Treasure Your Treasures

Treasure Your Treasures

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

“Over the last 2 years we’ve seen a rise of up to 12% in jewellery values” - La Playa’s Private Client Director, Matthew Mullee, 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 jewellery, it may be time to upgrade to a specialist policy.

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

  1. Lower rates: with individual risk assessments, the insurer gets a more accurate picture and you don’t pay for others’ carelessness.
  2. No restrictive small print: jewellery on your dressing table may be uninsured on a standard home policy - many carry small print clauses that nullify the cover for jewellery not being worn or in a safe.
  3. Choice of jeweller for repair/replacement – would vouchers for a high-street outlet really replace your precious pieces? Some insurers 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 ear-ring the insurer will replace both. And the insurer 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 Jewellery

  • Storage: to prevent scratching, store jewellery 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 jewellery, 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 jewellery 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 jewellery 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 jewellery invisibly marked and registered on a database (e.g. E-register or Identidot). 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 jewellery in your everyday life – rather than keeping it under lock and key.

For more advice, contact: Matthew Mullee, Private Client Director.
E: matthew.mullee@laplayainsurance.com or T: 01223 200652

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About La Playa Private Client

Specialist & Independent

La Playa's Personal Risk Concierge service means 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 with offices in London & New York

Independent and specialist
As an independent broker, we can advise on the best policies available - and on risk management measures including valuations, security, fire prevention and property marking - preserving the value of your property and giving you complete peace of mind. We have access to excellent terms with market-leading high net worth insurers.

In-house Wealth Management
We see insurance as integral to your financial planning - and our in-house financial advice team provides Wealth Management, Pensions and Financial Planning; a joined up approach with a team of advisers working for your best financial interests - all under one roof.

What does “Boutique Service” actually mean?
La Playa’s Personal Risk Concierge means:

  1. A dedicated adviser so you can speak to the same person each time
  2. Careful listening to really understand your needs and priorities
  3. As much help as you need with completing forms to provide risk information
  4. A discreet and complimentary appraisal* of your property to assess the risks and ensure you have the right cover where you need it
  5. An independent market review - so you don’t have to shop around comparing policies, cover limits, risks covered and smallprint exclusions
  6. Careful monitoring of the insurers’ financial strength, claims and customer service
  7. An independent recommendation of the best policy for you - and, importantly, why
  8. Specialist policy wordings from underwriters who have demonstrated excellence and deep understanding of your risk exposures. We have analysed a wide range of policy wordings and have selected only the best for our panel. Our advisers have a deep working knowledge of these policies 
  9. An intelligently designed portfolio of protection across multiple asset classes and territories
  10. Advice on how best to manage your risks - to keep you safe but also to keep insurance costs down
  11. Expert guidance on valuations, security and risk management, and connecting you with specialist advisers and suppliers
  12. Direct phone, mobile and email access to your adviser for questions and advice. We aim to respond to emails within 60 minutes
  13. Policy documents emailed to you - no logins and passwords to remember
  14. An advocate beside you if you make a claim - thinking laterally to mitigate the impact, making useful connections to get you back up and running; driving through to a swift and fair financial settlement

Oh, and...

  • No call centres
  • No ‘hold’ music
  • No hidden fees

*subject to availability with our insurer panel

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