always be able to replace your most valuable pieces and the sentimental value and memories that they hold. However, jewellery insurance can help you take the necessary precautions to prevent a loss, and will give you the peace of mind that should one of your pieces be damaged, lost or stolen, you know that you’re covered.

5 reasons why you should insure your jewellery:

1. Jewelers don’t provide coverage

  • Once you purchase a piece of jewellery, it is your responsibility to protect it – and insure it to market value – so that if something happens to it, you’ll still be able to fully replace it.

2. Clasps can break and pieces can chip

  • You’d be surprised by how many people lose necklaces, bracelets and other jewellery, simply because a clasp breaks or an earring comes loose. The right insurance policy will cover your jewellery even if it breaks, chips, is stolen, or lost (even if you only lose one earring of a pair).

3. Pieces are misplaced more often than they’re stolen

  • While criminals may try to snatch your fine pieces if given the chance, jewellery is simply misplaced or lost more often than it is stolen. It is best to have an insurance policy that will cover you if you lose a piece (or two) by accident.

4. Hotel safes aren’t necessarily safe

  • When staying at a hotel with your jewellery, ask to use the hotel’s main (extra security) safe. Too many people have keys to hotel room safes, and you may not want to trust them all with your precious jewels.

5. Homeowner’s policies do not provide the right coverage

  • While typical homeowners insurance is designed to protect your home and what’s inside of it, there is limited coverage for valuable possessions like jewellery that may get lost, stolen, or damaged. That’s why a policy that is specifically designed to protect your fine jewellery and other valuables is the correct one for you.

Jewellery Insurance Coverage Options

Individual Coverage

  • Flexible, worldwide coverage options to meet your unique needs and cover many types of jewellery losses with no deductible

Liberal Appraisal Requirements

  • Appraisals are only required for individual jewellery pieces valued at $100,000 or more. Otherwise all that is needed is a detailed description of the item and it’s estimated value

Agreed Value Feature

  • Working with you upfront to determine the value of your jewellery. Then, for covered total losses, you will be reimbursed for 100% of the aged value as a cash settlement

Automatic Coverage for New Items

  • If you already have jewellery itemized on your policy, any newly acquired pieces will be covered for up to 90 days (25% of itemized coverage)

Paying Market Value

  • If the market value of an item before a loss exceeds the amount of coverage and you choose to replace the item, we’ll pay up to 150% of the amount, itemized on your policy to account for increased in market value

Blanket or Scheduled Items

  • You can decide to protect your entire jewellery collection with blanket coverage, itemize your individual pieces, or do both

What to look for in jewellery insurance

Here are a few things to consider when comparing coverage options for your jewellery:

  • Worldwide coverage, whether the item is being worn, is in transit, or is in a safe
  • No deductibles, so that you don’t have to pay to have your piece replaced or repaired
  • Automatic coverage for newly acquired items
  • Coverage for pieces on loan or consignment to you
  • Coverage for works in progress
  • If you lose a piece, you’ll want to know that, even if it has appreciated in value, you’re covered for the loss.
  • Claim settlement options – If your piece is lost or damaged will it be repaired, replaced or a settlement offered?

To discuss your policy or your eligibility for any of the coverages mentioned above, contact our experienced team of brokers today.

Sources:

https://www.chubb.com/ca-en/

https://www.intact.ca/on/en/intact-prestige.html