Although the Chubb Masterpiece insurance typically provides more jewellery coverage than most, there are still limitations. To secure a broader coverage, you can choose to take up the Valuable Articles section of the policy and have your jewellery itemised, with each piece described and individually valued.
Chubb Masterpiece Valuable Articles coverage is “all-risk” and covers most causes or loss. With the itemised approach, you get the scheduled amount, with no deductible or depreciation in the event of a total covered loss.
Annual coverage for jewellery worn regularly costs about 1 to 2 percent of its appraised value. If you keep your jewellery in a bank vault, the cost to insure is greatly reduced. You only pay the higher rate when you take your jewellery out of the vault to wear it. This applies for jewellery covered whilst in your residence and also whilst in the safe in your residence. Considering the safeguard it provides, jewellery coverage is relatively inexpensive.
The prospect of obtaining appraisals for all your jewellery can seem daunting. At Chubb, we only request appraisals for items valued at S$100,000 or more. For jewellery valued at less than S$100,000, all we need is a full description and value. We recommend though that you have your appraisals/receipts in hand, in the unfortunate instance of a claim and you are asked for them. It’s that simple. If you purchase new jewellery and already have Chubb’s itemised jewellery coverage, you have automatic coverage up to 90 days, up to 25 percent of the itemised amount of jewellery coverage. It then gives you enough time to declare these new purchases to add them to your itemised list.
Most people take extra efforts to protect their jewellery by installing alarms, buying safes in their homes to store their jewellery properly or having their jewellery checked annually for loose stones. But there’s still a risk. More people now are traveling extensively and incidents can happen outside of your home and whilst you are overseas on holiday or on a business trip. By “scheduling” your jewellery, you don’t have to worry about an accidental loss, chipped stones or stolen item.
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