London, United Kingdom (PRWEB UK) 16 January 2014
Assetsure, a UK Insurance Intermediary and member of the Hildon Park Group, has launched a new insurance policy designed to cover single items of jewellery and collectibles such as fine art, coins and stamps.
The policy provides cover for valuables in excess of the common limits on home insurance policies and without many of the usual restrictions, such as limits on the duration of foreign travel or specification of door locks, window locks or safes.
Managing Director James Farley, who designed the scheme underwritten at Lloyd's of London, told us “We felt there was a real need for this type of policy to be introduced. Precious jewellery, such as engagement rings, as well as premium watches are the most popular items we insure, and they are assets that have continued to rise in value, even during the recession.
“Aside from that, they of course have huge emotional value and it’s crucial that people look closely at the terms and conditions of standard policies to ensure that they’re not left exposed.
“Often our customers find themselves in a position where a standard home insurance policy will not be able to provide adequate cover because the value of an item is beyond what is termed ‘the limits of acceptability’ and this can be as low as £5,000. That’s where we can help; our stand-alone policy offers ‘All Risks’ insurance on a global basis without the need to purchase any other cover such as home insurance.
“Also, what many people don’t realise is that even if they can find a home insurance policy that will cover the value of their items, insuring valuables separately could leave them better off and with more appropriate cover as we provide for most scenarios and sums insured.”
Assetsure cover is available to any UK resident and provides insurance on a worldwide “All Risks” basis with no limit on the number of trips a policyholder may make abroad.
Advantages of separate jewellery insurance include the ability to secure lower home insurance premiums if valuables are removed and eliminating the risk of losing the no claims bonus in the event of a loss. Most Assetsure policies also come without an excess in the event of a claim.
Specialist jewellery and watch insurance is also attractive to many younger people, who don’t have home insurance or live in rented accommodation, where property upgrades to locks for example, are out of their control.
James concludes: “Although home insurance policies are usually the default option for insuring valuables, they’re not necessarily the best one, so it’s always worth shopping around to compare quotes.”
Some general home insurance policies also insist on items having up-to-date valuations and being revalued every few years to maintain cover. Specialist providers do not normally demand this as a condition of cover, but would advise policyholders to periodically revalue their items to ensure the insured amount provides adequate cover.
The Assetsure policy covers single items or groups of items. Insurance quotes and cover can usually be obtained on the same day. Assetsure policies are available directly from the company website Assetsure as well as through affiliate jewellers.