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Jewellery insurance in the spotlight

By: Dawie Loots, Chief Executive Officer (CEO) of MUA Insurance Acceptances

People around the world are celebrating the recent engagement of Prince Harry and Meghan Markle, with everyone focussed on her gorgeous engagement ring, worth an estimated £50,000.
Many people view Valentine’s Day as a good time to ‘pop the question’ and those planning to do so are urged to take out the appropriate insurance, especially if they are planning to do so while travelling.
Anyone planning to purchase expensive jewellery must contact their broker to ensure that all their expensive jewellery is insured against theft, loss or damage before travelling this festive season.
A lot of people tend to forget to insure jewellery when they purchase it during the festive season. For those planning to travel abroad, it is especially important to know whether your insurance policy covers your jewellery outside South African borders as some policies are limited to domestic cover.
Adding to this, when packing a bag for a trip one should keep their jewellery in carry-on luggage rather than storing it with checked-in luggage. This is due to some strict procedures at certain airports which require your bags to be checked by security personnel. This is why it is safer to carry these items on your person, but then be extra vigilant with where you store them on the plane – under the seat in front of you is probably safest.
Once travellers have reached their hotel room it is crucial to immediately locate the safe and familiarise themselves with how it operates and store expensive items. You must never leave jewellery lying around in your room as insurance will not pay out if it was not securely packed away.
SOME USEFUL TIPS TO PROTECT JEWELLERY FROM ANY DAMAGE OR THEFT WHILE TRAVELLING:
  • Visit a reputable jeweller to obtain an updated valuation before embarking on your trip if you have not done so recently and provide this to your insurance company.
  • Plan your jewellery wardrobe well – less is more when travelling.
  • Take care of your jewellery, for instance do not bath or swim with your pearls.
  • Never clump your jewellery together, always wrap each item separately when it is being moved around.
  • Always lock your jewellery in a safe when not wearing it, hiding it a cupboard is simply not good enough.
  • Never leave your jewellery unattended.
  • Be vigilant and aware of your surroundings when wearing expensive jewellery.






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