How To Protect Your High Value Jewellery Or Watch

One of the most common reasons our clients approach us is that they own, or have recently purchased a single item of high value jewellery. This is often a high value ring or high value watch.

When they approach their existing insurer to add it to their existing policy they are told they cannot. Many well known insurers that deal directly with the public, and advertise extensively on television and in newspapers, have a single article limit as low as £1,500.

The client does not become a bad risk just because of this single item of high value jewellery - it is simply that the main insurers are in the mass market and do not wish to stray from their set policy framework.

The High Net Worth Insurance providers that Dovetail uses take a different view and welcome such items. They will often have a single article limit of at least £5,000 and offer you greater freedom to wear the item as you see fit.

For example, even if your current insurer will cover the single item of high value or jewellery or watch, they may only cover whilst it is being worn or in a safe. This is a condition, or in insurance jargon – a warranty, that most clients find onerous and Dovetail agrees.

Furthermore, the High Net Worth Insurance providers will offer you worldwide all risks cover for all your possessions, including the single article of high value jewellery or watch, meaning you have complete freedom to live your life as you see fit without worrying whether you have insurance cover.

Jewellery and watch collections

The chances are that if you have one item, you may wish to add to it in future or already have a collection of jewellery and watches that the mainstream insurance providers won’t protect.

Once again, the High Net Worth Insurers take a more pragmatic approach and will assess your lifestyle as much as the high value of the jewellery. They will take into account the amount of jewellery you wear on a daily basis and the overall security of your home. It is unlikely they will ask for a safe to be installed unless the total value of jewellery and watches exceeds £30,000, and they will consider up to £50,000 without a safe, provided it can be shown that the risk is well managed by the client.

It is, of course, viewed very favourably if you do have a safe, particularly if it is a safe from a well known manufacturer and it is anchored or bolted down. They will still offer you complete freedom to wear the items at your discretion and it is likely they will apply a preferential rate to this portion of the premium.

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