An Insurance Value is the full cost of replacing your jewellery in the event it was lost or stolen; in most cases it is considerably more than you would get if you were to sell it. Most insurers now offer new for old policies, so all modern jewellery must be insured for the full replacement value. Older, especially antique, items require a little more thought as it may not be possible to replace them with new, in which case they are valued on the basis of replacing them with a equivalent preowned piece. On occasions of course an antique piece will be worth more than its replacement value, so we’d value it for what it would be worth as an antique. The written valuation makes clear the basis used to value each item. And if a piece is old, we will discuss which value is more appropriate for your items.
Here are some frequently asked questions:
Why do I need a valuation?
In the event of loss, or theft it will establish how much the Jewellery was worth, so it will make your claim easier. A correctly written valuation will help you establish your ownership of a piece, as it will be much more detailed than a shop receipt. All too often, the police recover stolen property but the owners are unable to prove it was theirs, so the property cannot be returned to them. Even if your insurance company does not require a valuation, you may still desire one. If we feel the cost is not justified, we will advise you, but the final decision is yours.
Does it matter if I don’t know what my jewellery is worth?
You could have problems making an insurance claim, even if the jewellery isn’t involved. Insurers require you to insure everything in the home. If you don’t have enough cover they’ll reduce the payment.
Also they often set a maximum value or single article limit for any one item. If that is exceeded they may refuse to pay at all, because you’d have been required to increase security. This could happen even if the item is not stolen.
I bought something second-hand. For how much should I insure it?
If it’s modern, the usual insurance rule of new for old applies. So it should be insured for the full cost of replacing it with a similar new item. Unlike a new piece sold below its normal retail price, this applies from the date of purchase. If it is older, this may not be practical, in which case you would insure it for the cost of replacing it with a similar, previously owned, piece. If you had just bought the item, that would be the amount you paid. Seek advice when arranging to get your jewellery insured to ensure you get the correct valuation.