Sound advice to make sure your wearable assets are correctly insured
Your treasured items of jewellery are no doubt valuable and often sentimental items that need protection from theft or loss. Aon, insurance brokers and risk advisors, provides five top tips to make sure your jewellery is correctly insured:
- Make sure the valuation certificate is up to date – insurers require valuation certificates that are dated prior to the loss or damage to prove the value as well as ownership of an item of jewellery. Update your valuation certificates at least every two years and always insure jewellery for its current replacement value.
- Insure jewellery on an All Risks basis – jewellery should be insured under the ‘All Risks’ section of your personal insurance policy. Some policies cover all risks under the household contents section of the policy, which offers worldwide cover up to certain limits for items that are taken out of the home and are worn on your person.
- Keep jewellery in a locked safe when not worn – most insurance policies have a safe warranty where the insurer requires an item of high value to be kept in a locked safe when not worn. This means that if a ring worth R55,000 is left on a bedside table and the item is lost or stolen, there may be no cover.
- Insure before you leave the store – where possible, arrange with your broker so that when you leave the store, your purchases are already covered.
- When on holiday, be extra vigilant – travellers are often targeted by criminals as people often let their guards down when in ‘holiday’ mode. Make arrangements with the hotel or B&B for a safe to store your valuable items, and always lock up securely before you head off.
While insurance cannot cover you for the sentimental loss of a special item, it will cushion the financial blow of having to replace your valuable jewellery. With an Aon Expert Broker By Your Side, you can rest assured that your treasured items are correctly insured.