Jewellery insurance advice

Understanding your coverage

At Adin, we believe that every precious jewel deserves proper protection. Insuring your jewellery is not only about financial security, it is about peace of mind. Below you will find our professional guidance to help ensure that your treasures are well protected.

Before taking out a policy, make sure you understand exactly what is covered. Does it include loss, theft and accidental damage? Is the coverage valid worldwide? Clarify these points with your insurer and request written confirmation of any agreements.

Valuation and documentation

Have your jewels professionally valued to determine their true market value. The valuation reports we provide are ideally suited for this purpose. Keep all invoices, certificates and appraisal documents in a safe place, separate from where you store your jewellery. It is advisable to have your jewels inspected annually for security and condition, and to update the valuation every five years to reflect current market value.

Policy terms and compensation

Discuss the meaning of terms such as agreed value and market value with your insurer, as these directly affect the amount you would receive in case of a claim. Also ask how compensation is calculated. Some policies reimburse the full replacement value at the time of loss, while others use the original purchase value minus a yearly percentage for depreciation or wear. Clarify as well whether replacement value refers to a newly made jewel, to a comparable pre-owned piece, or to a jewel of similar age and condition to the one lost. For example, if you purchased a jewel new ten years ago, is the insurer compensating you for the cost of a brand new equivalent today, or for the fair value of a similar ten year old jewel that has already seen normal wear? It is equally important to understand what your insurer means by market value. In some policies this refers to the retail price a private buyer would pay for a comparable jewel on the open market. In others it means the trade or resale value, the amount a professional buyer would realistically pay. The difference can be substantial, so make sure this is clearly defined in writing. Be aware of any excess (deductible) on your policy, as this directly influences your premium and the amount payable by you when claiming.

Secure storage

If you plan to store your jewellery for certain periods, ask your insurer about specific storage conditions or approved safekeeping requirements.

Filing a claim

Familiarise yourself with the claim procedure, including the necessary documentation and contact details. Always keep up to date photographs of your jewels. In the unfortunate event of loss or theft, file a police report promptly, as it is usually required for a valid claim.

Reviewing and updating your policy

Review your insurance policy each year to ensure that it still matches the current value of your jewellery and your personal situation. If you alter or upgrade a jewel, notify your insurer so the policy reflects the new situation. Consider additional cover if your existing policy proves insufficient.

Awareness of exclusions

Every policy includes limitations. Understanding what is excluded prevents unpleasant surprises when you need to rely on your insurance.

Ensuring that your jewels are properly insured brings both confidence and peace of mind. Should you have any questions or wish to receive a professional valuation, our team at Adin Fine Antique & Vintage Jewellery will be happy to assist you.

With warm regards,

Elkan Wijnberg

Adin BV, Vestingstraat 16, B-2018 Antwerp

+32 3 213 65 00 | info@adin.be