Planning to surprise someone special this Christmas? Here's how to protect valuable gifts
12/06/2024
As the festive season approaches, your clients may be thinking of gifting something special to a loved one - a piece of fine jewellery, beautiful art, or a rare bottle of wine. At Zurich Private Clients, it’s important to us that your clients’ precious possessions are properly protected.
Here’s some essential steps your clients can take to make sure they’re covered:
1. Keep hold of the paperwork, especially for online purchases
When buying valuable items such as jewellery, paintings, or designer handbags, it’s important to always keep the receipt and any official documentation that comes with it, ensure it is stored safely. Ask for any extra documents from the seller that describes the item, especially if it's unique or custom-made. Having the original paperwork will make future appraisals easier and ensure your clients’ valuable item gets the protection it deserves.
2. Understand what coverage is needed
The value you bring as your clients’ broker is invaluable, encourage your client to talk to you about what is covered in their insurance policy. Many standard policies offer minimal coverage after a deductible is paid and often have low value inner limits, particularly for new acquisitions where automatic uplifts may not be provided.
3. Obtaining the right protection and ongoing care
Ensuring your client has the right policy in place will protect their high-value items, arranging one written on an all risks basis will mean that if the worst happens your client is adequately protected. Your client should regularly check items such as jewellery for any potential damage and pay special attention to worn clasps on necklaces, bracelets, and earrings – some policies will stipulate a regular inspection regime, if this is the case your client should keep all paperwork as proof that those checks have taken place.
4. Ensure safe storage
Where possible, your client should store valuable items in a secure place like a safe or a specialised storage facility – it is essential that any personal custody warranties are also adhered to for those extra special items of jewellery. A dedicated jewellery safe can also help preserve the condition of jewellery, preventing damage when not in use.
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