The Ultimate Guide to High-Value Jewellery Insurance in Asia

Your high-value jewellery pieces symbolize cherished memories, milestones, and personal style. Think about the heirloom necklace passed down through generations, the precious wedding ring, or the gifted gemstone earrings that mean a lot to you. These items hold so much meaning we are all afraid to part with them. High value jewellery insurance in Hong Kong, Singapore, Thailand, Taiwan, and Macau secures your peace of mind by protecting your valuable possessions against loss, theft, or damage on a world wide basis. 

What does High Value Jewellery Insurance Cover?

It varies between each insurance company. Generally, though, a specialized jewellery policy allows you to schedule individual items or sets of jewellery onto the policy and insures them at the appraised or agreed value. This ensures you get full coverage for what the items are actually worth in the marketplace. The appraisal will determine a fair market value for the item by taking into account rarity, uniqueness, artistry, history, and other factors.

Cost of Jewellery Insurance Asia

The cost of jewellery insurance in Asian regions like Hong Kong, Singapore, and Thailand will vary widely based on factors such as the value of the items, the type of coverage, and the specific risks associated with your lifestyle and storage practices.

Most people can expect to pay between 1% and 2% (on average) of the jewellery’s appraised value annually in premiums. That means if you insure a USD 1,000,000 diamond ring, you might need to spend around USD 10,000 to USD 20,000 per year.

Is Jewellery Insurance Worth It?

More and more people in Asian regions like Hong Kong, Singapore, Thailand, Taiwan, and Macau own jewellery worth hundreds of thousands of dollars. Jewellery insurance offers specialized protection to ensure the full value of your items is replaced or repaired in the event of an unfortunate incident. You contribute a relatively small premium and, in exchange, secure peace of mind knowing that your prized possessions are protected.

Jewellery Insurance vs Home Contents Insurance in Asia

Most standard home insurance policies will offer some cover for jewellery. But as with most insurance-related things, the devil is in the details. Most insurance policies have mandatory limits on jewellery that may be less than the value of your jewellery collection.

A standard home contents policy might cap jewellery coverage at HKD 10,000 per item, whereas bespoke jewellery insurance can offer tailored coverage that reflects the actual value of your pieces, whether it's a USD 1,000,000 timepiece or a rare diamond bracelet. Moreover, jewellery insurance extends its protection beyond the confines of your home, covering losses or damage that occur anywhere in the world—which can be particularly important for frequent travelers.

Jewellery Valuation for Insurance

Jewellery valuation for insurance purposes is necessary to ensure that your precious pieces are fairly compensated. This process typically requires a professional appraisal from a certified gemologist or a reputable jeweler.

The appraisal provides a detailed description and current market value of each item, which then helps determine the appropriate insurance coverage. It should include specifics such as the weight, cut, clarity, color, and any unique characteristics of gemstones.

Regular updates to these valuations are recommended to adjust for fluctuations in the precious metals and gemstone markets. The Hong Kong Jewellery and Jade Manufacturers Association (HKJJA) suggests updating appraisals every 2 to 4 years to ensure coverage remains sufficient. 

Tips for Protecting Your Jewellery

Below are some steps for Asian residents to minimize risks of Jewellery loss, theft, or damage:

  • Secure storage – according to the Hong Kong Police Force, 60% of residential burglaries involve theft of jewellery from easily accessible areas. Get a hidden, secure safe to store jewellery when not in use.
  • Travel safety - avoid wearing flashy jewellery that may attract unwanted attention while traveling. Make use of hotel safes to store valuables securely.
  • Regular maintenance - a survey by the Gemological Institute of America (GIA) found that 40% of jewellery damage occurs due to wear and tear that could be prevented with regular maintenance. Schedule routine check-ups for your jewellery to prevent damage.
  • Engrave identifiers - engrave unique identifiers on valuable pieces to aid in recovery if stolen.
  • Keep detailed records - maintain detailed records, including photographs, receipts, and appraisals, in a secure digital format. This is crucial for insurance claims and verifying ownership if the jewellery is recovered after theft.

How Do You File a Claim for Jewelry Insurance?

You need the right support during stressful times. Most insurers in Hong Kong and the rest of Asia offer a streamlined and straightforward claims process. Keep in mind that timely reporting is necessary to expedite the claims process.

  • First Step - gather important documentation, including a police report for theft cases, photographs of the jewellery, and any relevant purchase receipts or valuation certificates. Insurers typically require this evidence to substantiate your claim.
  • Claims Processing - your Asia jewellery insurer will review your claim, and an adjuster may be appointed to assess the situation further. Claims are typically processed within 14-21 days, and 92% of straightforward cases are settled within this period.
  • Compensation - you receive compensation based on the agreed terms of your policy, whether it's repair, replacement, or reimbursement. This ensures that you are able to restore or replace your cherished items with minimal disruption to your life.

Can my Claim Be Denied?

In some cases, jewellery insurance claims in Asian countries may be denied due to a variety of factors, including the following:

  • Failure to provide sufficient evidence of ownership or valuation
  • Inadequate documentation or inaccurate information during application process
  • Non-disclosure of relevant information
  • Policy exclusions such as wear and tear or intentional damage
  • Fraudulent claims

We recommend you minimize the risk of your claim being denied by carefully studying and understanding your insurance policy, maintaining accurate records, and sticking to your insurer’s requirements for filing a claim. 

Best Jewellery insurance companies Hong Kong and Asia

Finding the right jewelry insurance company in Asia is key to ensuring comprehensive protection for your valuable assets. The Hong Kong Trade Development Council data shows that the city's jewellery exports totaled HK$44.1 billion in 2022. 

Most Asian jewellery owners acknowledge the need for reliable insurance coverage. Our Hong Kong jewellery specialists at Trusted Union can help you choose a company with the right reputation, financial stability, coverage options, and customer service. Contact a Trusted Union insurance advisor to get an obligation-free quote on High-Value Jewellery Insurance and other risk management strategies.

High Value Jewellery Insurance FAQ

Who needs High Value Jewellery Insurance?

Most of us have no hesitation about purchasing insurance to protect valuable items in our lives (e.g. home and car). So, why should you treat expensive jewellery any other way? Home insurance policies typically do not provide adequate protection for jewellery. For this reason, you should seriously consider high-value jewellery insurance to protect expensive items such as watches, heirloom pieces, wedding rings, or wearable collectibles.

Does Jewellery Insurance cover items that get lost?

Most jewellery insurance policies cover losses from a wide variety of losses from regular stuff like fire or theft to more niche stuff like when a gem falls out of your ring or losses called “mysterious disappearance” (which means your jewellery has been lost and you have no idea where it is).

If I need to send my jewellery out for repairs, is that covered?

Yes, most High Value Jewellery Insurance policies will cover your property on a global basis. That includes property you take with you on vacation or send to the manufacturer/dealer for repairs or servicing.

What happens if you find a ring after an insurance claim?

It sometimes happens that you find a ring or other valuable after you file an insurance claim for its loss. The steps to take typically depend on your policy and insurer guidelines. Some insurance companies may require that you return the settlement amount you received for the lost item, as retaining both the settlement and the ring would constitute double recovery.

How can I get insurance for my high value jewellery?

Get in touch with us to make sure that your jewellery is properly insured, valued and documented. The insurance advisors at Trusted Union offer comprehensive insurance solutions for your high value jewellery without the mandatory limits, with global coverage and with terms and conditions that take into consideration the unique characteristics of high value pieces of jewellery.

What else do I need to know?

If you collect jewellery, most insurers will offer discounts for items not being worn and are stored in a safe or a deposit box.

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