The secret to a speedy and satisfactory outcome to any jewellery insurance claim following the loss or damage of an item of jewellery is a pre-existing, in-date, professional valuation.
Obtaining a good quality, professional valuation at the time you take out a jewellery insurance policy or add a new item to an existing insurance policy, is very important, even if (unlike TH March) the insurer says that a valuation is not required.
The best advice is always to make sure you get one and send it into your insurer. This way, if there are queries about the item they can be raised at the time the item is insured and NOT after it has been lost, stolen or damaged.
At TH March we ask for a supporting valuation for every item of jewellery or watch valued at £1,000 or more. Yes, we occasionally receive a few comments along the lines of “No one else asks for a valuation” but once we explain the relevance of having a valuation and the effect it will have on a claim, most are happy. The reason we do it is to ensure we know exactly what we are insuring and the replacement cost. This knowledge then speeds up the claims process.
How does this help the claims process? In basic terms, a claims handler will ask three questions and our approach at TH March means we only have to consider:
1. Is the item covered?
This is easy for us as we understand jewellery insurance and the cover provided.
2. How much will it cost to replace?
This has already been sorted out. There is generally no post-loss validation of value needed; the replacement cost is in line with the valuation we have been provided.
3. When are we going to replace it?
As we have the valuation already, we are able to settle genuine jewellery insurance claims far quicker than most insurers.
Without a valuation, an insurer will have no idea what it is they are insuring and will have to start their underwriting process after a loss to establish what the item is and how much THEY think it will cost to replace rather than when they actually agree to cover the item.
To visit our valuations page just click here
Feedback via the online review platform ‘Trustpilot’ regarding the jewellery insurance claims experience of TH March customers indicates that people generally rate their claims experience as being at the top-rated ‘5-star’ level. Check them out below.