Facts to be aware of:
Most countries are at war with criminals. Valuables and guns are targeted and it is up to the individual to have valuables properly insured. The resultant physical, emotional and monetary damage caused by home invasions have reached unspeakable proportions.
You should know:
- Insurance valuation certificates often indicate a value based on the replacement of “new for old,” as preferred by the insurance companies. These values are high and could be much more than the actual worth of your jewellery, resulting in an excessive premium.PLEASE NOTE; The second-hand value of heavily worn or out of fashion jewellery is no more than the scrap value of the metal and stones it is made of. Even if your jewellery has great sentimental value, such value is lost forever when the item is stolen. If you have no wish to replace your jewellery, why pay an excessive premium?Unfortunately, most valuation certificates do not specify whether the item was hand-made or mass-produced – a great disservice to those clients who may lose hand-made items, as they have no option but to accept new but lesser quality mass-produced items as offered by the insurer. Unhappy clients, for sure.
- WHAT YOU SHOULD DO:
- Obtain an updated insurance valuation certificate with photos and detailed description of your valuables. Experts at Prins & Prins are available to help you with this.When not worn, valuable jewellery should be kept in a safe.
- Choose your insurance provider and broker with care
- Jewellery should be insured under specified items in your household policy, rather than under a separate policy for valuables.
- ASK YOUR BROKER:
- Can my jewellery be insured at break-up value ? – if that is what it is worth to you – thus save on premiums. If so, obtain from your jeweller an estate valuation which is much lower than a “new for old” replacement value.
- Is my jewellery covered against accidental damage?
- Am I covered for the full insurance value of the items?
- Will I be able to replace a lost item with a new one of similar quality at a jeweller of my choice? PLEASE NOTE:
- Insurers prefer to replace a lost item rather than a cash pay-out and may send you to an obscure supplier on their list who may expect you to order from a catalogue. Very unfair, if your jewellery were properly described on the valuation certificate.
- It is your right to insist your lost items are replaced at a jeweller of your choice. Discuss this with your broker before you sign the small print.
- Over four decades, hundreds of clients have trusted Prins & Prins to replace their lost jewellery with items of a similar quality.