Keep an Eye on Your Jewellery and Watch Insurance

Christmas is just around the corner, and with it often comes the promise of gifts under the tree. If you are planning on giving expensive jewellery or a luxury watch to your ‘other half’ or spouse this Christmas, you might need to think about insurance for an additional item.

Lloyd & Whyte Private Client can provide cover for your jewellery and watches, including individual items, pairs, or sets. Our expert insurance adviser can help you with any enquiries, including brand new cover, and extended replacement, all of which can sit under your Home Insurance or as a standalone policy.

Watch out for underinsurance!

Luxury watch brands such as Rolex, Patek Philippe, Breguet, Jaeger-LeCoultre, Omega, and TAG Heuer are often crafted from gold, platinum, and fine gemstones including diamonds and sapphires. It’s worth being aware that the price of gold, platinum, diamonds, and other gemstones can rise and fall in a matter of hours. Relying on your original valuation at the time of purchase to set your sums insured might suffice for now, but basing your sums insured after a few years on the original receipt might not adequately cover you. If you already own a luxury watch, and bought it a few years ago or more, we recommend you obtain a professional valuation.

The value of a valuation

Some watches, especially Rolex, have dramatically increased in price in just a matter of just a few years. This is because demand has outstripped supply and certain models rarely become available on the market. Similarly, when your watch is in good condition, the value will probably be higher than one which has suffered wear and tear. A watch that is supplied with authenticity documents, proof of purchase, guarantee and original packaging such as a presentation box could also add to the value.

Getting a valuation from a member of a professional guild or union will ensure you have a value on which to base the cover on. If your watches or jewellery are underinsured, you could face a serious problem should you need to make a claim.

Repair with tender loving care

We can source an insurance policy that gives you the option to use your own jeweller or jewellery company for repairs or restoration. You can benefit from replacement of lost or stolen jewellery or a watch on a like-for-like basis. Cover is based on providing a like-for-like replacement where one is still available. If the item is a one-off piece or a vintage or antique piece and cannot be bought again, insurers will often see if their specialist can make a replica and work with the client to do so (note: the client will need to have sufficient information and/or images to help with this).