That’s a very personal decision. Since you’re here, we assume you value your jewelry enough to worry about something happening to it. We think that’s prudent – that very mindset is why we created Lavalier. For most people, purchasing insurance through Lavalier will cost only 1-2% of the value of the their insured jewelry, though we do have a minimum premium of $50. Because the decision to insure jewelry is such a personal one, coverage through Lavalier can be personalized to your needs, with flexible deductibles and numerous discounts based on how you wear and care for your jewelry. Most importantly, besides being financially prudent, we think the peace of mind that comes with knowing your jewelry is protected is priceless. If you’d like to discuss any of this further, please contact us.
Our policy is an “all risk” policy, meaning that everything is covered unless it is expressly excluded. There aren’t many exclusions. Any form of loss, damage, theft, or ‘mysterious disappearance’ is covered anywhere in the world. (‘Mysterious disappearance’ is simply unexplained loss.) Our policy even covers newly purchased jewelry until you have a chance to add it to your policy, and jewelry in transit for inspection, repair or sale until the point that the buyer receives it (though not if you are not paid).
What is not covered are things like wear and tear, manufacturer’s defects, intentional loss or damage, and some highly unusual situations like nuclear hazard or war. We’ve designed our coverage to be comprehensive since we know we are protecting some of your most precious possessions…and the moments in life that they symbolize. For all the details, please refer to our full policy.
Yes. In your application, please be sure to tell us whom the gift is to. As long as the policy remains in force and that person owns the gift, it is insured. Should they ever give it to another person or sell it, however, coverage would stop.
Yes, though there are some limitations until you add your new jewelry to your policy. Coverage for newly purchased jewelry lasts up to 30 days or until your policy expires, whichever is earlier. And the limit to what will be paid for a loss on newly purchased jewelry is the lesser of: the cost to repair, replace, or rebuild the lost item with materials of like kind and quality; 25% of the value of the jewelry insured on your policy; or $10,000.
Provided you have at least one item “scheduled” (meaning all details on that item including an appraisal have been included in your application) on a policy through Lavalier, you may also purchase “unscheduled” coverage. Unscheduled coverage does not require an appraisal. It is limited to $1,000 per item up to a total of $5,000 per policy. Other limitations apply, including a flat $100 deductible. Please contact us for additional details.
Jewelry coverage under a homeowner’s or renter’s policy is typically very limited and very restrictive. For example, coverage is often as low as $1,000 – $5,000. And usually the same deductible applies to your overall renter’s or homeowner’s coverage as to the jewelry portion meaning that in a case of loss or damage, your actual protection may be well below the cost to replace or repair your jewelry. Coverage may also exclude some of the risks that Lavalier’s policy includes, such as loss or theft. Furthermore, many homeowner’s and renter’s insurers require you to work with their network of jewelers, which may not be the same quality as your jeweler. Coverage through Lavalier is comprehensive and personalized.
Most jewelry warranties are extremely limited in coverage. Typically only repairs of wear and tear are included. Damage that includes loss of any piece of the jewelry (say, a diamond from its setting) is usually not covered. Nor are theft or loss. For warranties that do include limited theft coverage, there are typically many exclusions such as “mysterious disappearance” (unexplained loss). Warranties are often valid only at the jeweler from whom you purchased and usually can only be purchased at the time you acquire your jewelry or a limited time thereafter. Any claims made on the warranty are often capped by the purchase price paid, not the appraised value of the jewelry, and not all warranties ensure repair or replacement of “like kind and quality” to the item being repaired or replaced. Coverage through Lavalier is much broader than the average warranty and is personalized to your jewelry and your needs.
A sample policy form is available here.