A valuation for the purpose of insurance is required when the owner wishes to take out appropriate insurance cover for their jewellery. This valuation is compiled on the basis of what an equivalent article would cost to replace in the event of loss or damage.
The onus is on the owner of property to prove the worth of his/her property in the event of submitting a claim to insurers following a loss. Only by supplying to insurers an up-to-date insurance schedule prepared by a competent valuer, such as a Member/Fellow of the Jewellery Valuers Association, can one be sure to be in a position to establish a valid and provable claim by providing the following:
- A full inventory of all items valued
- Establish the merits of replacement goods in the event of a claim
- a sound foundation on which to base a claim to insurers
A valuation for probate purposes may be required in compliance with Section 160 of The Inheritance Act 1984. Inheritance Tax forms part of the process, even if the estate does not owe Inheritance Tax. When probate is granted, it gives the Executor the legal right to distribute the estate according to the deceased’s wishes.
Post Loss Assessment
You may have been unlucky enough to have suffered a loss. If your old valuation is not up-to-date, your insurer will ask you to obtain more current values before accepting any claim.
This service is for those who wish to sell or part-exchange their jewellery to us. We will make an offer on any piece we are interested in and once the piece has been assessed all offers are honoured by immediate payment.
If you are uncertain as to whether or not your jewellery needs valuing, or are need to know if any items of jewellery you might have recently inherited has value, we can give you advice and guidance with a consultation. We can help by:
- Identifying which pieces have an intrinsic material value
- Identifying which pieces have no intrinsic material value (‘costume jewellery’)
- Help you decide which valuation service you require
- If you were considering an insurance valuation we can discuss how jewellery might be itemised on your policy
What we cannot do during a consultation:
- Give replacement figures for insurance valuations
- Tell you ‘what it’s worth’ (an open Marker valuation), or ‘ball-park’ figures