Jewellery Valuations are very important as can be seen in the following instance:
If you’ve been robbed, and the Police are holding a person who is helping them with their enquiries, how can you prove those pieces are yours when the other person says that the pieces are theirs. There is no evidence that the person robbed you. How do you prove that they are yours ?
The answer is to prepare a list your valuables, and a good tip is to photograph or take a photocopy of them. Then write down details that will help identify yours from similar items. Measure and record sizes of gemstones. Record numbers, record hallmarks, and give detail of the condition of the pieces. In this scenario if you turn up with EVIDENCE to the police station you will have a strong likelihood of recovering you jewellery.
What is Involved
Essentially that evidence is what we provide in a valuation. The Valuation is a detailed examination of your jewellery, sufficient that if the item were recovered after loss it could be returned to you. The current valuation is the final specialist input. How much is the thing worth? That is where our experience, contacts and extensive records come into play. The Valuation provides a basis for an insurer to pay out in the event of loss, and for you to insure the goods for a sufficient value that will compensate you for the loss, when your goods are replaced. In the event of loss, you only know you have good insurance when it comes to the settlement of your claim. So make sure you fully realise what your insurer is insuring and what they think will happen once the loss has occurred.
What are the Items Worth
Once the emotions of being robbed have passed and you can reflect on the actual item – rather than the sentiment associated with them – you should not be worse off, nor better off. You will understand even if the replacement item looks exactly the same, you know deep down that it is not the same, and the memory lingers on. That’s why the replacement should compensate you, rather than impel you to try to replace a fashion item that may be twenty years out of fashion and unavailable as new. If you expect cash you are likely to be disappointed.
The Insurance Company
The insurer hardly ever queries the valuation you send in at time of submission – it is only when the loss occurs that they want evidence, to doubly check the current value. To minimise their loss by sending you to someone who will sell them the goods cheaper that the insured value. Remember that you are the customer, if you have acted legitimately, and have suffered a loss that your policy requires the item to be replaced, then you should be able to go to the jeweller you have faith in, and have a relationship with, rather than where your insurer’s or loss adjuster, or claims advisor sends you.
Of course if your contract specifies where you are to shop, then you should check those places out before you agree to the contract, it might encourage you to move insurer rather than move jeweller! Further if the insurer is getting your replacements at 20% off, then is your premium based on their replacement cost or the valuation figure?
Ask the insurance seller what happens – in detail – in the event of a claim when buying the policy and make a note of the comments on the proposal form, and take a copy of it. The main point is to communicate your wishes, and we will then take that into account in ascribing the value to the carefully appraised item. Then communicate your wishes to the insurer. If they don’t give what you want try another insurer.