Treasure Your Treasures

Treasure Your Treasures

Have you checked the small print on your insurance policy recently?
Your jewelry may not be as safe as you thought…

“Over the last 2 years we’ve seen a rise of up to 12% in jewelry values” - La Playa’s Private Client Director, Mike Talyor-West, advises that “A quick review could save you thousands on an inadequate claims settlement.”

If you took the “easy” option and bought home insurance from your mortgage lender or a high street insurer, and you own antique or designer jewelry, it may be time to upgrade to a specialist policy.

A small number of carriers provide specialist policies for discerning homeowners, which offer:

  1. Lower rates: with individual risk assessments, the carrier gets a more accurate picture and you don’t pay for others’ carelessness.
  2. No restrictive small print: jewelry on your dressing table may be uninsured on a standard homeowners policy - many carry small print clauses that nullify the cover for jewelry not being worn or in a safe.
  3. Choice of jeweler for repair/replacement – would vouchers for a high-street outlet really replace your precious pieces? Some carriers insist you use their supplier to keep their costs down.
  4. Valuation advice: gold and gem prices change with fashion and trends – without good advice you could be paying too much or be under-insured. After a theft, the last thing you need is a tussle over the value of each lost piece.
  5. Extra covers: if you lose one earring the carrier will replace both. And the carrier pays the pre-agreed value regardless of subsequent wear and tear or depreciation.
  6. Cash claims settlement: valuable pieces cannot easily be replaced – or it may take time. Specialist policies pay out claims in cash, so you can choose whether/how to replace.

Protecting Your Jewelry

  • Storage: to prevent scratching, store jewelry in a box. Diamonds in particular may scratch other items, and pearls scratch easily and are best stored separately.
  • Cleaning: a regular soak in warm soapy water is usually best. Use a soft natural-bristle brush for cleaning open-set jewelry, but never wash pearls, opals or turquoises which are porous and susceptible to scratching. Don’t clean gold with abrasive powders - use proprietary dips. Foil-set stones (i.e. with enclosed backs) should not be dipped.
  • Day-to-day: keep jewelry away from unsuitable materials such as household cleaners which can damage the surface and clog up the back of rings, dulling the “patina” and shine.
  • Going out: put jewelry on last. Perfumes and sprays leave a film on the surface, which may dull the sparkle.
  • Maintenance: day-to-day wear and tear can loosen settings - have settings checked every 12 months.
  • Security: have your jewelry invisibly marked and registered on a database. This will help police recovery and speed up insurance claims. Take a digital photograph of higher value pieces.

Make sure your home insurance allows you to enjoy your jewelry in your everyday life – rather than keeping it under lock and key.

Download: La Playa Private Client Brochure PDF Document

Portfolio Policies Red Car Gold Jet 2

We have had two burglaries recently. The main loss of jewellery wasn't specifically insured through an oversight. Mike Cullen did a brilliant negotiation on our behalf.

George A, Private Client

 

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About La Playa Private Client

Specialist & Independent

Specialist & Independent

La Playa Private Client creates a safe space for you to live life to the full, enjoying your family, friends, and assets wherever you are in the world - without worry or hassle.

We can make sense of all your insurance needs - property, yachts and superyachts, high-performance and classic cars, private jets, art, wine and jewelry collections – and your liabilities too. We can pull multiple assets together on a single “portfolio” policy – or if you prefer, take care of each item separately. 

Amid the impersonal and automated world of large insurance corporations, La Playa provides a refreshingly boutique-style service, with individual advice, and cover based on in-depth understanding of your specific situation. After a detailed and confidential review of your needs and priorities, we’ll structure your insurance arrangements so you know you and your family are protected, come what may.  

Advice you can trust

…from an expert who understands you

  • Specialist, global policies for affluent lifestyles
  • Independent, specialist advice
  • Boutique–style, luxury service
  • “Can do” culture
  • Worldwide capability: offices in New York & London
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Charlene Gill

ACCOUNT EXECUTIVE

Direct Dial: 646 665 7737

Mobile: 917 715 4672

Email: charlene.gill@laplayainsurance.com

Twitter: @LaPlayaAdviser

+1 646 665 7737
+44 (0) 20 3865 0149
+44 (0) 1223 200650