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We also offer Jewellery valuation on the spot, should you not know the value of your Jewellery.
Why You Need Jewellery Insurance
A: Insurance is vital. The small price to pay for peace of mind is worth every cent.
Consider the emotional and monetary investment you’ve made in that diamond engagement ring: a symbol of love and devotion representing the moment you proposed or were proposed to, it’s a significant milestone in any lifetime.
As with most jewellery, the engagement ring is also small and easy to misplace and steal. This has made it a favourite target of thieves since time immemorial. It isn’t indestructible either – diamonds can crack and chip, precious metal can be crushed or broken. But insuring it is no trivial matter, as there are many pitfalls.
Some jewellers provide a valuation certificate, some don’t. In this case you can have it valued by a qualified registered valuer separately – the valuation may consist of a reference to a Gemstone Grading Report.
If it’s a diamond of over 50pts, this is to identify that the stone is natural and has not undergone a variety of treatments, not to mention the added value of getting a grading on its colour, clarity and carat size.
There should also be a detailed description of the setting into which the diamond is placed, and a description of the metal and additional stones which may be present . If you are fortunate enough to make a purchase from a Q Certified Jeweller, they can provide all this information in a beautifully presented book , and the insurance policy is all wrapped up in one.
The pain of losing your newly acquired possession or having it severely damaged is not worth the risk.
There are two sections in a home insurance policy you need to know about when you want to insure your jewellery:
1. Unspecified Jewellery
Unspecified jewellery has very low sub-limits. This means that if you have an expensive diamond ring, you may not be covered. It’s a scary situation when you might end up with far less than what you’ve invested.
2. Specified Jewellery
Because of the problems associated with unspecified jewellery, if you have a home contents policy you really should ask for your jewellery to be specified. That means a more precise description of your jewellery. It usually costs a little extra, and depending on your policy will cover you for a value closer to what the jewellery is worth. Be very careful to check whether you are covered inside your home only or everywhere.
Insurance policies are heavy reading, so even in the specified section of an insurance policy there are limitations, and it’s in the way they interpret their policy. So it’s essential for you to study their terms and conditions in detail if you don’t want any nasty surprises.
You see, most insurance policies say things like “you are insured up to a value“. But Up to is not an agreed value.
Just imagine paying a premium on a $10,000 ring and being told they will only pay out $5,000.
If they can find a way to do this, they will make it happen. This is very common behaviour for most insurers. The claims department has one goal – how to save money.
You might want to consider Q Report Jewellery Insurance. Why?
Because when we insure to a value of $10,000, that’s an agreed value with us. If you have a loss, we’ll pay the $10,000. Because we want to send you back to your original jeweller who supplied the ring to you, and the original jeweller who can craft the ring for you once again.
DON’T BE FOOLED: Warranty is NOT Insurance
WARRANTY is intended to cover consumers for manufacturing defects for a limited time. It’s a guarantee that a product has been made correctly, that you are getting what you paid for.
INSURANCE will cover you for things like accidental damage, malicious damage, and loss and theft.
Understanding these differences is essential, particularly because some consumers are being misled when it comes to warranties, which are absolutely no replacement for insurance.
The ACCC has issued a warning to jewellers about extended warranties. There have been complaints there are some jewellers making claims that an extended warranty has certain benefits when it does not, and that an extended warranty provides additional benefits which consumers are in fact already entitled to.
Australian Consumer Law (ACL) provides consumers with automatic guarantees. Depending on the product purchased, these guarantees could last beyond any warranty provided.
Several business have been taken to court by the ACCC, including Hewlett-Packard Australia, who had been making misleading claims to their customers regarding their rights. This included telling them that the warranty period for HP products was limited to a specific amount of time, and that the customer would have to pay extra to extend this period.
The important thing to remember here is that according to the ACCC, extended warranties should only be offered to consumers if they provide benefits beyond what consumers get automatically under the consumer guarantees. If any business sells extended warranties any less than or the same as what people are already entitled to, it leads consumers to think that they are getting extra benefits when they are not.
This puts an even stronger emphasis on the fact that warranty is no replacement for insurance. Not only is warranty entirely insufficient if you were to lose or damage your new engagement ring or other piece of jewellery, but you can’t even be sure that paying for extra services will make any difference!
The Diamond Club – For Jewellery Insurance Perth