For the last 40 years we have been asked by Insurers on the value of jewellery after it has been lost or stolen, so that a fair settlement can be agreed between client and Insurer. In our experience 75% of clients do not have adequate cover and lack the necessary supporting documentation.
Sometimes clients blame the Insurance Company or us for not advising them as they assume that the values would be automatically index linked. Even if this was true, the fact is that Index linking is nowhere near sufficiently accurate to deal with some of the meteoric price increases we have seen in gold, silver, platinum and diamonds over the last ten years.
Insuring your prized possessions for the correct value will give you and your family peace of mind; we have seen so many cases where limits have been applied to policies and items specified for values that bear no relation to current prices.
A proficient valuer will ensure that all the necessary information is recorded on the valuation so that in the event of a loss or theft, the item could be reproduced exactly from the information provided and that this is reflected in the value. It also means that with this information to hand it should be possible to revalue the item electronically to current prices without having to see the ring again. All that would be required is confirmation that the ring has not changed hands or been damaged; a good up to date photograph would suffice. We recommend that this should take place every two years and with the aid of technology it is so easy to do.
The value of jewellery
The loss of an expensive diamond from a ring can be down to ‘wear and tear’ or accidental damage. ‘Wear and tear’ is not normally covered by insurance and we have come across so many cases where valuable diamonds have been lost from rings because the settings were loose.
This also applies to earrings where the butterfly is loose or gold necklets where the clasp is weak. The worst of all is wearing rings that that are too loose! There have been countless occasions over the last 40 years where the client says that their ring just slid off their finger without them even noticing, never to be seen again. Make sure that your ring actually needs to be pushed onto your finger and there is sufficient resistance to hold it in place. For those with a large knuckle, it is possible to insert nodules on each side of the ring to hold the ring in place.
How much is your watch worth
Don’t we just love our watches, and as a nation we spent over one billion pounds sterling on buying watches last year alone, so it is not uncommon for someone to own a collection of watches to wear on different occasions.
Watches need valuing as well and prices have risen sharply in recent times, way over the rate of inflation. Again, like jewellery, once valued there is no real need to see the item again provided it has not been damaged; the updated valuation can be automated just like the watch!
We all know that it is unwise to wear a beautifully crafted mechanical watch whilst chopping wood or using a drill but how often do we have our timepieces serviced? Most watchmakers advise every two or three years but often it just gets forgotten. Watches are often purchased as family heirlooms and made to last for ages, so care and good maintenance is essential.
One of the most common reasons for the loss of a watch is to do with the fitment that attaches the leather strap to the watch. Sometimes there is a return pin, which fits into a lug, which can be knocked out of its position and cause the watch to fall off the wrist unbeknown to the wearer.
Most people who are the victims of a theft always says that “I never thought it would happen to me” and are shocked, surprised and outraged when it does. We can assure you that from our 40 years experience we can safely say that the tragedy is often eased by an Insurer arranging a swift settlement and MOST importantly, for the correct amount.