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Jewellery Valuations

With domestic burglaries on the increase many insurers are insisting on formal, photographic valuations for prestige watches and items of fine jewellery.

 

Historically a purchase invoice would suffice to prove ownership and market value, but recently underwriters and brokers are demanding written valuations from a member of the Institute of Registered Valuers (IRV).

Why do I need a valuation?

 

To ensure you receive the correct sum in the event of a claim, you need a  professional valuer to examine your jewellery and to produce a formal document giving a precise description of each piece and confirming how their value has been determined.

 

In the event of a claim, if the only description you have of your jewellery is that it was “…a 3 stone diamond ring, purchase price £1,250”, you may not know whether the quality of the replacement ring offered by insurers is similar.

 

A professional valuation will provide an accurate description of each item and an accurate description of its quality – the type of precious metal, the size, colour and clarity of any diamonds or precious stones and an up-to-date replacement cost. Most valuations will also include a photograph. Such a valuation is a powerful protection against inadequate replacement.

Why do my insurers need a valuation?

 

In the event of loss, you must prove that you owned the items you are making a claim for. Valuations establish that you owned the pieces at the time of the valuation and their correct replacement value for insurance purposes. Many insurers do not ask for valuations below an agreed value but our advice is to obtain valuations for all significant items. Smaller pieces can be grouped together and an overall value allocated. Without a valuation, insurers often use claims management specialists to try to find the value of jewellery after it has gone – an unsatisfactory process known as a post-loss valuation. Valuing something after you have lost it often results in an under-assessment of the lost item’s true value!

Where should I get a valuation?

 

When you need your jewellery valued, you can place your trust in an NAJ’s Institute Registered Valuer (IRV). The NAJ’ s Institute of Registered Valuers is the UK’s leading association of jewellery valuers. All IRVs have proven expertise, with formal qualifications and substantial experience within the industry. They provide a high-quality, professional service you can trust.

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“SafeGuard Valuations” (part of the AnchorCert Group) is an independent valuations service, specialising in jewellery, watches and silverware.

 

SafeGuard Valuation reports are recognised by all major UK insurance companies and can be invaluable in the event of a claim, as they independently verify the quality details of your item and provide an expert opinion of its current replacement cost.

 

In addition, we’re happy to arrange a “SafeGuard” valuation for items we haven’t sold. Please call, or email, for further details of this service…a member of our team will be happy to help.

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We like to make things a bit more personal, because afterall… this is a very personal purchase. From choosing your stones to sizing, we’ll guide you on chosing the perfect ring.