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Q Insights

Jewellery insurance info, helpful guides, resources and industry-leading insights.


Jewellery Insurance

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Whether it starts with a diamond engagement ring or a luxury Rolex timepiece gifted to you upon your university graduation, each cherished piece tells a story. Jewellery insurance ensures that story remains intact, even in unexpected events.

In this article, we'll teach you the basics of specialised jewellery insurance so that you can confidently wear and expand your collection, knowing that every gemstone, every delicate detail, is shielded from potential risk. 


What is Jewellery Insurance?

Jewellery insurance is your ally against the heart-stopping moment when your favourite necklace goes missing or when a treasured ring mysteriously disappears. It is a specialised type of coverage designed to protect your valuable jewellery against loss, theft, damage, or mysterious disappearance.

Jewellery holds monetary and sentimental value, so when you opt for jewellery insurance, you're not just insuring a mere object but safeguarding memories, emotions, and a unique part of your personal story.


The Basics


Appraisal and Documentation

Before insuring your jewellery, it is crucial to get it appraised by a certified gemologist or qualified appraiser. The appraisal determines the value of your jewellery, serving as the foundation for insurance coverage. 

TIP: When ready, find a reputable, certified jewellery appraiser with qualifications, expertise, and experience. Appraisers with recognised credentials, such as those from gemological institutions like the Gemological Institute of America (GIA), are often preferred. Additionally, gather the necessary documentation, such as purchase receipts, certificates, and photographs, to establish ownership and assist in the event of a claims process.


Coverage Options

Jewellery insurance offers two primary coverage options. The first is scheduled coverage, whereby each piece of jewellery and its appraised value is listed on your policy––this ensures comprehensive protection for each item. In the event of a covered loss, you will receive compensation based on the appraised value. 

The second is blanket coverage, which, conversely, involves insuring your jewellery as a group, specifying a total value for all the items. This option is suitable for collections with numerous lower-value pieces or when it is impractical to list each item individually. Compensation is provided up to the total value specified for the collection.


Coverage Limitations and Exclusions

It is essential to carefully review your jewellery insurance policy to understand the limitations and exclusions. Typical constraints can include wear and tear, intentional damage, and failure to maintain the jewellery properly. Every policy differs, so be aware of any exclusions related to specific risks or circumstances, such as loss during international travel or unattended vehicle incidents.

Ideally, the perfect policy should include the following: 

  • Loss coverage

  • Theft coverage

  • Damage coverage

  • Mysterious disappearance coverage

  • Natural disaster coverage

  • Worldwide coverage

  • Annual revaluation

  • Agreed value policy

  • Additional cover

  • Low, fixed excess

  • No impact claims

  • Dedicated in-house claims consultant

  • Satisfaction guaranteed

  • 5-star service


Premiums and Deductibles

Jewellery insurance requires payment of premiums to maintain coverage. The premium amount depends on factors such as the total value of insured jewellery, coverage type, location, and any additional coverage options. Additionally, there may be a deductible, also known as an excess which is the amount you must pay out of pocket before the insurance coverage applies. 

TIP: Make sure your insurance provider is transparent from the get-go. For instance, with Q Report no ifs or buts, there is a consistent low, fixed excess of $100. So you immediately know what you’re up for in the event of a claim.


Claims Process

In the unfortunate event of a loss, you'll need to contact your insurance provider to initiate the claims process promptly. They will guide you through the necessary steps, which typically include you providing documentation such as appraisals, purchase receipts, and any relevant details about the incident. Cooperation and timely communication are vital during this process. So be prepared. 


Policy Reviews and Updates

Regularly review and update your jewellery insurance policy to ensure it aligns with the current value of your collection. If you acquire new pieces, inherit jewellery, or experience changes in the value of existing jewellery, promptly inform your insurance provider to adjust coverage accordingly. Keeping your policy up to date ensures adequate protection for your evolving collection.

TIP: A go-to policy should include agreed value coverage, where you and the provider agree on the insured value of your item at the time of policy inception––this ensures you'll receive the agreed-upon amount in case of a covered loss without depreciation or lengthy appraisal processes.


Choosing an Insurance Provider

When selecting a jewellery insurance provider, consider factors such as reputation, financial stability, customer service, and specific coverage options. Research different insurers, read customer reviews, and seek recommendations from trusted sources to make an informed decision.


In Short

Jewellery insurance offers peace of mind and financial protection for the valuable treasures of your personal story. You can ensure that your jewellery is adequately protected by understanding the appraisal process, coverage options, limitations, premiums, and the claims process. Regularly review and update your policy to align with the changing value of your collection.

Q Report is a reputable jewellery insurance provider that understands the unique needs of jewellery owners. With proper insurance coverage, you can confidently cherish your jewellery, knowing that your precious pieces are safeguarded for generations.


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