Personalized Jewelry Insurance

Don’t you find buying jewelry insurance to be confusing? Do you add it to your home owner’s policy? To your umbrella or renters policy? What about the deductible and premium increases when you have a claim? What value is used to insure your jewelry…is your premium based on replacement or appraised value? What does your insurance agent know about jewelry anyway!

Well, I found a better solution to insure your jewelry…designed with the consumer in mind. The Q Report joined forces with an insurance industry leader that excels at delivering world-class coverage and personal service. The jewelry insurance is provided by Chartis through its Private Client Group, which specializes in property and liability insurance for successful individuals and families. Only approved jewelers and licensed agencies may participate in this jewelry insurance program.

The Q Report provides you with a personalized, bound booklet which describes your jewelry and watches in detail and ensures that if you ever lose or need to repair your insured jewelry items, you need to go no further than your Q Report. The detail contained in the Q Report will enable your jewelry insurance premium to be based on the price you paid for your jewelry, not an inflated appraisal. Usually, your appraised value is more than your purchase price and your replacement cost…which is good, but that also means you pay more in insurance premiums.

Let’s look at some of the benefits of this kind of jewelry insurance:

• You get a nicely bound informational booklet
• Detailed specifications about your jewelry prepared by your jeweler
• A color photograph of your jewelry (key for identifying your jewelry)
• All your appraisal information-including diamond certification details
• Complimentary re-evaluation of your jewelry every year
• A stronger relationship with your jeweler and ongoing advise on caring for your jewelry

That’s all good, but what sets this jewelry insurance apart from the other options available in the market today? This is what really got my attention:

• No deductible-is that possible? Apparently so
• This jewelry insurance policy offers immediate and worldwide protection. That means, you are covered from the minute you leave the jewelry store (no waiting period); and as a US resident, you are covered anywhere in the world-no matter where you lose your jewelry
• No paperwork to complete for items valued up to $35,000; your jeweler takes care of everything
• A secure web site where you can view all the details of your insured jewelry items

Now, as a jeweler myself, I found the next benefit intriguing. The Q Report offers a 125% replacement value. What that means is that if a loss occurs and your jewelry item’s market value has increased and now exceeds your insured amount (with inflation and the price of gold going up its very possible), you can be reimbursed up to 125% of the insured amount. That’s impressive, and really important if you want to protect your investment. A jewelry purchase is not only an emotional investment, but also a financial investment-protect it!

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