How to insure your jewellery

By Pippa Thompson

‘Famous for Insuring Jewellery’, T H March was founded back in 1887 by Tommy March, the son of a Hatton Garden diamond dealer. The company is the largest specialist insurance broker to the UK jewellery trade and its customers. Jewellery is definitely in its DNA!

Why do I need separate insurance for my jewellery when I already have home cover?
Many household policies do not provide cover away from the home unless it is specifically requested. Also, T H March policies carry no excess, so if you make a claim it will be paid in full to you. Many home insurance policies have an excess of at least £50 – £100.

In addition, many household policies have a ‘no claim bonus’ so if you make even a small jewellery claim on it your ‘no claim bonus’ will be lost.

Are there any specific questions I should ask about my jewellery insurance?
Ask the insurer what would happen in the event of a claim. T H March feels it is very important that, wherever possible, you should be able to return to your original jeweller. This is particularly important with bespoke pieces, as your original jeweller will be better placed to help you.

Why is it better to go back to my own jeweller?
A lot of insurance companies will have a voucher scheme or an arrangement with a national chain of jewellers and you’ll be sent there for a replacement. That’s okay in some circumstances, but really it is best for you to go back to the jeweller who sold or made the original piece. To insure your jewellery now visit the T H March website here.

Why do you ask people questions about their lifestyle?
Lifestyle is important. Say for example you only wear that precious piece of jewellery a few times each year, they can take that into account and it may reduce your premium. They are also finding that couples are investing more money on bespoke engagement rings and jewellery. Their policies are tailor made to take this into account.

Do I need to have my jewellery valued?
Valuations are vital. In fact if your jewellery is valued at £1,000 or more at the time of arranging cover they will ask for a valuation. The reason for this is that it makes the claims process so much easier and smoother and the settlement of the claim much quicker.

A good valuation will show the type of metal, details of the stones and will help them to help you at that most stressful time when you need to make a claim.

How often should I get my jewellery valued?
Around every three years as this will keep pace with most changes in metal and stone prices. However, should there be substantial fluctuations in the market it is recommended that you have your jewellery revalued.

What about my designer watch?
A valuation is important here as it records the make, model and serial number and enables the sourcing of an exact replacement for you.

Find out more about valuations here:

Will having an alarm or a safe reduce my premium?
An alarm is a really good thing to have and it could help to deter burglars particularly if other homes around you have them. T H March think the most important thing for you to have in your home, from a security perspective, is a safe. If you keep your precious items in a safe this clearly lowers the risk of loss or damage and that will be reflected in a lower premium.

What is one of the most common ways to lose a ring?
It happens when people wash their hands. One of the most common claims we get for loss of jewellery happens when people are washing their hands. They take the item off, put it down somewhere, get distracted, and forget to pick the item up. When they go back – it’s missing!

For more information visit www.thmarch.co.uk, or click here to get your quote now.

 

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