Going away on a luxurious holiday and have packed up all your bling?
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.
Most policies limit you to a certain amount, for example up to $1,500 for any one individual item so my recommendation is to ensure you’ve specified (itemized) your jewellery and make sure you value your jewellery every two to three years. This will make sure you are adequately covered, as the price of gold has rocketed up.
I also recommend you read your policy wording carefully and familiarise yourself with the terms and conditions of your policy, so you are aware what you are covered for. Some policies will have a limit, even for specified items, per journey.
A typical claims scenario would be; You are at a coffee shop, 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 coffee at the counter 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 the 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.
So when travelling you need to be on your game and vigilant, make sure your personal belongings are sufficiently insured and lock them away properly or your claim could be declined.
Jewellery can be valued by an organisation like www.gemlab.co.nz
By Chantal Tarr, previously Claims Manager.
About the AuthorName: Rothbury
Like many of our business insurance clients we're a majority NZ owned company that was started by enterprising Kiwis in 1950. Today, New Zealand is a different place to when we first started. As a consequence, the way…
Like many of our business insurance clients we're a majority NZ owned company that was started by enterprising Kiwis in 1950. Today, New Zealand is a different place to when we first started. As a consequence, the way we respond to your business and personal protection needs has evolved and matured.
While our core business is still related to creating the best insurance solutions for you, our motivation and passion now lie in being unconditional advocates for our diverse range of clients. In other words people like you.Close