Jewellery Insurance: Understanding How to Protect Fine Jewellery

Many customers request assistance with insuring their precious LD jewellery pieces.  Adding fine jewellery on your existing Home & Content insurance is possibly an easy process initially however covering your valuable LD items (and others) in a Jewellery-only insurance Policy is highly recommended.  

Learn more about Q Report jewellery-specific insurance and even get yourself a direct quote here.  For any current and historic Lannah Dunn purchases, we can also assist in obtaining an insurance quote on your behalf.  Please ensure you read all PDS and terms & conditions carefully as QReport is not affiliated with Lannah Dunn and Lannah Dunn does not offer financial services advice.

Fine jewellery often carries deep personal meaning as well as significant financial value. From engagement rings and LD signature monogram & diamond huggie rings, to heirloom pieces and luxury watches, jewellery can mark life’s most important moments. For this reason, some customers choose to explore how their jewellery may be protected against loss or damage.

Lannah Dunn Fine Jewellery is committed to providing clients with information that supports informed decision-making. This journal outlines general information about jewellery insurance, what it may cover, and what to consider when exploring insurance options.

Why Some People Consider Jewellery Insurance

Fine jewellery is frequently worn and enjoyed as part of everyday life. Over time, this exposure can increase the risk of accidental loss, theft, or damage. Rings may slip off, chains can break, stones can loosen, or jewellery may be lost or stolen while travelling or at home.

Without insurance, repairing or replacing fine jewellery can be costly. For this reason, some customers choose to explore specialist jewellery insurance as a way to manage these risks. As with any insurance product, it is important to carefully review the Product Disclosure Statement (PDS) and Policy Wording to understand whether a policy is suitable, including its terms, conditions, inclusions, and exclusions.

What Is Jewellery Insurance?

Jewellery insurance is a standalone insurance product designed specifically for fine jewellery and luxury watches. Unlike standard home and contents insurance, specialist jewellery insurance policies focus solely on jewellery items and may provide broader or more tailored cover.

Standalone jewellery insurance policies may include cover for:

• Loss
• Theft
• Accidental damage

Coverage varies between providers, and policy features differ. Individuals should compare options carefully before making a decision.

Jewellery Insurance Providers

There are several providers offering standalone jewellery insurance in Australia. One such provider is Q Report Jewellery Insurance, a specialist insurer offering policies designed for fine jewellery and watches.

Q Report Jewellery Insurance provides information about its policies directly to consumers, including coverage features, valuation requirements, and claims processes. Any decision to arrange insurance should be based on an individual’s personal circumstances and a careful review of the insurer’s documentation.

Common Features Found in Standalone Jewellery Insurance Policies

While features vary by provider and policy type, standalone jewellery insurance policies may include:

Worldwide Cover

Some policies provide worldwide cover, which may be relevant for jewellery worn while travelling. Coverage conditions and exclusions apply and should be reviewed in the PDS.

Theft Cover

Certain policies include cover if insured jewellery is stolen due to events such as burglary or robbery, subject to policy terms.

Loss Cover

Loss of jewellery can occur during everyday activities. Some policies include cover for accidental loss.

Accidental Damage Cover

Damage such as bent rings, broken chains, or lost stones may be covered under certain policies.

Mysterious Disappearance

Some insurers offer cover for jewellery that cannot be located and disappears under unclear circumstances.

Agreed Value Policies

Agreed value policies confirm the insured value upfront, which may be used for repair or replacement in the event of a claim.

Regular Revaluation

Some providers offer periodic revaluation to help ensure jewellery remains insured for its current market value.

Fixed Excess

Standalone policies may include a fixed excess amount payable in the event of a claim.

Choice of Jeweller

Certain policies allow the insured to return to their original jeweller for repair or replacement.

Claims and Premium Structure

Some insurers state that premiums may not increase following a claim; however, this varies by provider and should be confirmed in policy documentation.

Arranging Jewellery Insurance

Those considering jewellery insurance may choose to contact an insurer directly to request a quote and review policy details. A current jewellery valuation is typically required when arranging cover.

Lannah Dunn Fine Jewellery can assist clients by providing valuation documentation for jewellery pieces, which may be used when seeking insurance quotes. Lannah Dunn Fine Jewellery does not provide insurance advice and does not influence or recommend insurance decisions.

Once a policy is arranged, the insurer will issue:

• A Contract of Insurance
• A Product Disclosure Statement (PDS)

These documents outline coverage, conditions, inclusions, and exclusions and should be read carefully.

Considering Protection for Fine Jewellery

What types of jewellery can be insured?
Standalone jewellery insurance policies may cover a wide range of items, including engagement rings, wedding bands, fine jewellery, heirloom pieces, and luxury watches. Coverage varies by insurer and policy type.

What risks are typically covered?
Depending on the policy, jewellery insurance may include cover for loss, theft, accidental damage, and, in some cases, mysterious disappearance. Policy terms, conditions, and exclusions apply.

Is jewellery covered worldwide?
Some jewellery insurance policies provide worldwide cover, which may be relevant for jewellery worn while travelling. This should be confirmed by reviewing the insurer’s PDS.

How is the jewellery value determined?
Most insurers require a current valuation from a qualified jeweller. Some policies operate on an agreed value basis, meaning the insured value is confirmed upfront.

Can jewellery be repaired or replaced by the original jeweller?
Certain policies allow the insured to nominate their jeweller of choice for repairs or replacement. This varies by insurer.

Will making a claim affect future premiums?
Premium adjustments following a claim depend on the insurer and policy structure. This information is outlined in the policy documentation.

Jewellery often represents significant personal milestones and memories. Exploring insurance options is one way some individuals choose to manage risk while continuing to enjoy wearing their jewellery.

Clients are encouraged to seek independent advice, review policy documentation carefully, and determine whether jewellery insurance aligns with their individual circumstances.

For assistance with jewellery valuations or general information about caring for fine jewellery, Lannah Dunn Fine Jewellery is available to help.