How many people are out there wearing a beautiful diamond ring and have no insurance – silly is all I can say. Because a ring is so small and easily lost -IT SHOULD BE INSURED. When you ask for insurance you will need a valuation and a diamond certificate. These can be done by a manufacturing jeweller, ask your insurance broker – they should have professional that they deal with. The valuation should have a detailed description of the piece, the weight of the item, the carat of gold or platinum, and a list of stones and their details. The valuation for insurance should also have the certificate numbers of the diamonds. Each diamond should be listed individually with the color of the gem, the clarity of the diamond and the carat weight of the gemstone. If it does not list all of these things you may have problems getting the ring replaced when it is lost or damaged – and by the time you put in your claim it is too late to be finding what the actual diamond details were.
Insurance on jewellry is expensive for a reason - the item is small, of high value and is worn all the time – the chance of it being lost, stolen or damaged are much higher than a set of golf clubs say. If you are keeping your jewellery in a safe at the bank most of the time, and only taking it ourt on occasion to wear then your premiums may be a lot less. If it is a very high value item – and you only where it every two or three months then it is probably cheaper to insure it for that day that you wear it only.
Insurance costs vary between different insurance companies. Often the insurance will be at a better premium if you are older, or carry other insurance. To get the best deal you need to know exactly what the ring and diamond are worth. This way you only pay what you should be paying – and trust me insuring a diamond ring is not cheap. Many husbands like to get the valuation as high as possible – to impress their wives. While this may have limited appeal in the first few months, your premiums will soon change your mind. A manufacturing jeweller should be able to give you a fair and accurate valuation – replacement cost, not show off value. This will mean you pay the right insurance premium.
Over Insured is as bad as under insured. This means a new valuation every year – the rand dollar will affect the price of the diamond ring, as will current prevailing prices for gold, platinum and diamonds. Get in the habit of sending your ring to a jeweller every year to be revalued – and checked. The jeweller will check the claws, the shank and make sure that the diamond is secure in the setting. A word of advice – if you are unlucky enough to lose the diamond out of the setting, when you claim for insurance claim for the whole ring – otherwise some insurance companies dig their heels in and baulk at paying, saying that you should have had the ring regularly checked.
When you buy your ring, the jeweller, whether they are retailers or manufacturers, should offer you the certificates and valuations – and there should not be a charge – if you do not have these documents and ask another jeweller to do the valuation they will charge up to 5% of the valued price. Find a good insurance broker – they will have the right connections and get these documents prepared at a good price. Diamond ring insurance can be done by most insurance companies – some of them are very expensive. It is best to insure jewellery through an insurance broker. Insurance broker in 4 ways will handle the certificates, valuations and the insurance at a great premium.
