Importance of Documentation
"The $150 settlement from the insurance company just
seemed so unfair. I was already very upset by the burglary.
I remember Aunty Elaine telling me the pearls were very precious,
so I thought they were the real thing.
I meant to get them valued after I inherited them, but never
got round to it. I thought the photo of her wearing them
would be enough.
The valuer told me that 99% of necklaces like this one are
actually imitation pearls.
How was I to know?"
Unfortunately similar scenarios are played out every day
in New Zealand. Insurance sources tell us that 83% of the
tens of millions of dollars worth of jewellery claimed for
every year has no formal documentation. If it's your TV or
DVD there is usually no problem. Jewellery is different.
The relatively small cost of a Valuation could end up saving
Try this - cover your left hand with your right. Now
answer these questions about one of the rings you are wearing.
What metals is it made of? What purity? How many grams does
it weigh? What are the gemstones? What size shape & carat
weight are they. What quality? Can you prove it?
How did you go? A fair value for your ring cannot be established
if just one of these questions is unanswered.
The level of Documentation needed to best protect your most
precious possessions depends on the nature of the individual
item, and the requirements of your Insurance Company.
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