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Q Insights

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


Jewellery Insurance

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Why do we have insurance? The answer is simple.

We don’t live in a perfect world. Disaster could strike at any time, anywhere. And insurance allows us some degree of protection in a financial way. If we become very sick, have a car accident, a disaster while traveling, or have our jewellery stolen or damaged - insurance is our parachute

Or, at least that’s what we hope to believe.

What we know is that jewellery insurance is different from all other kinds of insurance because as well as having a financial side, it also has a stronger emotional side. And it’s because of this that most insurers fail when you have a claim.

Let’s look at what the three key problems are.

Most jewellery insurance is part of a home and contents insurance policy. This is a bit like taking a big paper bag and throwing throwing everything in, covering it all at once to make it really easy with one simple policy… and hey, who reads the fine print anyway, right?

Well, that’s obviously the first problem. You see, unless you make a note of your jewellery on your first policy, you have MINIMAL coverage. So if, for example, you had a $10,000 diamond ring, you might get as little as $500 if it was stolen!

If you actually went to the effort of specifying it on the policy, you still have other problems that people are oblivious to. Almost all policies say things like, “we will put you back into the same position you were in prior to your loss with something similar.

But here’s where the problems come. First, if we assume that you had a diamond engagement ring that you paid $10,000 for, and a valuation from your jeweller for $15,000 because you bought it at a very good price – did you know that if you have a claim, your insurer is going to tell you that you’re insured up to $15,000?

It’s not an agreed value. So if they can actually buy it for $7,000… it’s their right.

Let’s be clear. Do you really think that if your insurer paid $7,000, that you’re now going to get something back worth $15,000?

That’s not how business works. It doesn’t matter how well you or your insurer think you can buy or negotiate, such a deal just doesn’t exist.

You need to know that on every jewellery claim which is a total loss, $99.9% of insurance companies are going to ask you for a quote. Sometimes two, maybe even three.

Why do they want or need a quote? you had it insured for $15,000! Isn’t that an agreed value?


In simple terms, they want a quote so that their claims team can try to negotiate the lowest possible price that they can pay for the item that you had stolen.

Nothing else matters. That’s their goal, that’s their aim.

Last but not least, remember that statement, “replace with something similar”?

Your home insurance company doesn’t have people who are jewellers. So they don’t understand the difference in things like diamond certification, or the effort that you went to to choose your jeweller. The person who made your friend’s and maybe your family’s jewellery. They don’t appreciate the difference in quality of workmanship and service.

It’s impossible to appreciate these thing if you don’t live and breathe jewellery. Your insurers believe they can just send you anywhere, to a jeweller who gives them the lowest possible price. Or one that they have a special deal with.

And this is where we are different. At Q Report, we all come from a jewellery background. We love jewellery. We’re passionate about it.

So this is our take on it. If you bought a diamond ring for $10,000 from a Q Certified Jeweller, they gave you an excellent price and suggested that you insure it for $15,000, then we at Q Report agree with that.

We do want you to know that traditionally, we want our customers to insure their jewellery at the price paid because we don’t want you paying excessive premiums.

But here’s the difference. When you have a Q Report, if you’re insured at $15,000 and you have a total loss, then we don’t ask for a quote. We just send you back to your original jeweller and ask for an invoice, and we pay the full $15,000.

Because that’s what the sum insured is, and in our opinion, that’s what you’re entitled to.

This where our jewellery knowledge and experience kicks in. Our policy has 150% cover. So if we felt that your diamond ring couldn’t be replaced for the $15,000 that it was insured for, then at our discretion, we may pay $17,000 or $18,000, maybe a smidgeon more.

That’s an additional two or three thousand dollars. Because this is the TRUE definition of putting you back into the same position you were in prior to your loss.

We can’t all be experts in every field, so we don’t try to do home insurance. That’s why at Q Report we only insure jewellery. We love it, we understand it, we know what’s important when it comes to things that are not only valuable, but have an emotional attachment.

We understand that everyone’s circumstance is different, so you need to do what’s best for you.

It’s important the get the right jewellery insurance. Have a look and see if Q Report is the right jewellery insurance for you.

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