London/UK help! Insurance and valuation

[natascha]

Need a bit of help from the savvy Pricescope community. I am currently living in London (and will be for the next years) and need to organize my insurance. My plan is to get a contents insurance with specified items for my jewelry (and away from home coverage). So my question is, is this the best option and if it is does anyone have any recommendations on insurance providers? Or any tips on what to look for/avoid.

Further I am assuming I will need a valuation, does anyone have recommendations on who to turn to and how much I should expect to pay (I received a quote for an evaluation of 3 pieces of jewelry at a cost of £270 which I felt was quite steep)

The pieces I am looking to have specific insurance on are:
- Old European Cut solitaire, 1.13ct in a modern rose gold setting
- Toi et Moi ring with two old European cuts totaling 1.32ct. The stones predate the setting which is from 1959 (all the stamps have already been confirmed)
- Diamond studs, with two old european cuts totaling c. 0.8-0.9ct in modern 18ct white gold bezels

One thing with the insurance coverage is the disparity of prices for this type of jewelry, high street prices are higher than what I paid but I don't want to be under-insured.

Any help would be very appreciated

 

[natascha]

P.S. finally a lot of policies have a new for old clause, which of course isn't what one would want with OEC...

 

[Rhea]

My things are insured under contents through NFU who assured me several times over that as long as it says what the cut of the diamond is on the appraisal then they will replace it with that cut. I also have it written in my policy that they will pay cash for some things so that I can sort out a replacement myself. They've accepted my appraisals and receipts from the US and said they will just convert from the USD to £ amount at the time if lost or damaged. Let's hope that the dollar doesn't plummet!

I stressed a lot about it and went round and round in circles. It's a different system than what I was used to in the US.

 

[natascha]

My things are insured under contents through NFU who assured me several times over that as long as it says what the cut of the diamond is on the appraisal then they will replace it with that cut. I also have it written in my policy that they will pay cash for some things so that I can sort out a replacement myself. They've accepted my appraisals and receipts from the US and said they will just convert from the USD to £ amount at the time if lost or damaged. Let's hope that the dollar doesn't plummet!

I stressed a lot about it and went round and round in circles. It's a different system than what I was used to in the US.

Ha ha their idea of replacement is what scares me. My stones have taken me years too find (was searching for the two stone for two years) so I don't want them to replace it with who knows what as I know I'm quite picky with my old cuts. Having the option to include that it should be replaced for cash sounds like exactly what I want.

The problem is I can't just show them a receipt as I've taken jewelry apart and reset the stones, so I'm guessing I will have to get an appraisal.

Oh since I have your attention Ill sneak in another cheeky question, do you have any recommendation for a decent bench?

 

[Ally T]

We have our home & contents insurance with American Express, as we have a high level of credit card with them & get a good deal. My specific Jewellery valued at more than £2,000 was independently appraised. Amex were happy to include these on the policy, which didn't increase in value for the pleasure, and will replace like for like to the same quality or better should I ever need it. Fingers crossed I don't, but having had my original engagement ring damaged beyond repair & written off by the insurers, its very important to me to have uncompromising cover.

 

[Rhea]

Oh since I have your attention Ill sneak in another cheeky question, do you have any recommendation for a decent bench?

I don't have any recommendations. I've used a couple but have no need to regularly. I think the last I used was about 2 yrs ago and was in the States in Chicago! I was happy with one place in Essex and one place in London, but haven't been to either in years so don't remember any details.

 

[needfullshinythings]

Hi Natascha, If you are looking to get your items individually appraised by an independent appraiser the best place to send them to would be " Safeguard " which is part of the Birmingham assay office. They are regarded as the best in the UK.
I have used them several times in the past with mixed results unfortunately, so I will offer another place that gives a better description IMO.
Guild of Valuers and Jewellers.
This company provides a full description with a quality picture & a separate picture sheet whereas Safeguard gives a bare minimum description with a poor quality photo.
The cost is around £60 for individual pieces but if you submit them together there is a reduction in cost.

Hope this helps.

 

[OoohShiny]

Hi Natascha, If you are looking to get your items individually appraised by an independent appraiser the best place to send them to would be " Safeguard " which is part of the Birmingham assay office. They are regarded as the best in the UK.
I have used them several times in the past with mixed results unfortunately, so I will offer another place that gives a better description IMO.
Guild of Valuers and Jewellers.
This company provides a full description with a quality picture & a separate picture sheet whereas Safeguard gives a bare minimum description with a poor quality photo.
The cost is around £60 for individual pieces but if you submit them together there is a reduction in cost.

Hope this helps.

Many thanks for your recommendation, nfst I would like to get a valuation done when I have the other half's ering complete!


Natascha - You might want to look at Hiscox for home and contents insurance. They are more expensive than other providers but they advertise how their customers are happy during settlements/claims, seemingly because they 'trust' their customers more. They have so far not required any paperwork for the loose stone as it's just covered under the 'valuables' section of the insurance, and I like the fact that (IIRC) they have 'real life' T&Cs, so that you don't have to triple-lock your front door for your insurance to be valid when you're just walking down to the corner shop for a couple of minutes. I believe you are covered worldwide for all scenarios as well.

