What is High Value Jewellery Insurance ?
High value jewellery insurance is for individuals who possess single items of jewellery or watches with a value greater than £20,000. It is also tailored for individuals who possess a larger collection of jewellery with a total value of at least £50,000. At Stanhope Cooper, we understand that your jewellery or watch can often be your most prized possession. Our experienced team work to provide a bespoke jewellery insurance policy that lets you enjoy your high value jewellery, safe in the knowledge that it is protected.
How to insure your jewellery and watches
The majority of household policies do not provide high value jewellery cover as standard, particularly when it comes to accidental damage claims. Many home insurers will only offer minimal cover and many do not extend cover to outside the home, or worldwide. A typical restriction on jewellery is that there is only a cash settlement available if the item cannot be replaced. When a piece has sentimental value, this is not necessarily what you want. At Stanhope Cooper we can arrange for replacement or repair, as well as a cash settlement option – and we go the extra mile to ensure that you get the exact outcome you want.
We provide specialist cover for collections of jewellery and watches, as part of your high value home insurance policy. You may need worldwide cover for your valuables. You might want risk management advice to ensure that your jewellery remains safe, and so your premium is not unnecessarily high. You could want access to market-leading jewellery valuers, so that you have accurate and up to date valuations for your prized possessions.
As an independent insurance broker, Stanhope Cooper are able to cater to all requirements and circumstances.
Stanhope Cooper’s high value jewellery insurance policies cover:
- Worldwide cover for your valuables as standard
- No need to list all items
- Extended replacement costs, should an item increase in value over time (providing a valuation has been undertaken within the last 3 years)
- Cash or replacement option, including reconstruction of bespoke pieces, in the event of a claim
- We pay for loss in value resulting from the repair of a damaged piece of jewellery or watch
- No excess to pay in the event of a claim
- One stand-alone policy to cover a large variety of circumstances – such as loss, theft from yourself or your home, or accidental damage (for example, losing a stone from a piece).
Jewellery valuations from our trusted partners
More often than not we find new clients do not have up to date and accurate valuations for their jewellery and valuables. The volatility in the value of precious stones and metals means that pieces of jewellery can fluctuate wildly over time in value from the cost at which they were purchased.
In the event of a claim, it can often be too late, and an insurer will only pay out for the purchased value of the item, rather than its true current value. Over recent years many items of jewellery have increased significantly in value, particularly watches and yellow gold. This can result in a shortfall of insurance value If a jewellery or watch collection has not got an up to date valuation, then a claim can fall well short of the items’ true value.
At Stanhope Cooper we encourage all of our clients to have their collections and pieces regularly valued. We recommend our trusted partners to provide this service, and are able to provide accurate levels of cover based on current valuations.
As part of your valuation, your jewellery will be examined and appraised. A written opinion on its authenticity, quality and composite materials will be provided, alongside an accurate valuation of the piece. This informs the insurer accurately as to the level of risk, allowing them to provide a suitable premium.
Risk management advice for your jewellery and watches
We generally advise clients to keep their jewellery and valuables in a safe. This provides piece of mind should the worst happen, but also reduces premiums as it demonstrates less of a risk to an insurer.
We will usually also recommend a floating limit, which provides the flexibility to wear up to a declared amount of jewellery at any one time outside the safe. The insurer, who therefore knows that there will always be a certain amount of jewellery stored securely at all times, can offer a substantial premium discount.
If a personal safe is inconvenient, we are happy to source and recommend bank safes that provide the same management of risk. These can operate on a floating limit basis also.
Furthermore, we recommend registered jewellers where our clients’ pieces of jewellery are checked for any unseen damage. For example, a clasp loosening, or stones becoming unsettled. By fixing any issues before they have time to develop, the likelihood of accidental damage reduces significantly.
Why use an insurance broker?
Finding the correct level of insurance cover, at the optimum price can be difficult. At Stanhope Cooper we work on your behalf to take the hassle out of insurance, and ensure that you have the right cover for their needs.
- Market knowledge – Our expert team of brokers have extensive knowledge of the insurance market and the products available. Niche, and high value items require a high level of market-expertise. We work with an elite panel of insurers and are able to get access to products and deals that are not always available by going direct.
- Unbiased advice – As an independent broker we are not aligned to any particular insurers. Having assessed your requirements, we can scour the market to find the cover that is right for you. As an exclusively family-owned brokerage, we have no third-party shareholders to concern ourselves with. This means we can focus solely on the needs of our clients.
- Guidance in the event of a claim – Should the worst happen, we offer guidance and support to our clients throughout the claims process. Making a claim can often be stressful. We work on your behalf to liaise with insurers, to ensure that we get the best result possible.
- Risk management – We provide access to expert valuers and surveyors, as well as market-leading security providers. This not only gives you added protection, but can lead to reduced premiums.
Plus with our Client Portal you can have all of your policy documents in one place, so you can access your insurance information at the click of a button. Policy documents are also available on the go, via the Stanhope Cooper app (Apple & Android)
For more information on risk management, and for advice on how to keep your jewellery and watches safe, please call one of the team today.
Call us to see how you could benefit
Get a quoteor call us on +44 (0)20 7776 9790