Our valuation service
- Detailed written valuation document
- High resolution digital photographs
- Detailed description
- Distinguishing features fully recorded
- Suitable for insurers
Get in touch about valuations
How do I choose a suitable insurance policy?Choosing an insurance policy can be very tricky and where very high value items are involved it’s important to talk to a specialist broker or other expert advisor as the pitfalls are many. More standard policies have pitfalls too. Although not all policies will require you to have a formal evaluation to take out the policy or be ‘covered’, many will then require proof of value should you need to make a claim otherwise things become difficult and you may not receive the cover you had expected in actual fact. It’s also very important to note that a valuation does not appreciate with inflation or in line with the index price of such an item. This is why items are often valued at intervals to ensure that insurers are up to date with the current market value of the item should something happen and a claim is made.
A good valuation is no substitute for a suitable insurance policy, in fact you need both and both must work together to ensure you receive the right cover should something happen to your treasured items.
What should I look out for in a valuation service?Finding the right expert to trust with your valuation can be tricky. It’s not hard to find people offering the service but not all are equal or equally suitable for your particular needs. So the first thing you should look for is somebody who seeks to understand your valuation needs exactly. This means understanding your insurance policy and the nature of the items to be evaluated. To an expert valuer the details of your policy for example whether it is contains a ’new for old’ clause can change the advice they give the customer and the type of valuation service required. If your valuer doesn’t seek to understand the context and policy details surrounding your valuation, you might want to find one that does. It is also important to find a valuer that has plenty of experience working with your jewellery type. For example if you are dealing with antique items, items from ancient cultures or very high value items you will benefit from working with a valuer who specialises in your area. At A&M Diggle we have decades of experience with high value items and antique items of many kinds, however we’d be the first to admit we have little experience of ancient jewellery and especially from sources outside of Europe.
If an insurer provides a replacement how can my valuation help ensure the replacement is fair?Enforcing fairness in the case of a replacement is all about detail and specificity. A quality valuation service will itemise each and every feature in great detail and seek to quantify almost every measurable aspect of the item. This ensures the insurer is fully informed about everything the replacement item must include to be deemed a worthy replacement. An insurer will recognise a high quality valuation and will feel obliged to address all the details therein.
Why do insurers often prefer replacements to cash?There are several reasons a lot of policies give insurers the right to replace instead of settle with cash. Insurers can often obtain discounts on replacement items and offering a replacement helps avoid making insurance fraud more lucrative to the minority of those who would abuse insurance in that way. This highlights the importance of accurate valuations specialised to meet the needs of the policy.
If I am given a replacement I’m not happy with, what should I do?The first port of call would be a complaint to your insurer, if you can compare the item to the valuation and demonstrate that specific standards have not been met, you stand a good chance of settling the matter directly. If that fails the Financial Ombudsman is standing by to consider your complaint. If this fails, normally your only recourse would be legal action. A good valuation is the first line of defence against such an outcome.