If love is in the air and you’re planning to surprise your special someone this Valentine’s Day, here are a few things you’ll want to do to ensure your new piece of jewellery, fine art, wine, or any other valuable gifts are properly protected.
Request the paperwork, especially if purchasing online.
When purchasing valuable items like jewellery, paintings or sculptures, it’s imperative to keep the receipt and store it somewhere safe. Be sure to also include any other documents from the seller which may describe the item, especially if it’s a one-off piece or something you’ve had made up especially. Having the original paperwork which accompanied the sale will make it much easier to get future appraisals and ensure your valuable item gets the protection it deserves.
Talk with your insurance broker.
Let your insurance broker know that you now own a new valuable item and ask them what type of documentation is required for you to insure the piece. Certain high value artworks, for example, may require proof of authentication, and so always check whether a certificate of authentication will be included in the sale prior to purchase. If you’re buying online, be sure the retailer is reputable and can provide the necessary authentication documentation.
Ask about your coverage
Your insurance broker can tell you how much coverage is included with your homeowner’s or renter’s insurance policy, and what types of losses are covered. Many standard homeowner’s and renter’s policies provide minimum amounts of coverage, after a deductible is met. Many of these policies don’t provide coverage for items you lose.
Get the protection you need
You may want to purchase a policy that specifically covers your valuables. The right policy will protect your high-value item from a wide variety of losses, including theft, breakage, and “miscellaneous disappearance” (i.e. you lost it). With jewellery especially, one of the most common reasons for loss is due to worn clasps on necklaces, bracelets and earrings. Be sure to gently clean and check your jewellery for any potential damage regularly.
Do what you can to keep it safe
If possible, store your valuable item in a secure location such as a safe deposit box or special storage facility. Be sure to let your insurer know as “in vault” coverage often allows you to pay less for the protection you need. A dedicated jewellery safe will also help to keep jewellery in prime condition and prevent it from being damaged whilst not being worn.
All content in this material is for general information purposes only. It does not constitute personal advice or a recommendation to any individual or business of any product or service. Please refer to the policy documentation issued for full terms and conditions of coverage.
Chubb European Group SE (CEG). Operating in the UK through a branch based at 100 Leadenhall Street, London EC3A 3BP. Risks falling within the European Economic Area are underwritten by CEG which is governed by the provisions of the French insurance code. Registered company number: 450 327 374 RCS Nanterre. Registered office: La Tour Carpe Diem, 31 Place des Corolles, Esplanade Nord, 92400 Courbevoie, France. Fully paid share capital of €896,176,662.