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It’s easy to verify damage when you have the remnants of your precious sparkler in your hand. Perhaps you’ve been boating, and your ring knocked against the side of the vessel, bending the ring’s claws out of shape (this actually happened to one of our clients).
Or maybe you suffer a house fire and later find the crushed remains of your engagement ring in its protective box (this also comes from a real-life story).
In such cases, specialised jewellery insurance saves the day by providing enough benefit to completely restore the damaged pieces. But what if your jewellery mysteriously disappears?
When insurance professionals use the term, ‘mysterious disappearance,’ they’re describing a claim for a lost piece of jewellery or a lost stone from a piece. The circumstances don’t necessarily need to be ‘mysterious’. The claimant might know exactly where the item is, but it’s irretrievable.
For instance, a woman may know precisely where she was when her engagement ring slipped off her finger while swimming in a lake. The disappearance isn’t mysterious, but to her, the wedding ring is lost forever.
Your Home and Contents policy probably provides limited cover for jewellery, but these policies typically cover items only when they’re in your home. Seldom do contents policies cover jewellery (or gems from jewellery pieces) that mysteriously disappear.
Additionally, home and contents insurance typically imposes a limit of around $2,000 for the loss by theft for jewellery, luxury watches and precious stones. That means that, regardless of the actual value of the item or items lost, the insurance company won’t pay more than $2,000. In 2019, Aussies spent an average of $5,297.50 on an engagement ring. A $2,000 benefit is not nearly enough to cover the loss of a typical sparkler.
We believe that jewellery is meant to be worn and enjoyed, and favourite pieces like engagement rings and watches go everywhere with us: to work, out on the town and on holiday. As small as these items are, sometimes they sadly ‘mysteriously disappear.’ But that doesn’t mean you have to abandon them to the universe.
With specialised Q Report jewellery insurance, your Rolex Submariner or Natalie Marie wedding set can be fully restored to you, whether it’s stolen by a thief or a raucous riptide.
How does jewellery insurance safeguard your treasures against such disasters?
Unlike typical Home and Contents insurance, our specialised Q Report insurance provides an Agreed Value policy, meaning you are covered for the insured value shown on your policy, not “up to” that amount..
Some companies refuse to pay the full amount shown on your policy if they can replace your item for less by using terminology like “up to the sum insured.” We don’t play games like that. If your Patek Philippe Aquanaut has an agreed value of $58,200, we won’t try to force you into a less-expensive replacement.
But how do you know if the amount of your policy is up-to-date?
The prices of fine jewellery and luxury watches fluctuate from year to year. This happens because of supply and demand, market conditions and even currency exchange rates. To keep your policy up-to-date, we offer a complimentary revaluation each year when you renew.
Our jewellery experts review the details of your piece, including the current market prices for both precious stones and metals. You’ll always know that your item is insured at the correct value in the case of a mysterious disappearance.
You may have been working with a trusted jeweller for years, and we appreciate that relationship! That’s why we make sure you can return to the jeweller of your choice in the event of a complete loss.
In fact, we always suggest that you go back to your original jeweller for repairs or replacement. You chose that jeweller for a reason in the first place, and you’re likely to be pleased with the results. We will not dictate where you need to go; it’s completely up to you.
Losing a precious piece of jewellery is traumatising. That’s why we worked diligently to settle claims as quickly as possible. Robert Gower put it this way:
“I would recommend Q Report to anyone looking to insure jewellery. Making a claim was so easy and straight forward; exactly the type of service you need at the stressful time of losing or damaging a prized possession.”
Pre-empt a disaster by insuring your treasured jewellery with Q Report. You can wear it with peace of mind, knowing it will be fully restored to you if the unimaginable happens.
Get an instant quote online, or if you prefer to talk, ring us at +612 9234 0580. We’re happy to answer any questions or start on the application process. Your ‘mysterious disappearance’ can have a happy ending when you protect the things you love.
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