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Contents Insurance

Unspecified Jewellery Items

Most insurance companies will insure unspecified jewellery items up to a total value of approximately $5,000 and a maximum value of each item of approximately $1,500, as part of a home and contents policy. When a loss is suffered and a claim is lodged, the insurance company in question will request proof of purchase and proof of the value. (Inexplicably insurance companies do not usually request this at the time a policy is first issued). Proof of value will not necessarily require a formal valuation certificate but a sales docket from the retailer giving a detailed description of the piece concerned and the price paid should be provided. Most jewellery claims fall under the unspecified jewellery category and consumers are strongly advised to ensure they can provide proof of purchase and value. This means keeping a copy of the sales docket in a safe place. Consumers should photograph their jewellery items as close up as possible as the photographs can be used to assess proof of purchase and the value, should the sales docket be lost.

It is important that you read and understand the Product Disclosure Statement (PDS) provided by your insurer.

Specified Jewellery Items

Most insurance companies insist on a valuation certificate and proof of purchase for items of jewellery valued above $1,000 to $2,000 (depending on the insurance company involved) before issuing insurance cover.

It is important that you read and understand the Product Disclosure Statement (PDS) provided by your insurer.

It is recommended that consumers speak with their insurer about their specific needs and ensure that the cover they have meets their needs. Some consumers may wish to use the services of an insurance broker in relation to a high value item/s.

Complaints and dispute resolution procedures

If you are concerned about the services provided by your insurer, please contact them to discuss the matter. After 14 days follow up unresolved complaints, in writing, with the complaints department.

If you are not satisfied with the response you may refer your complaint to the Financial Ombudsman Service (FOS).

FOS is an independent external dispute resolution body approved by the Australian Securities and Investment Commission. FOS resolves disputes at no charge to you and has the authority to deal with certain financial services disputes within its Terms of Reference. FOS can be contacted at:

Financial Ombudsman Service
GPO Box 3
Melbourne VIC 3001

Phone: 1300 780 808
Website: www.fos.org.au
Email: info@fos.org.au


Q Report Jewellery Insurance

Home and contents insurance is important but it's not jewellery insurance...

If you consider your jewellery special and you want to know that in case of loss or damage you can always go back to your chosen jeweller, then we suggest you consider Q Report.

The Q Report policy covers you:

  • Worldwide 12 month policy – never worry again about travelling with your jewellery
  • An agreed value policy with a 125% cover
  • Annual revaluation of your jewellery at no additional charge; to ensure you are not underinsured
  • An insurance policy backed by a world leading insurer, Chubb Insurance Company of Australia Limited

If your jeweller is a Q certified jeweller you can be covered before you leave the store or alternatively you can call Q Report Jewellery Insurance on 1300 882 018 (ESDST).

For more information visit qreport.com.au

Find out about valuations by clicking here


Understand Insurance - Insurance Council of Australia

For more information about insurance, click here

The General Insurance Code of Practice can be viewed by clicking here. Signatories to the Code can be viewed here

If you have an problem with the repair workmanship or materials, section 7.20 of the Code of Practice states: 

Repair Workmanship and Materials

7.20 Where we have selected and directly authorised a repairer, we will:

  1. accept responsibility for the quality of the workmanship and materials; and
  2. handle any complaint about the quality or timeliness of the work or conduct of the repairer under our complaints process.

 

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