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: or T: 01223 200652

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About La Playa Private Client

Specialist & Independent

Specialist & Independent

La Playa Private Client creates a safe space for you to live life to the full, enjoying your family, friends, and assets wherever you are in the world - without worry or hassle.

We can make sense of all your insurance needs - property, yachts and superyachts, high-performance and classic cars, private jets, art, wine and jewellery collections – and your liabilities too. We can pull multiple assets together on a single “portfolio” policy – or if you prefer, take care of each item separately. 

Amid the impersonal and automated world of large insurance corporations, La Playa provides a refreshingly boutique-style service, with individual advice, and cover based on in-depth understanding of your specific situation. After a detailed and confidential review of your needs and priorities, we’ll structure your insurance arrangements so you know you and your family are protected, come what may.  

In-house Wealth Management

We also offer Investments & Pensions and Financial Planning: a joined up approach with a team of advisers working for your best financial interests - all under one roof.

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: offices in London & New York
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