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When you shop around for specialised jeweller insurance, you might come across a few unfamiliar terms. This isn’t surprising; most of us don’t purchase fine jewellery every day. But it’s important to understand the fine print of any policy you buy. After all, the fate of your favourite sparkler is at stake.
One of the terms we’re often asked about is “additional cover.” What does it mean? And why is it an essential component of our Q Report policy?
In this article, we’ll explain exactly what we mean by “additional 50% cover,” and we’ll provide examples of why it’s necessary.
Our Q Report jewellery and watch policies are Agreed Value policies. This means that in the case of claim, we’ll pay the sum insured shown on your policy. Some insurers don’t do this. They can choose to replace your item at the lowest price they can buy it for by insuring you “up to” the amount shown on your policy.
We want you to feel clear and confident with your insurance at all times, so we pay the actual amount shown on your policy minus a flat $100 excess if you lose your jewellery. And since we also provide complimentary revaluations each year, you always have enough cover to handle any loss.
So if we cover the full value of your piece of jewellery, why would you need “additional cover”?
Sometimes, when a jeweller sets out to replace an engagement ring or pendant or luxury watch, the actual cost is more than the item’s valuation stated. This can happen for several reasons:
Diamonds and other precious gemstones and metals are traded in US Dollars, and currency fluctuations sometimes affect a jeweller’s ability to purchase the needed materials for a total replacement. A generous additional cover amount makes it possible to procure the stones and metals necessary to recreate your jewellery, even when the exchange rates are disadvantageous.
For example, let’s say you bought a ring for $10,000. The Australian Dollar drops substantially against the US Dollar. A thief snatches your ring, and you have to make a claim. Your jeweller can no longer replace the ring at $10,000 due to the currency fluctuation. In this case, we have the discretion to add up to 50% ($5,000) to the claim settlement paid to your jeweller, so your jeweller can replace the piece and put you back in the same position that you were in prior to your loss.
Depending on market conditions and current jewellery trends, it can be difficult to source certain gemstones and precious metals at times. If your piece contained a rare diamond colour that’s currently difficult to find or a shape that is in high demand, the price might rise above your full value amount. Certain luxury watch models are also known to significantly increase in value, with demand of some models significantly greater than supply. Fortunately, with our Q Report policy, you have a buffer to manage the difference.
As we’ve learned this past year, it’s impossible to anticipate and predict future market conditions. If for whatever reason, jewellers’ labour costs rise at the time you make a claim, your additional cover will take care of the increase.
A side note on jewellers: we believe it’s important that you have the option of returning to your original jeweller for repairs or replacement. You chose that jeweller for personal reasons, and in the event of a loss, that relationship matters. Whether you prefer your chosen jeweller because of craftsmanship, style or selection, you can return there if that’s what you want to do.
As you can see, additional 50% insurance cover really comes in handy. It gives you peace of mind knowing that you have plenty of protection if you must make a claim.
But additional cover isn’t the only valuable benefit of insuring your precious jewellery with Q Report:
Some people choose to cover their jewellery with home and contents insurance, but most of these policies only protect items while they’re physically inside the home. You wear your jewellery everywhere (hopefully), so it needs broader coverage.
Our Q Report policy protects your jewellery piece anywhere in the world. So if you’re planning an overseas proposal or attending an event abroad, you can safely take your bling along.
Losing a favourite piece of jewellery is a terrible experience. We know this (we live and breathe jewellery) and understand your distress, and that’s why our team works so hard to smooth your journey through the claims process.
Customer Catherine Way said, “Fantastic service from the team at Q Report! I wasn’t expecting to have to make a claim but when I did I was blown away with how easy and stress free it was. Couldn’t be happier with how everything was handled. 10/10 would use again to insure any precious jewellery.”
In most cases, the claims process is completed in mere days because we want to reunite you with your jewellery as quickly as possible.
To receive an instant quote for your favourite piece of jewellery, fill out this simple form. Or if you’re more of a talker, ring us at 1300 882 018. We’re always happy to answer questions and provide more information. Talk soon!
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