Valuables Insurance

Jewelry Insurance

Valuables Insurance policies provide cover for personal valuables you own, this type of insurance cover applies on a worldwide basis. There are many differences between how your valuables are covered under the Personal Valuables Insurance policy.

What is covered on a Valuables Insurance policy?

Not only can you insure your valuables for an agreed or appraised value, your cover applies anywhere in the world. The policy also provides cover for mysterious disappearances, which means if you lose an expensive watch or ring while hiking in the mountains, the insurance policy will pay for replacing it. The policy will also provide cover for loss due to breakage which means if the diamond falls out of your spouse's wedding ring and is lost, it's covered; or if you accidentally drop an expensive camera and break it, it will be covered as well.

Scheduled or Blanket Insurance Cover?

When you purchase your Personal Valuables Insurance, you will generally create a schedule of items to be covered. This means that you will list each item by type, description, appraisal amount, and requested limit. For smaller, less expensive items, you have the option of grouping them together with a single limit of cover (blanket) for the group. In most cases, the insurance company may require proof of value by requesting a copy of current appraisals for each item on the schedule. Your final cost of the policy is typically a percentage of the total, however, you may receive better rates if your valuables are stored in a safe or deposit box at your bank.

Newly Acquired Property ?

Your policy will also have a newly acquired property clause which means that any valuable items you purchase are automatically insured up to a percentage of the total limits on the policy. This comes in very handy if you are traveling and decide to make a purchase. With this clause, you have plenty of time to report the new purchase to the insurer when you return home.

Loss to a Pair or Set Insurance?

This covers you if you lose a piece of jewellery or valuable piece of art that belongs to a pair or in a set. The cover will pay to replace the pair or the entire set of valuable property as long as you agree to return the remaining pieces to your insurer.

Valuable property is always at risk whether it’s in your home or with you when you travel. It makes very good financial sense to protect your property anywhere in the world and on a much broader basis than what you have in your.

For complete product details and pricing, speak to your Trusted Union insurance adviser about your valuables insurance risks to get the information you need to make a smart and informed decision.

Personal Valuables Insurance Faq

Do I need to provide a valuation of my jewellery or watches?

In most cases, yes you do. Most clients will purchase special personal valuables insurance because their ordinary homeowners insurance coverage doesn’t offer adequate protection for your valuable items like jewellery or watches.

For example, specialized personal valuables insurance will remove limits and give you replacement cost coverage for your jewellery and watches. But in order to get that, most insurance companies will require either a receipt or a recent appraisal done within the last 3 months so they know the items value, how much to insure it for, and how much they should charge for insuring it.

How long does it take to pay out a claim?

Time will vary across insurance companies depending on workload for the adjusters and the complexity of a claim but a Trusted Union broker will work to prepare claims information and advocate on your behalf to give you the largest and quickest payout possible.

Other key factors include how much limit you want to purchase, duration of the policy, and what types of extra coverages you want to add on to your maid insurance policy.

Most insurance companies are required to issue payment within a specified number of days of receiving all relevant documents and proof of loss.

What is a premium of valuables insurance?

It depends on the valuables you’re looking to insure: what they are (i.e. are they fragile or susceptible to loss), how much they’re worth (more valuable items will cost more to insure), and what kind of coverage you need (i.e. global coverage or on premises coverage only). All of these factors will play in to an insurance company’s decision on how much premium to charge for insuring your particular valuables.

Other key factors include how much limit you want to purchase, duration of the policy, and what types of extra coverages you want to add on to your maid insurance policy.

If you have fragile jewellery, expect to pay more. If you have a very valuable limited edition watch, expect to pay more. And similarly, if you require coverage on a global basis so you’re insured no matter where you go, expect to pay more.

What is the easiest way to get valuables insurance?

The easiest way is to call your insurance broker in Hong Kong. If you don’t have one or want to secure better rates for your valuables insurance, contact a Trusted Union. We’ll help you evaluate your risk profile, insurance needs, and reach out to our insurers to find the valuables insurance policy that gives you the best value.

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