MMA Blog

Will Your Valuable Gifts be Properly Protected?

When you purchase a new collectible item or receive a valuable gift,  you may wonder if the item will be automatically covered on your insurance policy.

With high-end gifts and purchases such as jewelry, watches, antiques, fine art, and other collectibles, it is important to ensure they are properly protected. Even the most comprehensive homeowners policy is limited in its protection of valuable articles and collections. If you rely solely on your homeowners policy for coverage, you may find you don’t have enough insurance to replace the gift if it is lost, stolen, or damaged in the future. These items are best protected through separate policies specifically for valuables. Consider discussing the following insurance considerations in further detail with a trusted personal risk advisor.

 

Newly Acquired Items

Whether as gifts or purchases, informing your insurer may not be the first thing on your mind as you continue to acquire new items. Suitable valuables coverage provides an automatic window of protection, within stated policy limits, for up to 90 days after acquisition — even if you haven’t informed your insurer of the new item. When purchasing a big-ticket item such as a yacht, aircraft, or collector vehicle, it’s also important to involve your personal risk advisor during your research phase as there may be insurance considerations to address.

 

Actual Cash Value vs. Replacement Value

Standard policies may limit any claims settlement on a valuable article to its so-called “actual cash value,” based on the original purchase price less depreciation. The actual cash value may bear little relation to the real cost to restore or replace the item since it does not take into account rarity or the cost of expert restoration services.

 

Broader Loss Coverage

Standard coverage addresses only losses caused by a defined list of perils, such as theft or fire. But if your antique vase breaks, a diamond is lost from your grandmother’s brooch, or your grandfather’s gold pocket watch disappears, your loss is unlikely to be covered. Specialized valuables insurance typically covers these all-too-common scenarios.

For jewelry, collectibles, and gifts, as much as any passion investment, it’s important to work with a personal risk advisor with expertise in the complexities of protecting valuable property and assets. To gain more specific insight on jewelry and watches; collectibles such as wine, coins, silver, or instruments; fine art; luxury collectibles such as yachts, aircraft, or collector vehicles; as well as information on appraisals, documentation, transit, and storage, see our white paper on Protecting Passion Investments: Trends, Insurance Implications, and Risk Management Best Practices.

 

Get a Quote

 

This content is provided by Marsh & McLennan Agency for informational purposes only.  Consult your actual insurance policy for details regarding terms, conditions, coverage, and exclusions.

Keep Up To Date

Subscribe to our blog for all the latest news, updates, and events from MMA and our partners

Subscribe

Tell us what you need. We’ll take it from there.

Get a Quote


    YesNo












        First, tell us about you:






        EmailPhone



        Next, tell us about your business:






        Now tell us about the coverage or coverages you need:


        Commercial InsuranceEmployee BenefitsHealth InsuranceSuretyOther



        NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a Marsh McLennan Agency representative advising that your request has been processed.


        You are ready to submit the form:


          First, tell us about you:






          EmailPhone






          Next, tell us about the coverage or coverages you need:


          AutoHomeIndividual HealthUmbrellaRecreationalWatercraftRenter’s InsuranceLife InsuranceWedding Insurance



          NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a Marsh McLennan Agency representative advising that your request has been processed.


          Now you are ready to submit the form:


            First, tell us about you:






            EmailPhone






            Next, tell us about the coverage or coverages you need:


            AutoHomeIndividual HealthUmbrellaRecreationalWatercraftRenter’s InsuranceLife InsuranceWedding Insurance



            NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a Marsh McLennan Agency representative advising that your request has been processed.


            Now you are ready to submit the form:


              First, tell us about you:






              EmailPhone



              Next, tell us about your business:






              Now tell us about the coverage or coverages you need:


              Commercial InsuranceEmployee BenefitsHealth InsuranceSuretyOther



              NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a Marsh McLennan Agency representative advising that your request has been processed.


              You are ready to submit the form:


                First, tell us about you:

                Contact Form

                -->





                    First, tell us about you:






                    EmailPhone





                    Step 1 of 2Next

                    Next, tell us about the coverage or coverages you need:


                    AutoHomeIndividual HealthUmbrellaRecreational

                     

                    WatercraftRenter’s InsuranceLife InsuranceWedding Insurance



                    NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a Marsh McLennan Agency representative advising that your request has been processed.


                    Now you are ready to submit the form:


                      First, tell us about you:






                      EmailPhone


                      Step 1 of 3Next

                      Next, tell us about your business:





                      Step 2 of 3Next

                      Now tell us about the coverage or coverages you need:


                      Commercial InsuranceEmployee BenefitsHealth InsuranceSuretyOther



                      NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a Marsh McLennan Agency representative advising that your request has been processed.


                      You are ready to submit the form:


                        First, tell us about you:






                        EmailPhone





                        Step 1 of 2Next



                        NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a Marsh McLennan Agency representative advising that your request has been processed.


                        Now you are ready to submit the form:

                          Review Form


                            First, tell us about you:






                            EmailPhone








                            NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a Marsh McLennan Agency representative advising that your request has been processed.


                            Now you are ready to submit the form:


                              First, tell us about you:






                              EmailPhone






                              Next, tell us about your claim:






                              NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a Marsh McLennan Agency representative advising that your request has been processed.


                              Now you are ready to submit the form:


                                First, tell us about you and your business:







                                EmailPhone



                                Next, tell us about the surety bond you need:







                                NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a Marsh McLennan Agency representative advising that your request has been processed.


                                Now you are ready to submit the form:


                                  Contact us for a quote:


                                    First, tell us about you:






                                    EmailPhone






                                    Next, tell us about the coverage or coverages you need:


                                    AutoHomeIndividual HealthUmbrellaRecreationalWatercraftRenter’s InsuranceLife InsuranceWedding Insurance



                                    NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a Marsh McLennan Agency representative advising that your request has been processed.


                                    Now you are ready to submit the form:


                                      First, tell us about you:

                                      Contact Form

                                      -->

                                      cross linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram