Going away on holiday for some mid-winter sun?
Make sure you have itemized your jewellery with your broker or insurance company when you’ve taken out your travel insurance AND have current, up-to-date valuations, as these would be needed at claim time.
Travel policies have limits on cover for individual items
Most policies limit you to a certain amount of cover, for example up to $1,500 for any one individual item so my recommendation is to ensure you’ve specified (itemized) your jewellery so you can be covered for it over the policy limit. And make sure you value your jewellery every two to three years. The price of gold fluctuates and your jewellery may be worth more than you think.
Some policies will have a limit, even for specified items
I recommend reading your policy wording carefully. It may seem boring but by familiarising yourself with the terms and conditions of your policy means you're aware what you are covered for. You may decide to leave some items at home.
A typical claims scenario would be; You are at the pool, your bag is next to your chair, in your bag’s zipped section you have your Rolex and gold chain together with other personal items. You get up to get a drink at the bar which is only a few meters away and leave your bag by your chair. An opportunist sees the opportunity and your bag is stolen.
Most travel policies, if not all, do not cover you for theft or disappearance of any item you leave:-
1. Unattended in a public place, or
2. In an unlocked and unattended vehicle, or
3. In an unlocked building or room
Your insurance company would determine whether or not your bag was unattended. But let’s say in this instance, the theft was covered:
If you had not specified your Rolex and gold chain, you would be limited to the per item limit in your policy, so possibly only $1,500 for each item, which wouldn’t fully cover your Rolex.
If you had specified your Rolex and gold chain, you would be able to claim up to the individual item limit for the Rolex and gold chain as long as it didn’t exceed the policy maximum limit per journey. The insurance company would request to see a current valuation and a police report from the local police in order to pay the claim.
Tips to remember
- Make sure you have itemized your jewellery with your broker
- Be aware of how much per item your policy will pay if there is a claim
- Be vigilant and make sure your personal belongings are secure or your claim could be declined.
Jewellery can be valued by an organisation like www.gemlab.co.nz
About the AuthorName: Andrea Peters
I am National Claims Manager at Rothbury and have many years of experience in the insurance industry. I'm passionate about helping you understand what your insurance covers you for and I'm committed to advocating for the best possible…
I am National Claims Manager at Rothbury and have many years of experience in the insurance industry. I'm passionate about helping you understand what your insurance covers you for and I'm committed to advocating for the best possible claim outcomes for all of our clients.Close