The 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 you thousands.

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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