Jewellery insurance

[pin]

Hi guys

Now the missus has a big fcuk off rock on her finger (and I'm broke as a result, mistress is not going to be happy) need to look at insuring that sucker.

I note that in HK, most home insurance policies limit single item jewellery to about HK$10k - 20k. Rock is worth a bit more than that.

Any suggestions for insurance companies?

I do note that Kwiksure has been suggested (I think they can arrange coverage as a rider to a home insurance policy with AXA). I also note that Hong Leong insurance doesn't mention any specific exclusions and you just get an amount coverage (either HK$500k or HK$1m), but am not too sure with that.

The other thing is we are not looking for home insurance because we will be moving apartment within the next several months, or can the home insurance move with us to the new apartment?

Another issue is I presume we will need the ring appraised? Will they need it even though I've got sales receipts of buying the ring very recently? If I need it appraised, where would I go for that? I bought the rock separately from getting the ring made.

I welcome any thoughts.

[HKfornow]

As Kwiksure suggested you can add the addendum to your content insurance to get the rock insured. . .but the additional premium is not cheap, it can be from .8% to 1.5% (or higher) of the appraised value. Maybe you can ask them at the same time if the premium will be prorated when you move your apartment or if they can re-assess the premium if you use the same insurer and pay the difference.

If you show a receipt, they should be able to insure your jewelry for that amount. However, since you bought the stone separately, the finished product is of a higher value than your receipt, so you might want to get an actual appraisal done. I had a hard time finding an appraiser here in HK and ended up asking a friend who worked in a jewelry business to ask a contact to do it. . . so I would suggest you ask the jewelers you worked with for recommendations.

[pin]

Thanks for your help. I do have full receipts for both the rock and the ring, so hopefully that should help.

I'll give Kwiksure a buzz.

For something that expensive, I may bite the bullet and pay up. My concern is more that something may happen to the rock when we travel, and I know normal travel insurance won't cover something like that.

[mrpies]

Kwiksure seconded - I actually have the missus's rock plus all my (expensive) camera gear on a (separate from my home insurance) worldwide "all-risks" insurance package through them, which means (I hope, anyway!) you don't have to rely on travel insurance should something happen whilst abroad.

Congratulations!

[Football16]

You do better bundling with the added rider and yes when you move you just let the insurer know and they take care of a new policy so that nothing lapses in coverage including moving. It depends how valuable the rock is whether it is worth insuring for its value as too many years of paying insurance on a ring that is not too expensive makes little sense.

[pin]

Thanks for the help guys. I ended up going with Kwiksure, who use MSIG for this. Basically as you have all said it was a rider to a contents insurance policy. I got the cheapest policy available and added the ring as a named item for world wide all risks coverage, they priced it at 1.5% of the value of the ring.

As I got total value coverage, when I move place, the policy will move with me (just need to notify the insurance company).

Normally I generally prefer to self insure, but because of the cost of the ring, I decided it was best to get full insurance out for it.

Oh, forgot to add, my jeweller suggested a company called Blue Diamond. However their cheapest policy is US$500 a year with a minimum coverage of US$30k of items (i.e. you can add other expensive items to the coverage).

[Liebling]

I use Marsh and Mclennon (hk) to ensure family jewelry. It is also a contents insurance with a rider, but with a max of 50,000 per item.