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. We work alongside Insurers who offer bespoke cover for high value jewellery and Watches. This means we can access policies that can cover items of jewellery and Watches with high values.
High Value Jewellery
Many High Net Worth Insurers offer ‘agreed value’ for jewellery. This means that in the event of a total loss the value paid to you is predetermined. Our High Value Home Insurance policies can help co-ordinate we would encourage valuations. This will ensure that the 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.
World Wide Cover
Many standard insurers do not cover jewellery outside of the UK. In some instances, they are not covered outside of the insured property! High Net Worth Jewellery and Watches cover offer 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 they 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.
Specialist Watch Cover
High Value Home Insurance will take time to understand the wearing habits of your jewellery. We then 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 when not worn. This will, in turn, result in a lower premium.
Market Movements in Precious Metal Prices
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. 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.
Experience in High Net Worth Clients
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
Director at McLeod Risk Services LLP
Know what you are covered for. Are 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.