Your jewellery often has sentimental value and, because of the rand/dollar exchange rate, would be expensive to replace. Making sure you understand how your jewellery is covered and what is required from you to avoid disappointment in the event of a claim, is vital.
Our Barker insurance claims team is finding that, frequently, claims for jewellery items that are either lost or stolen, have no valuation certificate or proof of purchase. There is an expectation that, because these items are insured for a certain value, that this value must be paid out, for the most part in cash amounts which are totally unsubstantiated. A professional valuation certificate has to be presented by you prior to any claim on a specified jewellery item being paid.
Liaise with your Barker Underwriting Consultant who can advise you where to go to have your valuables appraised, unless you have a preferred or trusted family jeweller whom you would prefer to use. Jewellery should be revalued at least every 5 years. Most valuators do charge a small fee, but this is a small price to pay to make sure you get paid out properly in the event of a loss.
Special condition clause 4.4 on your policy wording states that Jewellery and Watches must be kept in a securely mounted wall or floor locked safe whilst not worn. Otherwise loss due to burglary or theft is limited to ten percent (10%) of the Sum Insured of the item concerned. Leaving Jewellery lying around the house is just asking for trouble. Lock your items away.
Inherited jewellery can be a complete gamble. Jewellery items handed down in the family could have ANY value. You, your Barker Insurance Consultant or Insurer have no way of determining a value of a jewellery item without a valuation certificate, especially if the item has been lost or stolen. Unfortunately, one cannot assume the value of an item either. An item that you think may be valued at ±R20 000, could be worth ±R100 000, or vice versa, Granny Myrtle may have picked up a ring at a bargain sale at the fleamarket and told the family it was worth thousands. Make sure you have your inhereted jewellery valued!
When getting your jewellery valued, be sure to inform the jeweller that the valuation is for insurance purposes and the amount should not be inflated. The valuation should reflect the following information:
• Description of the jewellery item
• Type of metal
• Stone information, i.e. cut, colour, clarity and carat weight
• Any side stone information
• Serial numbers for watches
NB! A photograph alone is not suffient to determine a value of an item.
Market demand for stolen jewellery …
Thieves thrive on the current big demand for stolen jewellery.
Nurture a way of life where you only wear your expensive jewellery for special occasions.
When you are not wearing your jewellery, keep them in a locked safe to avoid “unaccountable loss”. “Unaccountable loss” is not covered
Bedecking yourself with gold and diamonds whilst shopping at the malls is asking for trouble. The implicit message you would then be sending for the criminals to see is, "Look at me. There’s more where this comes from." You then run the high risk of being followed and apprehended, for the most part, in your driveway. Be aware of your surroundings, look out for suspicious characters at traffic lights; keep your car windows rolled up; look out for vehicles following closely behind you or when you are pulling into your driveway. If in doubt, drive to a secure location.