Insurance Valuations:
The most important aspect of any Jewellery Valuation for Insurance is the detail and accuracy of the description (and the colour photo). This, rather than the dollar value, is your real protection. This is why we use GemLab for our customers valuation needs.
GemLab’s professional gemmologists and valuers will document your precious items to make it easier for you to get a fast and fair settlement from your insurance company.
Each item costs $150 to be valued for insurance purposes. Valuations take 2-3 weeks. If you would like the express service (less than one week) GemLab offer this service for an additional 25%.
Jewellery you should have valued for insurance:
- Items that are $3000+ new value
- Items of special value to you personally
- Read your insurance policy to see what value of items you need to have itemized. Once you know this, our experienced gemmologist will be able to help you determine weather an item is of a value that it should be sent for valuation.
Jewellery you do not need to get valued:
- Costume & low value items — Take a photo of these items so you have a record of some kind.
Why should my jewellery be documented and valued?
Two reasons. So that your jewellery can be listed separately on your Contents Insurance Policy if necessary. And at claim time the valuations provide proof you had the item, and evidence of its value.
Why are some items listed separately on my policy?
Most policies have limits for jewellery items that are not listed, usually a figure between $1000 and $3000 for each, but some are as low as $500. There is also usually a total limit for each claim of between $3000 and $20,000 irrespective of the number of unlisted items in the claim.
What does an effective insurance valuation of my jewellery look like?
It is a document that contains a good colour photo, a detailed enough description to allow a current value to be calculated without re-examination of your items, and a value or values for each that represent the amount the item should be covered for under the terms of the Policy.
What types of value are listed on an insurance valuation?
There are two ways your jewellery may be covered by your policy, which is why many valuations list two insurance values. One is the Replacement New Value which is the amount necessary for you to purchase a brand new item of equivalent quality. The other is the Indemnity Value—more recently referred to by insurance companies as “market value”, “present day value” and “current value”—this is the amount necessary to purchase an item of similar quality age and condition - i.e. the second-hand retail value.
What happens when I lose the item and file a claim?
The Insurance Company will require some proof of ownership, and evidence of the value of the item. Once the claim is accepted, the current value or values will be recalculated from the item description in your valuation. If your cover is for Replacement, you will usually be issued with a voucher to purchase a new item. If your cover is for Indemnity the insurance company usually has the option of replacing as above, or paying you the Indemnity value in cash.
Insurance Claims:
We work with GemLab to provides expert unbiased after-loss evaluation service for insurance companies and jewellery owners.
Analysis and evaluation of damaged diamonds, jewellery and gemstones is their specialty. As they do not supply replacement jewellery or stones a fair and unbiased opinion is assured.
To Log a New Claim please email your instructions directly to claims@gemlab.co.nz
Please include:
- Your contact details
- The claim number
- The client name or person to contact
- Their phone numbers and email address
- Their address
- The nature of the claim – total loss, damage, or single earring
- A list of the items
- Please attach any submitted documents and photos (10mb maximum per email)
They will make contact within 24 hours and send to you the report, or an update on progress within one week.