That's my understanding of the situation, anyway. I've not had to claim with them (and hopefully never will) but the call centre is UK based (in my experience) and the paperwork supplied is comprehensive. IIRC they are Defaqto (spelling?) 5-star rated, so they may be worth a look

 

[natascha]

Hi Natascha, If you are looking to get your items individually appraised by an independent appraiser the best place to send them to would be " Safeguard " which is part of the Birmingham assay office. They are regarded as the best in the UK.
I have used them several times in the past with mixed results unfortunately, so I will offer another place that gives a better description IMO.
Guild of Valuers and Jewellers.
This company provides a full description with a quality picture & a separate picture sheet whereas Safeguard gives a bare minimum description with a poor quality photo.
The cost is around £60 for individual pieces but if you submit them together there is a reduction in cost.

Hope this helps.

Thank you for this! I've booked an appraisal with the Guild of Valuers and Jewelers. Although they indicated that I should book the specific time slot with the place where the valuation day is being held, its at Ersnt and Jones. I have to admit that I'm slightly preoccupied by the fact the location will be a high street jeweler and I wasn't able to talk to the appraiser personally before the appointment. The person booking it didn't ask for any specifics more than the number of items, said it would be £125 and take 30-45 min for all three. Is this the situation you encountered as well? Anything I should bear in mind?

Natascha - You might want to look at Hiscox for home and contents insurance. They are more expensive than other providers but they advertise how their customers are happy during settlements/claims, seemingly because they 'trust' their customers more. They have so far not required any paperwork for the loose stone as it's just covered under the 'valuables' section of the insurance, and I like the fact that (IIRC) they have 'real life' T&Cs, so that you don't have to triple-lock your front door for your insurance to be valid when you're just walking down to the corner shop for a couple of minutes. I believe you are covered worldwide for all scenarios as well.

That's my understanding of the situation, anyway. I've not had to claim with them (and hopefully never will) but the call centre is UK based (in my experience) and the paperwork supplied is comprehensive. IIRC they are Defaqto (spelling?) 5-star rated, so they may be worth a look

Thank you for the recommendation, I think I looked at them but it seemed like they wouldn't give you the option of a cash settlement. I will take another look

 

[natascha]

Hi Natascha, If you are looking to get your items individually appraised by an independent appraiser the best place to send them to would be " Safeguard " which is part of the Birmingham assay office. They are regarded as the best in the UK.
I have used them several times in the past with mixed results unfortunately, so I will offer another place that gives a better description IMO.
Guild of Valuers and Jewellers.
This company provides a full description with a quality picture & a separate picture sheet whereas Safeguard gives a bare minimum description with a poor quality photo.
The cost is around £60 for individual pieces but if you submit them together there is a reduction in cost.

Hope this helps.

Thank you for this! I've booked an appraisal with the Guild of Valuers and Jewelers. Although they indicated that I should book the specific time slot with the place where the valuation day is being held, its at Ersnt and Jones. I have to admit that I'm slightly preoccupied by the fact the location will be a high street jeweler and I wasn't able to talk to the appraiser personally before the appointment. The person booking it didn't ask for any specifics more than the number of items, said it would be £125 and take 30-45 min for all three. Is this the situation you encountered as well? Anything I should bear in mind?

Natascha - You might want to look at Hiscox for home and contents insurance. They are more expensive than other providers but they advertise how their customers are happy during settlements/claims, seemingly because they 'trust' their customers more. They have so far not required any paperwork for the loose stone as it's just covered under the 'valuables' section of the insurance, and I like the fact that (IIRC) they have 'real life' T&Cs, so that you don't have to triple-lock your front door for your insurance to be valid when you're just walking down to the corner shop for a couple of minutes. I believe you are covered worldwide for all scenarios as well.

That's my understanding of the situation, anyway. I've not had to claim with them (and hopefully never will) but the call centre is UK based (in my experience) and the paperwork supplied is comprehensive. IIRC they are Defaqto (spelling?) 5-star rated, so they may be worth a look

Thank you for the recommendation, I think I looked at them but it seemed like they wouldn't give you the option of a cash settlement. I will take another look

 

[needfullshinythings]

Hi Natascha, I didn't do a face to face appraisal in store like you will be doing. I simply submitted them through the high st store H.Samuel, lots of the B&M stores now use this company instead of Safeguard.

I honestly have no idea how it works in store, are you sure this is a face to face appraisal ?

There should be absolutely nothing to worry about as it will be the same people doing it if it had been sent off.

If you are given the option of paying for the service at the end then do take this option or at worst pay a % of the final fee, saves a lot of stress if your not happy with the valuation.

Take a friend with you if possible, don't go alone.

It will be interesting to hear how you got on Natascha, please let us know.

 

[Rhea]

I know this is an older thread but I'm getting ready to have something appraised and hope UK based people can help. I'm worried about the quote from their website below. If this company takes a percentage of the value of the item wouldn't that encourage them to appraise it for more so that they get more money?

"Our prices are based on the total value of your jewellery rather than on the number of items and start at just £49.95 including VAT."
http://www.gvj.org.uk/PostalValuations.aspx