Daily Insurance Industry News
Daily Insurance Industry News
Wednesday 22nd of May 2019
August 26, 2008

Marsh advises proper insurance for jewellery

by Richard Kilner

Story link: Marsh advises proper insurance for jewellery

The dangers of underinsurance by jewellery collectors has been raised by Marsh, as the costs of both diamonds and precious metals soars.

Far surpassing the general inflation of the last year, the price of platinum has almost doubled, and diamond prices have skyrocketed by some 30%.

Private Client Services’ Sara Dunn explains that the responsibility for making certain the sums insured for match the cost of replacing items lies not with the insurer, but the policyholder.

This raises the unfortunate possibility of policyholders losing out, if their goods exceed the single article limit or the sum insured for.

Dunn states that the General Index of Retail Prices is usually utilised to index link insurance policies.

This means that the amount covers rises with inflation, but if the cost of a certain good (i.e. jewellery) is increasing far more rapidly, it could leave a policyholder exposed financially.

Marsh advises that jewellery should be re-valued regularly, perhaps every 3-5 years, and insured appropriately.


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