Jewellery and watch insurance

It is a specialised solution designed to protect luxury watches, jewellery and collections against theft, burglary, accidental damage and other covered events.

Cover can be tailored to a single item or an entire collection, taking into account the value, use, storage locations and individual needs of each client.

The following, amongst others, can be assessed:

• luxury watches and haute horlogerie;
• vintage, rare or discontinued watches;
• wedding and engagement rings;
• engagement rings;
• solitaire rings;
• diamonds and brilliant-cut diamonds;
• earrings, necklaces, bangles and bracelets;
• family heirlooms;
• inherited jewellery;
• collections of watches and jewellery.

Yes. Protection against theft is one of the main areas of cover under watch insurance.

The insurance may cover the robbery or theft of a watch involving violence or serious threats, including when the watch is being worn outside the home or whilst travelling, subject to the terms of the policy.

Yes. Jewellery that is identified and included in the policy may be protected against theft.

Cover may include wedding rings, engagement rings, solitaire rings, diamonds, earrings, necklaces, bracelets and other items for personal use.

It may cover theft occurring on the street, in restaurants, at events, in hotels, at airports and other locations, provided the item is being worn by the insured person or by an authorised person.

This protection outside the home is one of the key features of specialised insurance for watches and jewellery.

The insurance may cover aggravated theft, such as cases involving the breaking of a barrier, fraud, sleight of hand, breach of trust or the use of a false key.

Simple theft, loss, misplacement and unexplained disappearance are not normally covered.

Simple loss, misplacement or unexplained disappearance are not usually covered.

For example, taking off a wedding ring or a watch and being unable to explain how the item went missing may not constitute an insurable event.

Yes, the policy may include cover against accidental damage.

Situations such as the following may be considered:

• the watch falling;
• accidental impact;
• broken glass;
• external damage to the case or strap;
• deformation of a piece of jewellery;
• clasp breakage;
• structural damage caused by an accident.

There may be an excess for accidental damage.
 

The insurance may cover breakage caused by a sudden and unforeseen external accident.

Mechanical faults, manufacturing defects, natural wear and tear, gradual deterioration and lack of maintenance are not normally covered.

Cover will depend on the cause.

If the stone becomes dislodged as a result of a fall, impact or other covered accident, the incident may be assessed.

If the stone comes loose due to wear and tear of the setting, lack of maintenance, a pre-existing defect or gradual deterioration, there may be no cover.

Yes. The policy may provide cover during domestic and international travel.

When the item is in use, it must remain with the insured person or an authorised user. When not in use, it may be required to be stored in a hotel safe, at the place of accommodation or in another secure location.

The policy can be taken out with worldwide cover.

There may be restrictions for countries or territories subject to sanctions, war, armed conflict or other legal and insurance-related limitations.

This is not recommended.

Watches and jewellery checked in, carried by baggage handlers or left in luggage may not be covered.

Whilst travelling, these items must remain with the insured person or be stored in accordance with the conditions set out in the policy.
 

As a general rule, items left inside vehicles are not covered against theft, robbery or damage.

Watches and jewellery must not be left in the glove compartment, boot or other compartments of the vehicle.

The ‘agreed value’ is the individual value previously stated and accepted for each watch or piece of jewellery.

This value will be stated in the policy and will be used as a reference for the maximum compensation limit for the item.

The value must be commensurate with the item and may be substantiated by a receipt, certificate, valuation report or other accepted documents.

Not always.

In accordance with the policy, the insurer may:

• repair the item;
• replace the item;
• replace the watch or piece of jewellery with another equivalent item;
• or pay compensation in cash.

The form of compensation will be determined following an assessment of the claim, taking into account the agreed value, the characteristics of the item and the possibility of replacement.
 

Yes. The insurer may choose to replace or substitute the item.

The replacement may consist of an item that is equivalent in terms of brand, model, reference number, material, features, quality and value.

In the case of rare watches, vintage items, discontinued models or unique pieces of jewellery, the form of compensation will depend on market availability and the terms of the policy.

Yes. Insurance can be taken out for a single item.

For example, it is possible to insure just one Rolex, a fine watch, a vintage watch or another item of significant value.

Yes. You can take out insurance for a single wedding ring, engagement ring, solitaire, diamond, necklace, bracelet or other piece of jewellery.

Yes. Howden can arrange cover for an entire collection of watches, jewellery or both.

The cover may take into account:

• the total value of the collection;
• the individual value of each item;
• storage locations;
• highest individual value;
• authorised users;
• limit on the number of items in use at any one time.
   

It is the maximum value of watches and jewellery that may be outside the declared storage locations at any one time.

For example, a collection may have a total value of R$ 2 million and a limit of R$ 300,000 for items in use.

This structure allows the entire collection to be protected whilst, at the same time, correctly assessing the value of the items that are usually worn.

This requirement will depend on the value of the item, the total value of the collection and the security measures in place at the premises.

When the property is unoccupied, storage in a locked safe may be required.

For higher-value collections, bank safes or specialist security companies may also be considered.

Yes, provided that the individuals are informed and accepted as authorised users.

These may include, for example:

• a spouse or partner;
• children;
• parents;
• relatives;
• other users expressly named.
   

It may be possible. In the absence of a receipt, other documents may be considered, such as:

• a certificate of authenticity;
• valuation report;
• proof of purchase;
• gemmological certificate;
• import declaration;
• inheritance documents;
• photographs;
• original box and documents;
• serial number.

Yes. Family heirlooms or inherited jewellery can be assessed.

Documents such as an inventory, a formal partition deed, a valuation report, photographs and other evidence of ownership and provenance may be requested.

Various watch brands can be assessed, such as:

• Rolex;
• Patek Philippe;
• Audemars Piguet;
• Vacheron Constantin;
• Richard Mille;
• Cartier;
• Omega;
• IWC;
• Breitling;
• Tudor;
• Jaeger-LeCoultre;
• Panerai;
• among others.

Acceptance will depend on the value, the documentation and the insurer’s assessment.
 

Jewellery from various brands and jewellers can be assessed, such as:

• Cartier;
• Tiffany & Co.;
• Bulgari;
• Van Cleef & Arpels;
• Chopard;
• Graff;
• Harry Winston;
• Piaget;
• H.Stern;
• Vivara;
• Sauer;
• Ara Vartanian;
• among others.
   

Exclusions typically include:

• simple theft;
• loss or unexplained disappearance;
• items checked in as luggage;
• carriage by porters;
• items left inside vehicles;
• normal wear and tear;
• gradual deterioration;
• mechanical failure;
• inherent defect;
• manufacturing defect;
• misuse;
• damage prior to the contract;
• fraud;
• war and armed conflict;
• countries or territories subject to sanctions;
• unlawful or fraudulent acquisition.

The definitive exclusions will be those set out in the proposal and the policy.

To obtain a quote, the following information is usually required:

Photographs, security information, the total value of the collection, the highest value of any individual item, travel frequency and claims history may also be requested.

Fill in the form and provide details of the item or collection.