Jewellery valuations: what insurers expect

We frequently see valuations from clients that are incomplete, inaccurate, or not insurer‑compliant - whether that’s missing company details, issued by an unqualified valuer, or written in the wrong currency when a piece was purchased abroad. While these issues aren’t new, they now carry far greater consequences due to rising levels of underinsurance - driven in part by the increase in gold and silver prices and the volatility of the watch market. This means that having a non-compliant valuation can leave you without the protection you expect if you need to make a claim.

As we explain in our article, ensuring your jewellery insurance shines when you need it most, an up-to-date valuation helps ensure that you are not underinsured and helps make any related claim run more smoothly.

What insurers look for in a valuation

While valuation requirements vary slightly between insurers, the following points generally apply:

• The valuation must be typed (not handwritten) and provided as a PDF or image file rather than a Word or other editable document.
• It should include the company name and address, the valuer’s name, and their qualifications
• It must be a UK valuation in GBP
• A full description of the item
  - For diamonds: colour, clarity, carat weight, and cut
  - The GIA or HRD certificate number, where applicable. Some insurers will require this for diamonds larger than 1 carat
  - For watches: the reference number
• The condition of the item
• Acceptable valuer qualifications vary, but typically include one or more of the following: FGA, GIA Diploma, DGA alongside FGA or GIA, GA Cert, IRV membership.

We would also recommend asking your valuer what Professional Indemnity cover they hold. This ensures, that if an error is made in the valuation, you have some recourse. Be sure to check any terms and conditions before proceeding, as some indemnity limits are restricted to the cost of the valuation itself.

Many insurers will accept a desktop valuation, but it’s worth checking with your broker or insurer if they require a clasps-and-settings check. If this is a requirement on your policy, a desktop valuation will not suitable, as insurers will usually require the valuer to examine the pieces in person.

How to make sure your valuation meets insurer expectations

If you’re unsure whether your current valuations meet insurer expectations - or if it’s simply been a while since they were last updated - now is the ideal time to review them. We work with a panel of recommended valuation companies who can assist by not only valuing your pieces now, but by also providing up to date valuations going forward. Get in touch and we’ll guide you through what’s required, help you understand any policy conditions, and ensure your most treasured pieces remain properly protected.

Steve Moores

Steve has built up a wealth of expertise and insight in private client insurance, having worked in insurance for more than 20 years. As the lead for our Risk Management proposition, he helps clients reduce the likelihood of a claim and ensures that, if a claim does occur, their policy responds exactly as expected.

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