All You Need To Know About Jewellery Insurance

Written by Katerina Perez, Jewellery Insider

January 29, 2019

At the heart of all my work lies a desire to show my Instagram followers and readers the world’s very best jewellery, and to inspire them to acquire their own collection of treasures.

However, there is a tendency among jewellery lovers – out of fear of losing or breaking their pieces, to ‘lock up’ their purchases in a safe – and it is there that they spend the majority of their time.

To wear your jewellery in a carefree manner, and derive great pleasure from doing so, there is just one simple thing you need to do: insure it.

Jewellery, whether bought by you or gifted to you, often has strong emotional ties and to have your precious jewellery stolen, lost or accidentally damaged, can be devastating.  At least with the right insurance you can replace or repair the item so that will be some consolation.


Recently, Katerina met Olesya Chuksina, the Executive Director of Chelsea Insurance Brokers. They have proved that it is worth insuring not just the most expensive diamonds, but also those items that cost a few thousand pounds. By paying a comparatively small sum each year for an insurance policy, you can stop worrying about the theft, loss or accidental damage of your favourite pieces – if something were to happen to them, they would be replaced with an item of comparable quality and value.  

Olesya, from Chelsea Insurance: We cover jewellery worldwide and consider all types of risks including theft, loss and accidental damage. There are several stand-alone insurance policies and the core difference between them in how the claim is settled.

While some insurers offer you a voucher in the event of a claim, others will provide you with your own dedicated claims handler who will work closely with you to find the right replacement. We only offer high quality stand-alone jewellery cover to our clients with no vouchers.

Katerina Perez:  Does jewellery have to be insured with its own separate policy? 

Olesya: It can be either insured under stand-alone jewellery policy or as part of a home insurance package. In any way you will be covered against all the possible risks and you will be offered a policy that is valid worldwide.

Many standard home insurance policies can only cover your jewellery up to a certain limit, which can be very low. However, as Chelsea only work with financially strong A+ rated insurers, they are used to working with high limits for jewellery cover.

Katerina Perez: For some reason I always thought that arranging insurance was a long and difficult process, but it seems I have been mistaken all this time, haven’t I?

Olesya: You can take out a policy to protect your valuables and personal possessions online and within minutes.

First you share all the requisite information about yourself and your jewellery then we explain all the insurance options and help you to choose the most suitable one, and finally we explain the terms and conditions, what it covers and the cost which, incidentally, is, in most cases, lower than you would expect.

Katerina Perez: So what – apart from the jewellery itself – is needed to take out insurance?

Olesya: We would only need either proof of purchase or a formal valuation document done within the last 3 years. If these are not available, we can refer a client to a London-based valuer or someone local to them. Another alternative is to use an online valuation service that we can recommend.



Read original article here
Author: Katerina Perez

Related Articles

Cyber risk during the lockdown

Cyber risk during the lockdown

During COVID-19 pandemic a hacker attack is happening every 7 seconds. Lower your risk and stay aware with our review of top five risks during this lockdown.

read more
8 Facts About Engagements And Weddings

8 Facts About Engagements And Weddings

Thinking of proposing and looking at engagement rings? Or maybe planning your dream wedding with a huge wedding cake? Exciting times ahead! While insuring an engagement ring feels like quite a recent thing, some traditions have been which have been around for hundreds...

read more

Chelsea Insurance Brokers is a Trading Name of Kensington Insurance Brokers, who are Authorised & Regulated by the Financial Conduct Authority.

Our Services:

  • Jewellery Insurance
  • Fine Art & Collectibles Insurance
  • Home & Contents Insurance
  • Landlord
  • Business & Commercial

Our Address:

85 Tottenham Court Road

Get In Touch

020 7937 9092

LiveChat (bottom right)