Jewelry Insurance

 

Jewelry Insurance

A jewelry collection is often much more than just an investment. People enjoy the rich beauty of jewelry to be sure, but each piece of jewelry in your collection likely also tells a story. Exactly because jewelry can be so evocative, a carefully curated jewelry collection is often much more than the mere sum of its parts. Fine jewelry, however, is also an investment that has considerable value, which makes having the right insurance coverage paramount.

When it comes to protecting your collection of jewelry, the upside is that, because of its relatively small size, it’s less difficult to protect from the elements. Allowing yourself to become complacent on the matter, however, doesn’t do you or your collection any favors. Whether you’re just beginning your collection or it’s been in your family – and evolving – for generations, you need the professional guidance of a dedicated jewelry insurance professional to help you secure your collection’s most robust protection.

A Note about Jewelry

Jewelry is a time-honored investment whose value is predicated on far more than the precious metals, stones, and gems that comprise it. The fine artistry that goes into each piece – along with each piece’s history – elevates its value. Further, the value of a collection of jewelry that’s composed of rare pieces often surpasses the total sum value. Finally, however, if you have a piece or pieces that are steeped in family history and tradition, their value to you – beyond their financial worth – can be immeasurable. Protecting your fine jewelry collection with jewelry insurance that’s intended for this unique brand of coverage is essential.

Your Homeowner’s Insurance

Your homeowner’s coverage may cover your jewelry collection in a very limited way, but these policies are not geared toward possessions with value of this magnitude. The following factors alone are enough to render homeowner’s insurance inadequate to the important task of fully covering your collection:

  1. Deductibles
  2. Coverage limits
  3. Exclusions

When you have a policy in place that’s explicitly designed to cover your collection, it does away with roadblocks like these and focuses on a comprehensive plan that addresses the nuances of owning valuable art – in the form of jewelry collection.

Finally, while homeowner insurance typically offers what is known as floater policies to address specific items of value, such as jewelry, this approach is not robust enough to protect a valuable collection. The best floater policies can do is provide you with piecemeal coverage that attempts to cover specific items but will almost certainly fail to address the organic value of your total collection. Further, insurance agents who deal in homeowner policies simply don’t have the nuanced understanding of the sophisticated fine art insurance coverage that a collection like yours requires. Avoid stopgap insurance measures by going directly to the source – an insurance company that specializes in fine art collections, including jewelry insurance.

Threats to Your Collection

When you own a valuable collection, it’s important to address the matter of physically protecting it. Because jewelry is quite small in relation to many other art collections, it’s not difficult to protect it from the elements. Ultimately, your collection is most vulnerable to theft – typically when it’s being displayed (not being kept in a state-of-the-art safe), including when it’s being worn.

If your collection is part of a commercial endeavor, such as in a studio or a public display, it’s at increased risk of theft. Such theft, whether in your home or in a public space, is often predicated on opportunity – and jewelry is exceptionally easy to hide on one’s person. Once stolen, the odds of having a piece of jewelry returned to you are quite dismal. Further, if you wear or loan out pieces from your collection, jewelry snatching is a real concern. You collect fine jewelry for a reason – to enjoy and share its beauty and grace – and keeping it locked in a safe at all times isn’t likely to satisfy this impulse.

Discuss Your Concerns with a Knowledgeable Jewelry Insurance Professional Today

Your jewelry collection is a thing of beauty that’s an important part of your legacy, and it deserves a caliber of protection that’s equal to this. Because you’re serious about your collection, the focused jewelry insurance professionals at FACE – Fine Art Collectibles Enterprises – take your coverage needs seriously. Your jewelry collection is not only extremely valuable but is also an enriching endeavor that almost certainly brings you joy that goes beyond a mere investment. Having jewelry insurance that rises to the task of protecting possessions of this magnitude calls for jewelry insurance providers with an exhaustive understanding of the nuanced coverage necessary, and at FACE, we deliver. To learn more, please don’t wait to contact us today.

Frequently Asked Questions

Your should contact the police as soon as possible. The quicker you act, the faster the authorities will be able to collect information regarding your stolen item. Your insurance agent should also be notified right after you have made contact with the police.

The most common way art is stolen is Burglary. It’s important that your installations have proper security in order to prevent these crimes from happening. Its also very important to make sure that the staff you higher to give your building maintenance has a clean record and has no criminal history.

Its responsibility of the insurance carrier to work with the FBI to recover the art that was stolen. It’s possible that you may be asked to work with the corresponding authority.

If your valuable art items are not insured, your efforts will have to be focused on working with the authorities to recover your stolen items. The odds of recovering your stolen items is very low.

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