Jewellery & Artwork

Here at LIFT-Insurance, we often see the impact of underinsurance. It’s never nice to hear from new clients that they have previously been unable to replace an item as they have only received a payout for the price they paid, rather than what the item is actually worth. 

We know that many clients often purchase items at retail value or even sometimes below retail value. They then only insure the piece for the price they paid, rather than the items actual value within the market. The result is that in the event of a claim the maximum amount you would receive back would be the amount it’s insured for.

This is why we remind clients they need to take into consideration that jewellery and artwork increases in value. In the event an item was lost or stolen, if you only received the amount, you originally paid the likelihood is you will not only be out of pocket but also struggle to replace the item for that amount. For a lot of clients, it isn’t about getting the money they originally paid back it’s more about actually being able to replace the item. This may be due to it being sentimental, it may have been a gift, or they may even be invested in the brand/artist. This is why it is so important your item is valued at the correct price with your insurer. 

Our advice to clients from feedback from our insurers is that valuations should be kept ‘up to date’ and valued within the last three years. However, for some items they are increasing in value every 3-6 months, so if this is the case with your piece it is vital that valuations are completed within a shorter time frame to ensure you receive full market value in the event of a claim.

Sourcing the right insurance policy is more than finding the cheapest premium. We ensure you have the right level of cover, support when you make a claim and work hard to minimise the ‘hassle factor’ for you. In addition, we have relationships with all major insurers providing more options for insurance cover to suit your needs. 

In addition to the sums insured being inflated each year at renewal, we can recommend a company to do valuations:

• This company are different to most valuers in the sense that once you have your valuation done by them you and your item(s) remain in their system.
• They send a newsletter either to us or directly to the client each month summarising the current market and how your item/piece has potentially increased in value.
• This way by the time of your next renewal you will also be able to see if you are underinsured.