So you finally have that beautiful piece of jewellery….it cost a bomb and is the love of your life. Now is the time to make sure you have a current valuation and that your insurance covers yours piece adequately.
1. Firstly, make sure that you have a valuation. The National Council of Jewellery Valuers (NCJV) is a good place to start http://www.ncjv.com.au/ Email: info@ncjv.com.au or you can ask your jeweller who they use.
2. Make sure you have all of your pieces listed/ described & photographed.
3. Keep all of your receipts.
4. Ensure that you have your valuations and diamond grading reports photocopied and in a safe place.
5. Call your insurance company – each one will have their own policy concerning jewellery. Please be aware that some contents policies may only pay out $1000.00 for a piece of jewellery.
• Ask your insurer if the policy will cover you for theft, loss or damage?
• Is your ring covered if it is lost outside your home?
• Does your policy cover you for domestic & international travel?
• Are items covered for full replacement cost?
• Can you get a cash settlement instead of replacement?
• Does the policy cover repairs?
• Is your jewellery covered in the event of a natural disaster e.g. flood/bushfire?
• If you have antique jewellery or unset stones please enquire as the policy may not cover them.
The JAA are currently working on a consumer brochure to educate people on their rights when making a jewellery claim, we will pass on that information as soon as it is available.