Lost or Stolen Jewellery-Do You Know Your Rights?

Lost or stolen Jewellery  - Do you know your rights
by Greg Holland of Greg Holland Jewellery

In recent times we have experienced and increase in customers that have had Jewellery stolen. This is a very upsetting time which can be made worse by not knowing your rights when making an insurance claim.
At claim time it is important to have either a registered valuation from an independent valuer of the items, or at the very least a photograph and description of the items in question, and crucially have them itemized on your policy for full replacement value.
I have had many customers that have experienced pressure to have their precious items replaced as directed by their insurer. And as a result been very concerned at what was being offered by the insurers preferred supplier. The reality is that you have the right to decide who you would like to replace your items.
Our company policy at Greg Holland Jewellery our does not include discounts to insurers.

You actually insure an item of certain quality and workmanship, not a specific value

Most people commonly believe that the declared price on their valuation is the most important aspect of an appraisal.
In fact the most important and the most protective to the you is an explicit description of the jewellery item accurately depicting the design, metal and the grades of the gemstones and the weight of any precious metal.
This is essential for replacement of the item or settling an insurance claim.

A Jewellery Appraisal is really just a 'snapshot in time', taking into account all the  intrinsic factors and applying the current economic factors which prevail. The most obvious and constantly changing factor is the $US as all diamonds, coloured stones and metal prices are sold worldwide in $US.
This means that once the intrinsic factors are established by an independent  Jewellery Appraiser, the present value can be established at any time in the future using the then current exchange rates, and if an insurance claim is being made the insurance company has to accept this 'new' value.
You actually insure an item of certain quality and workmanship, not a specific value.
In order to compensate you for a specific loss of an item of specific stone grades the insurance company should  pay out whatever it may cost to achieve those particular criteria.
The point here is the need for an accurate appraisal in the first place, so you have the ability to obtain back what is rightfully yours.

Points to keep in mind

·         Have your item appraised by an independent Jewellery valuer not the jeweller that crafted them.

·         Have your items itemized on your insurance policy and make sure they are yearly

·         Insure for FULL replacement.

·         Enquire with insures if they offer LKQ ( like /kind/quality) policies.

·         Know your rights at claim time   

·         A valuer will charge you to clean an item if it is required before valuing it.

As a wisanow subscriber Greg Holland Jewellery will clean your items free of charge should you wish to have your Jewellery valued.

We recommend advanced gem lab level 2 H Canterbury Arcade 174 Queen street     

Workshop - Gallery

Studio 10
Level 1, Daytone House
53 Davis Crescent
Newmarket
Auckland.

Our hours are

Tuesday - Friday 10.00am - 4.30pm
Saturday 10.00am - 2.30pm
After hours by appointment 
T: 09 5248440
greg@greghollandjewellery.co.nz

www.greghollandjewellery.co.nz

You can feel confident that we provide a relaxed, welcoming environment within a safe and secure space over looking the picturesque Lumsden Green.