Jewellery Insurance Replacement
We are able to assist with complete replacement jewellery or replacement of gemstones or diamonds should you be in a situation which necessitates a claim through your Insurance Company. We can assess your loss and offer some guidance when making an insurance claim and provide a typed ‘Estimate for Replacement’ which can be presented to your insurance company. The charge of £50 for this is refundable against the replacement item when it is proceeded.
It is wise when taking out jewellery insurance that you read and understand the terms of your policy. Many large insurance companies no longer deal with the claim or actual replacement of the item themselves but pass it on to a third party company. These companies will have negotiated discounted rates and will strongly encourage claimants to either accept a replacement item from a supplier of their choice or provide ‘Gem Cheques’ which can only be spent at high street multiple jewellers. Whilst negotiating discounts for replacement goods works extremely well for say the replacement of white goods, washing machines, fridges, etc one cannot replace treasured and loved individual unique and especially bespoke jewellery in this way. A professional Jewellery Valuation will provide an accurate description of each item and a measure of its quality in terms of the type of precious metal, the size, colour and clarity of any diamonds, and a description of other stones, as well as an up to date replacement cost. Such a valuation is powerful protection against inadequate replacement costs and cuts through any possible vague ‘grey’ areas. Furthermore, it has been ruled by the Financial Ombudsman, issue 92 February/March 2011:
“Where insurers opt for replacement, we consider whether a reasonable replacement can be obtained in the way the insurer has proposed. If, for example, the item concerned is jewellery that is antique or specially-commissioned, then we are likely to conclude that it would be unfair for the insurer to insist on the policyholder buying a modern substitute from a major high-street retailer. In such cases, we usually conclude that policyholders should be allowed to choose where they purchase a replacement.”
This clearly gives policyholders of antique and unique and bespoke jewellery the control to choose where they have their jewellery replaced or repaired.