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Do I need an Insurance Valuation?

The simple answer is yes, probably. But to understand why requires more of an explanation. The key point to consider is, could you describe your items from memory in enough detail to have them accurately replaced? Do you know their precise measurements, materials and embellishments? If no, then a valuation is strongly recommended.

In fact TH March, foremost insurance brokers to the jewellery trade, insist that every item of jewellery worth over £1,000 is accompanied by an up to date valuation, that is, a valuation no more than 3 years old. According to them, this makes it crystal clear what they are insuring, how much it will cost them to replace, and where they will go to have it replaced. If an item is subsequently lost, then there is no delay whilst post-loss valuations are carried out, and there is no quibbling regarding what the item was and its value. The underwriting process begins when the item is insured, not when it is lost.

So, even if your insurer tells you that a valuation is not necessary, our advice is to still have one carried out and to make sure they get a copy. Grand Auctions’ valuations include full descriptions with all the information necessary to replace your items accurately, and come as a bound document with full colour digital imagery. We can update them every three years at a reduced fee to make sure values are current, and we keep everything on file during this time to speed up the process.

For more information, read our blog, The Differences between Auction and Insurance Valuations, or get in touch to make an appointment at our offices in Folkestone, Kent.