What Does Specialist Jewellery Insurance Cover?

It's easy to underestimate the cost of replacing your most treasured possessions. When it comes to jewellery, specialist insurance is purpose-built to repair or replace the pieces you value most.

So how do you make sure a treasured piece can be restored after a loss? Let's look at how specialist jewellery insurance works for insuring your engagement ring, luxury watches and cherished heirloom jewellery. If you already have a home and contents policy, it is worth checking its product disclosure statement (PDS), as terms vary by insurer. 

Understanding Cover for Your Jewellery

Before we look at how specialist jewellery insurance works, let's review a few basics about insuring valuable items.

Cover for valuables can be arranged in different ways, and the approach you choose affects how a treasured piece is repaired or replaced after a loss. 

Why Jewellery Is Different

Jewellery is portable, high in value and often irreplaceable in sentiment. That combination is exactly why specialist cover exists, written around the way jewellery is worn and enjoyed. 

A specialist policy is built for jewellery from the start, insuring each piece up to the sum insured shown on your policy, subject to policy terms and exclusions.

Cover Inside and Outside the Home

A specialist jewellery policy can cover your pieces both at home and while you are out and about, subject to policy terms and exclusions. That matters for items you wear every day, such as an engagement ring or a favourite watch.

Levels of Cover You May Encounter

As you research your options, you will come across a couple of common terms. Understanding them helps you choose cover that suits valuable jewellery:

• Value of your belongings
• New-for-old

Value of Your Belongings

A value-based approach covers the current value of an item, which can depreciate over time. For a piece that holds or grows in value, the amount you receive may not reflect what it costs to restore it today.

New-for-Old

New-for-old cover replaces belongings with new equivalents. For jewellery, the aim is to restore the piece to its original state using comparable materials and craftsmanship, up to the sum insured shown on your policy.

Whichever approach you consider, it is worth thinking about how each would treat a valuable, sentimental piece of jewellery.

What Specialist Jewellery Insurance Covers

Specialist cover is designed around the events and situations that affect jewellery. Here are the areas it typically addresses.

Loss, Theft and Damage

A specialist jewellery policy can respond to loss, theft and accidental damage, subject to policy terms and exclusions. With a Q Report policy, that includes:

• Repair or replacement of an insured piece like-for-like, up to the sum insured shown on your policy
• The option to return to your chosen jeweller for repairs or replacement
• Cover while you travel overseas, subject to policy terms and exclusions
• An annual revaluation so your sum insured keeps pace with current values
• A flat, clearly stated excess, so you know where you stand at claim time

Specified Items

Higher-value pieces are usually listed individually, or "specified", each with its own sum insured. Examples include engagement rings, diamond jewellery and luxury watches.

Specifying a piece usually involves a valuation so the sum insured reflects its current worth. Each specified piece is then insured up to that amount, subject to policy terms and exclusions.

Accidental Damage

Accidental damage cover responds to everyday mishaps, such as knocking a ring against a hard surface or damaging a watch in a fall. Specialist jewellery insurance can include cover for accidental damage, subject to policy terms and exclusions.

Cover During Everyday Wear

Jewellery is meant to be worn, and that is often when loss or damage happens. Specialist cover is built for pieces in daily use, not only those kept in a safe.

Because terms and any waiting periods can vary between insurers, it is always worth reading your policy documents so you understand what applies and when.

Cover Away From Home

Does your cover follow your jewellery when you leave the house? With specialist jewellery insurance, it can.

A specialist policy can cover your pieces while you are away from home, including travel within Australia and overseas, subject to policy terms and exclusions. That means you can wear your jewellery on holiday or a night out with confidence.

Having Adequate Cover for Your Jewellery

Imagine your most treasured piece was lost or stolen tomorrow. Could you restore it to the state it is in today?

That is the question specialist jewellery insurance is designed to answer. It focuses on repairing or replacing your jewellery like-for-like, up to the sum insured shown on your policy, subject to policy terms and exclusions.

For everyday possessions, a general policy may suit you well. For jewellery, a specialist policy is purpose-built for the job. If you already have a home and contents policy, check its PDS, as terms vary by insurer.

Jewellery Requires Specialised Insurance

Because jewellery is portable, valuable and often irreplaceable, it benefits from cover written specifically for it, whether that is a diamond ring or a luxury watch.

For sentimental items like jewellery, you want to be sure you can restore the piece to its original state, even if that means sourcing unique materials and having your family jeweller carry out the repairs or replacement.

Take your engagement ring. If you lost it, specialist cover is designed to restore it to its current, gorgeous state, up to the sum insured shown on your policy. 

Or picture your grandmother's diamond bracelet being stolen in a burglary. Specialist cover aims to restore it, right down to the emerald-cut gems, subject to policy terms and exclusions.

Q Report Jewellery Insurance

At Q Report, we specialise only in jewellery insurance, arranged on your behalf and underwritten by Chubb Insurance Australia Limited. Since we don't also cover roofs, televisions, furnaces and brickwork, we can put all of our efforts into insuring and restoring fine jewellery.

And what does our specialised jewellery insurance entail?

Replacement Policy

At Q Report, we provide a replacement policy. Rather than a cash payout, in the event of an approved total loss claim we arrange the repair or replacement of your jewellery like-for-like, up to the sum insured shown on your policy, less a flat $100 excess, subject to policy terms and exclusions. We want you to feel confident with your cover when you make a claim.

Return to Your Chosen Jeweller

You may have spent months finding the perfect jeweller to create your piece, and that's why we believe you should be able to return to them if you wish. With a Q Report policy, we always give you the option to return to your original jeweller for replacement or repair.

Complimentary Annual Revaluation Service

As part of the renewal process every year, we revalue your insured jewellery at no additional charge, so you can be sure it is insured at the correct value.

150% Cover

A Q Report policy also includes up to 150% cover. If your jewellery can't be replaced for the amount shown on your policy, we may pay up to an extra 50% towards the cost, at our discretion and subject to the terms of the policy.

Worldwide Cover

Our specialised jewellery insurance provides 12 months cover against damage, theft and loss while you travel worldwide, subject to policy terms and exclusions. Whether you're honeymooning or travelling on business, you can take your jewellery along with confidence.

Instant Cover

If you purchase your jewellery from a Q Certified Jeweller, in most cases they can create your Q Report policy even before you walk out the door. Alternatively, complete our online quote process or call us on 1300 882 018 and our team will assist you.

Learning More About Specialised Jewellery Insurance

Consider your jewellery collection. If your pieces were lost or stolen, would you be able to restore them quickly?

We believe jewellery was meant to be worn and enjoyed, yet too many people leave their pieces at home for fear of loss or damage. That's why we've created jewellery insurance, issued and underwritten by Chubb Insurance Australia Limited.

To learn more about our policy, read more about our insurance. Or to receive an instant, online quote, fill out this simple form. We love jewellery as you do, and we'd be proud to insure yours!