Is your party jewellery insured?

Dressing up for special events is one of life’s great pleasures, and never more so than on a beautiful summer’s day. As the summer social season gets into full swing with all the most glamourous events of the calendar upon us, from weddings and garden parties to Ascot, Henley, the polo and Glyndebourne, are you planning to take jewellery or a precious watch out of the bank vault or your safety-deposit box in order to wear it for a special occasion? If so, do make sure it’s covered by your insurance… .

Theft and accidental loss generally account for over 80% of jewellery-related insurance claims, with rings and watches being the most commonly lost items (followed by earrings and bracelets). For owners of high-value jewellery who are worried about theft, police advice includes:

  • using a safety deposit box;
  • wearing your jewellery discreetly in public;
  • getting your gold and other jewellery valued and insured.

Your household insurance policy may include “personal possessions cover” which covers valuables outside the home, but for anything that’s not listed separately on your policy the single item limit is typically set at £1,500 to £2,500, which is not – unfortunately – enough to cover the cost of replacing a much-loved Rolex!

So, when insuring, do always remember to ensure that the level of cover is adequate to replace your belongings. It’s important to bear in mind that the value of jewellery can vary quite considerably over time, especially as a result of fluctuations in the price of gold, other precious metals and gemstones. The treasured gold bracelet you’ve decided to wear to a gala dinner or a very smart wedding may now be worth considerably more than you thought... . The Institute of Registered Valuers suggests you “consider having items revalued every 3 to 5 years”.

If you have taken the precaution of storing your valuables in a safe deposit centre or bank vault, but would also like to be able to wear your heirloom watch or jewellery on a special occasion, our “Wear” cover offers you the possibility to do so with total peace of mind.

“Wear” cover extends your security box insurance to include periods in which contents are taken out of the safety deposit box to be worn, and covers up to 20 days per year. Items are covered as long as you are carrying them, wearing them or they are kept in a locked safe, and cover includes travel to or from the security box centre or bank vault.

To find out more please contact us or go to any page of our main website for an instant quote. And have a great summer!