Let us share with you the fundamental features of this policy.
Firstly, it offers a worldwide cover. In other words, if you bring your jewellery overseas and it is damaged, lost or stolen, your jewellery insurance can still cover for these events. Take for example, you were to travel to Dubai for a vacation or business trip and you happen to lose your insured jewellery during this journey. In this case, you can claim for the lost jewellery after you arrive back in Singapore from your respective insurer. However, insurers can only insure up to $100,000 for losses of jewellery out of home safe.
Secondly, there is a high claim limit per item. Jewellery insurance is able to cover for your losses as high as the insured value of your valuables, so you can be financially secured. In certain claims, insurers might request depreciation valuation to be established by an independent expert agreed by the insurers themselves, which might lower your final claim amount.
Thirdly, in the event that the policyholder needs to claim a sum of money from the insurer, they will go through a process of claim adjustment. It is where insurers adjust the claim amount depending on the coverages and legal liabilities involved, with the intention to fulfil the insurer’s promise with the policyholder. For example, in some situations, insurers might offer to pay the repairment cost for your damaged jewellery rather than giving actual cash for compensation. In other cases, policyholders might prefer receiving repairment costs for the jewellery if it holds a certain level of sentimental value to them, so insurers might adjust the claim accordingly to fit the needs of the policyholder.
Finally, there is a Pair and Set Clause. If one item among your collection of jewellery is lost or is damaged beyond repair, you can claim the cost of the whole collection. But do take note that you’ll have to give up the remainders of the collection.