You may not leave home with jewellery that is as elaborate or expensive as Elizabeth Taylor’s or Kim Kardashian’s. However, you can use their situations to understand why the right insurance needs to be in place when you travel.
In 1969, actors Richard Burton and Elizabeth Taylor purchased a 69-carat, pear-cut diamond, and Taylor wore it briefly as a ring before having it reset as a necklace. It was originally owned by Harriet Annenberg Ames, who was said to have sold it because she felt as though she couldn’t wear it in public for fear of being robbed and because letting it sit in a bank vault was a waste. And while Taylor may not have been afraid to show off the diamond, due to the terms of Burton’s million-dollar (US) insurance policy, she could only wear it 30 days out of the year. The rest of the time it needed to stay in a secure bank vault, and when she did go out in public with it on, she must be accompanied by armed guards.
While staying at a VIP apartment in Paris in 2016, Kim Kardashian was robbed and briefly held hostage at gunpoint. The perpetrator took an estimated $10 million US in jewels, including her diamond engagement ring, valued at $4 million US. While her insurance company paid out over $6 million US to compensate her for the loss, there is some controversy over whether or not she adhered to the terms of the policy – namely if enough security was in place.
Like Taylor and Kardashian, you need to make sure that you have enough insurance and that you’re following the parameters in order to maintain full protection on the item. Here are a few questions to ask before you travel with your jewellery:
Contact a broker today.