Custom Jewellery and Insurance- What You Need to Know
Did you drop your ring in the ocean? Did your dog swallow it, and it never came back out? Drop it down the toilet after a big night out? Or how about that overly chatty woman on the plane who seemed to always be in the overhead luggage compartment? Maybe it was her...
Insurance is the topic no one wants to discuss, but everyone needs to know about. But did you know insurance in some form has been around since the 1400s and is still going strong? That's because accidents happen, things get stolen, and our hearts get broken. So let's dive into insurance with this candid interview with Q Report, the 5-star rated jewellery insurance company in Australia and find out about all those worst-case scenarios we don't think about but probably should.
*Although these are our preferred insurers, we encourage you to do your own research and make your own decisions.
“The insurance you do not own will never assure your success.”
Lets talk about jewellery insurance
I am already insured under my home insurance, I don't need to add jewellery insurance do i?
“Last time we checked, you should value your jewellery differently than your dishwasher, so different insurance is necessary. While home insurance is great for those home appliances, things like your custom-designed ring, engagement ring, custom remodel, diamond pendant, or wedding band require something more specific, jewellery insurance.
Unlike most home insurance, jewellery insurance covers your precious jewellery worldwide, inside and outside the house. Q Report also revalue your custom beauties annually as prices fluctuate. Q Report also cover you for an extra 50% of the insured value just for this reason. Even better, if you flush your engagement ring down the toilet after that big night out, or Martha in seat 2B rummages through your bag while you are fast asleep on that long-haul flight to Tokyo, you can go back to your original jeweller ( yes that means Leskes Jewellers)!”
Is my very worn custom designed gold bracelet with ivory beads I believe is worth $500'000 insurable under qreport jewellery insurance?
"Oh my goodness, how we wish it were. Although we would love to insure all your precious items, we just can't.
The first thing to note is that in order to get jewellery insurance for your existing jewellery, you need to have a professional valuation. This is to get as close to the current market price should your jewellery need to be replaced, despite the sentimental value it holds to you. Sorry!
There is a list of some things Q Report jewellery insurance cannot insure:
- Jewellery in poor condition or seriously damaged
- Loose diamonds and gemstones
- Those bars of gold you have sitting on your office desk...sadly, gold bullion and loose coins are not part of what we offer to insure
- Artefacts- sadly, that artwork, those tools, that clothing cannot be included in your Q Report jewellery insurance policy
- Ivory cannot be insured for replacement value because it cannot be replaced legally. We like to keep things ethical. We are sure you understand "
Do you have any tips for travelling with your jewellery?
"We sure do! Although jewellery insurance is our business, we would rather you keep your precious items than lose them to some unfortunate situation.
Don't be afraid to fake it till you make it, literally. Sometimes, wearing a faux ring while you travel and arrive at your destination is just a sneaky move to keep potential heartbreak at bay. With jewellery theft on the rise, keeping your precious gems and custom-designed rings close is just what the doctor recommended. Although we really value our contact with you, you don't want to have to interrupt your trip with a call to us.
Buy a jewellery box. These days, they come in every shape and size, designed to fit whatever jewellery you are packing. If you decide to go hiking, swimming, or deep sea diving, you get food poisoning and are praying to the porcelain god, or you go clubbing until 2am, pop those custom designs into your jewellery box, throw them in your hotel safe, and adventure away with peace of mind.
We also recommend not flashing around your expensive jewellery. We know you’re proud of it, as you should be, but this may attract unwanted attention while you’re travelling around. Keep your expensive jewellery locked in the hotel safe when you’re not wearing it, and keep an eye on it when you are.
Even if you don't already hold a jewellery insurance policy, but you are heading off on a margarita trip with the ladies, you can take out a jewellery insurance policy such as Q Report jewellery insurance to keep you covered while you travel and while you are out and about in Australia or abroad, just to make sure your precious gems and golden bangles are covered. "
Takeaways by the leskes jewellery team from this dive into qreport jewellery insurace
Essentially what we are trying to say is that getting insurance is a totally personal choice, but we think it's worth it. QReport is the industry standard in jewellery insurance, that will keep your precious items safe (well... that's up to you, but they will be there should things go sideways.)
They cover
- Loss
- Theft
- Damage
- Mysterious Disappearances ( thinking specifically about you Martha in 2B, we see you)
- Natural Disasters
- Travel worldwide
Q Report jewellery insurance will also return you to your original or preferred jeweller so you can come back in and see us again—you don't have to go to Joe Blow, who is in a very inconvenient and dodgy location! They also provide you with an annual revaluation, an extra 50% cover on top of your policy, and a $100 guaranteed fixed excess. As far as jewellery insurance goes, we think they are pretty awesome.
Which item would you buy jewellery insurance for?
To learn more about Q Report or get a free quote, please click the link below, and one of their amazing staff will be more than happy to answer any queries you may have.
“This blog article is produced by Leskes Jewellers and contains personal opinions of Leskes Jewellers that do not consider your objectives, financial situation or needs. Please note that the Q Report policy has certain exclusions. For a comprehensive understanding of coverage and exclusions, please refer to the Policy Wording and PDS to decide if the product is right for you. Some of the primary exclusions include loss to jewellery caused by:
An intentional act by someone covered under the policy such as stealing, theft, or other misappropriation
Certain events including acts of war, nuclear and chemical hazards
Wear and tear, gradual deterioration, rust, and corrosion.
Visit www.qreport.com.au for more information.
