We understand that jewellery and watches often carry much more than monetary value. They are stories passed down from generation to generation, they are symbols of love, they are the fruits of hard work. Getting specific items insured by a bespoke high net worth insurance broker gives you total peace of mind, and more confidence to wear and enjoy your items of value. We will provide you with a tailored service, exceptional levels of cover and premiums from a range of insurers who provide high value and high net worth insurance
At Eggar Forrester Insurance our specialist brokers take the time to get to know our clients and the assets that they care about. Although we cannot safeguard against sentimental loss, we can ensure that you have adequate cover to minimise financial loss, and perhaps have a bespoke copy made in its place. We also advise on how to best look after your jewellery and watch collection so you don’t fall foul of invalidating your high net worth insurance, ensuring a swift and fair claim settlement, should you need one.
“Jewellery is among the top items consumers are looking to add to their home insurance policy when searching for a quote and it’s the second highest value item in terms of cover value”
Most standard contents insurance will cover your belongings and valuables up to a specified limit selected by you, although the maximum cover tends to be around £5,000 per item. For many High Net Worth Individuals, this figure is far too low. If you have single items worth more than your policies single item limit, you will need to list them separately when you run a quotation. The insurer will then set your premium accordingly. There will be an upper limit on the value of items they are willing to insure – this could be £10,000 or higher.
If you have particularly expensive items, you will need specialist jewellery or valuables insurance on top of your contents cover. Also, standard household insurance may not cover your pieces when outside of the home or UK.
Many standard insurers do not cover jewellery outside of the UK, and in some instances not outside of the insured property. Eggar Forrester High Net Worth Insurance cover offers worldwide cover for your high-value items. We understand the lifestyle of a High Net Worth individual and can put together the most comprehensive bespoke cover available on the market.
A pro-active broker will ensure that movements in the precious metals or precious stones market are reflected in the values of a client’s jewellery and watches. Whilst it is not viable to change these values as regularly as weekly or monthly, the renewal process should include a conversation around this. Insurers tend to recommend a valuation is carried out for Jewellery every 3-5 years, and in a stable market that is perfectly adequate.
We would encourage valuations to ensure that cover for Jewellery is up to date and adequate. This pro-active approach can really help at the time of a claim and limit the stress for the policyholder.
Get a correct valuation before you insure! Being accurate with your valuations means you can be sure you’re completely covered, and not overpaying for your insurance. Expensive watches and rings can often be worth more now than when you bought or inherited them. If you’ve had certain items for many years, it’s worth getting them valued before taking out a policy as the value of precious metals and gems has increased over the years.
It’s a good idea to have expensive jewellery and watches appraised every two years by an accredited jeweller. Make sure you store the certificates in a safe place, just in case you do need to show them to an insurance provider.
If you have an expensive watch it can be a good idea to take your luxury timepiece to a specialist to help maintain its quality. They can help keep the lubricating oil in the mechanism working well, which could minimise any repair costs.
• Check that your jewellery is insured against accidental damage or loss. Doing so means you’ll be able to make a claim if you accidentally damage your valuable items.
• You might want to make sure the policy lets you choose your own jeweller too – should you need to get a replacement. Some policies will only give vouchers for high street jewellers, which might not cover things like a custom-made ring.
• Taking a photo of your item can also help the chances of your claim being approved, should you ever need it.
• Always tell your insurer about any items of particular value. If you miss something, you could end up with an insurance shortfall, or even invalidate the policy.
• Keep receipts for valuable items: as proof of the purchase price, should you ever need to show your insurance provider.
• Store valuation certificates and receipts.
• Keep valuable jewellery in a safe or lockable cabinet: to keep them more secure when you’re not wearing them, and don’t leave them on display where they can be seen. This can also make a difference to your policy.
If you are concerned your current policy may not be providing the cover you need, or if you have recently added more items to your collection, get in touch with us for a bespoke comprehensive policy.