Up to date valuations of assets are becoming ever more important – and the quality of that valuation can be critical. The last thing anyone wants to discover is missing or out-of-date information when a claim comes in.
At Rossborough Private Clients, we offer expert risk advice and management and flexible insurance policies for high-value contents and valuables. When it comes to insuring your treasured possessions, having up to date valuations helps to ensure accuracy of sums insured.
We’re proud to be sponsoring this year’s Brilliance Festival and, as part of the event, are offering a complimentary jewellery and watch valuations service from Doerr Dallas Valuations.
In order to help you make sure your items are valued correctly, Doerr Dallas Valuations have rounded up their top pieces of advice on the importance of professional valuations.
Why have a valuation?
Valuations are key for policyholders to prove ownership, describe the item, and give a current true replacement value for insurance purposes.
Professional and up to date valuations are also key for brokers, AR’s and insurers because they help underwriters accurately assess and price the risk as well as ease policy negotiations.
Regular valuations on jewellery reduce the risk of damage/loss as well as make it quicker and easier to handle the claim in case of loss or damage.
What’s the problem with ‘valuations’ in the industry right now?
Unfortunately, many issues can arise.
- Not having a valuation can occur if the item has been gifted or inherited.
- An out-of-date valuation can cause underinsurance since luxury items are prone to fluctuation
- A simple purchase receipt only states the cost of the item without giving enough information to replace it easily and doesn’t account for accumulated value.
- Unreliable valuations and receipts typically lead to underinsurance, difficult claims handling, and even rejected claims.
What should a valuation contain?
A professional valuation will provide an overall description of the item, including dimensions and overall condition.
For jewellery it must include:
- Details of the stone(s) (size, quality, certification etc)
- The metal and overall setting
- Any marks (such as hallmarks or maker’s marks)
- A dated value and the purpose of the valuation
- Confirmation that the clasps and settings have been checked
What’s happening in the HNW asset market at the moment?
Values change all the time. The replacement value for an item bought 10 years ago will be different to the purchase price and restoration or repair prices have increased exponentially.
Artworks often represent some of the highest valued items in a home, yet their insurance cover is rarely up-to-date and adequate. Regular valuations are essential since the value of art can change significantly, even overnight.
What is the solution?
Clients should be encouraged to get a professional valuation of all their HNW assets every three years, with watch collectors reviewing values annually. A home-visit from a valuer who can value all items, is the quickest, easiest and safest way to achieve this.
A good valuation service will be FSQS registered and carry UK-based PI in case of a mistake or error. It can also be beneficial for Brokers and AR’s to be present throughout the process, so they can fully understand the needs of their client.
Jewellery and watches often represent meaningful moments and memories and,
at Rossborough Private Clients, we can provide expert risk advice and management, ensuring that you’re always fully protected and items are correctly valued, should the worst happen to your collection.
Visit us at this year’s Brilliance Festival for a complimentary jewellery and watch valuations service from Doerr Dallas Valuations. To find out more, click here.
R A Rossborough (Insurance Brokers) Limited is registered in Jersey No. 1944 at Liberation House, St Helier and regulated by the Jersey Financial Services Commission No. GIMB0042