12/06/2018
Why you should have your jewellery valued by an IRV
Kate Willis FGA MIRV·Tuesday, 12 June 2018
It may not be widely understood that the onus is on the owner of property to prove the worth of their jewellery in the event of submitting a claim to insurers following a loss or theft. Indeed, insurers aren’t duty bound to accept old or poorly described schedules or other scant evidence of value that is often submitted to them by claimants.
Only by supplying to insurers an up-to-date insurance schedule prepared by a competent valuer, preferably by a National Association of Jewellers’ Institute Registered Valuer, can one be sure to be in a position to establish a valid and provable claim. By submitting to your insurers a professionally prepared and fully researched document, the owner can be sure they will be able to substantiate their claim and have the peace of mind that this provides. Anyone who has ever tried to put through a claim with little or no good documentary evidence of worth can testify to the difficulties faced to get any kind of settlement, which usually falls well short of their expectations!
Your NAJ Institute Registered Valuer understands your needs as well as your insurers’ perspective, and can advise on all manner of insurance related issues. Most valuations are undertaken for insurance replacement purposes, but there are a number of other reasons why you may seek your valuer’s assistance in connection with a valuation, including probate, private sale, divorce and family division, disposal and post loss assessments.
All NAJ Institute Registered Valuers, who currently number around 160 throughout the UK and Republic of Ireland, have proved their expertise to their peers, with formal gemmological qualifications and substantial experience within the industry with specialist product knowledge. Valuations need to be undertaken today to a very high standard and a valuation carried out by an IRV must conform to the requirements of equipment for gem testing/grading and to the prescribed standards of the Institute of Registered Valuers and include:
Cleaning of Jewellery
Detailed descriptions
Details of the assessment of diamonds
Hallmark information
Condition Statement
Provenance or research, if appropriate
Digital visual images,
Values with the appropriate type of insurance qualification.
If you have any questions about valuations or would like to make a home appointment to discuss your requirements please contact Kate Willis and I will be only too happy to assist.
