We are in the business of creating jewellery that is highly sentimental and valuable and we cannot recommend more highly, insuring your jewellery against theft, loss or damage.
However, it is extremely important that you do you research and choose the right insurance product to avoid being under-insured if you ever make a claim.
Insurance companies will often require you to provide a certificate of valuation for insurance purposes or other documents, like a diamond certificate before they cover your items.
At Harry & Co Jewellery, all pieces created with a value of over $2000 are valued by an independent valuer who provides a certification, and you receive this as a complimentary service. As well as this, all diamonds 0.50ct or over are certified and come with individual certification – also provided to you at the time of purchase. These documents are what you need to procure your insurance.
Making a claim when your jewellery has been lost, damaged or stolen can be an emotional time, especially if the item was an heirloom, engagement ring or bespoke piece. Therefore it is important you know that many insurance policies reserve the right to have a jewellery item repaired or replaced by a jeweller of their choice – not YOUR choice - even if the item was a one-off designer piece. Please please do your research surrounding this. If the worst happens, you want to be able to work with you you want and trust, not some jeweller that your insurance company works with.
Make sure your insurance policy will allow you to nominate your preferred jeweller in the event of a claim.
Home and Contents Insurance
If you have an existing Home and Contents policy or are looking at getting one, check to see whether the policy covers jewellery items for theft, loss or damage.
Many policies will only cover jewellery items up to a certain limit so it is important to find out whether you'll need to specify the items to ensure you are adequately covered for the full value of the item and if you need an extension on the policy to cover your jewellery outside the home.
When a loss is suffered and a claim is lodged, the insurance company in question will request proof of purchase and proof of the value. (Inexplicably insurance companies do not usually request this at the time a policy is first issued). Most jewellery claims fall under the unspecified jewellery category and consumers are strongly advised to ensure they can provide proof of purchase and value. At Harry & Co, your receipt is your proof of purchase and your valuation as well as your diamond certificate, are your proof of value so no issues there! Just don’t lose these documents, we do not keep copies!
High quality photographs of your jewellery items can be used to assess proof of purchase and the value, should the documentation be lost.
Specialist Jewellery Insurance Products
In addition to Home & Contents policies, there are insurance products that have been specifically designed to cover jewellery items. These policies often provide high levels of cover inside and outside the home and allow greater flexibility on how to go about replacing your item(s) in the event of a claim. The JAA is partnered with Jewelcover, a consumer insurance provider exclusively for jewellery.
It is important that you read and understand the Product Disclosure Statement (PDS) provided by your insurer.
JewelCover was founded and designed by jewellers who are proud members and supporters of the Jewellers Association of Australia (JAA). It was specifically created to address the insurance needs of jewellers and their customers identified by the JAA. Go to the Jewelcover website to find out more.