High Value Jewellery and Watches Insurance

McLeod Risk Services offers cover for High Value Jewellery and Watches. The cover tends to be offered as a portfolio solution under a combined High Net Worth household and contents policy.

Many standard Insurers are not comfortable offering cover in excess of £5,000 per item. For many High Net Worth individuals this figure is far too low. High Net Worth Insurers offer cover for items of jewellery at any value, as long as the values can be substantiated. Working alongside Insurers who offer bespoke cover for high value jewellery and Watches, High Value Home Insurance can access policies that can cover items of jewellery and Watches with high values.

Many High Net Worth Insurers offer ‘agreed value’ for jewellery, meaning that in the event of a total loss the value paid to you is predetermined. High Value Home Insurance can help co-ordinate, and would encourage, valuations to ensure that cover for Jewellery is up to date and adequate. This pro-active approach can really help at the time of a claim, which can be very stressful for the policyholder.

Many standard insurers do not cover jewellery outside of the UK, and in some instances not outside of the insured property! High Net Worth Jewellery and Watches cover offers worldwide cover for your high value items. The Insurers on our panel understand the lifestyle of a High Net Worth individual and offer the broadest cover available in the market.

At High Value Home Insurance we take the time to get to know our Client’s and the assets that the really care about. Quite often these items are jewellery, in the form of engagement rings or heirloom pieces. Whilst we understand that these items have huge sentimental value; we are here to try and minimise the loss. This could be by ensuring there is adequate cover to have a bespoke copy made of the piece.

High Value Home Insurance will take time to understand the wearing habits of your jewellery and tailor an appropriate policy for you. For instance, a client who has a passion for watches may own numerous makes and models. However, the risk is considerably reduced by purchasing an adequate safe for the watches not worn, in return for a lower premium.

A pro-active Broker is essential in ensuring that movements in the precious metals or precious stones market are reflected in the values of a client’s jewellery and watches. Whilst it is not viable to change these values as regularly as weekly or monthly, the renewal process should include a conversation around this. Insurers tend to recommend a valuation is carried out for Jewellery every 3-5 years, and in a stable market that is perfectly adequate. However, in a volatile market your Broker should be highlighting the dangers of not increasing the values.

Whilst at McLeod Risk Services we do not profess to be Jewellery experts, we are dedicated to placing our Clients risks with suitable Insurers and recommending well established valuers, safe manufacturers and installers. This is only possible by the 15 years of High Net Worth experience we have had.

Richard McLeod

Richard McLeod
Director at McLeod Risk Services LLP

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Top tip

Know what you are covered for. Is your jewellery and/or watches insured on a worldwide basis, whilst not being worn, outside of your home or if a precious stone is lost. A Broker with access to the very best High Net Worth Insurance policies will ensure that you are or, in very rare circumstances, will highlight where any restrictions may be.