Claim

Jewellery insurance protects you from financial losses in the event of loss, theft, or damage of your precious items. You pay a premium–usually monthly or annually–to your insurance company, and in exchange, they agree to cover your losses when certain events occur. If something happens, you can file a claim with your insurance company to get compensated for your losses.

What Is a Claim in Insurance?

Simply put, a claim is a request you make to your insurance company for compensation for losses covered by your policy. This compensation can take many forms, such as cash payments, repairs, or replacements.

How Does an Insurance Claim Work?

Starting the Claims Process

The first thing you should do is notify your insurance company, or you may need to first file a police report if you’re claiming as a result of loss or theft. Notifying your insurance company is often required within a specific time frame, so acting quickly is essential. Most insurance companies have a toll-free number or an online portal that you can use to report your claim. Once you've notified your insurer, they will assign a claims adjuster to your case.

Evidence Needed to Make a Claim

Insurers may require various information or documents when making a claim for jewellery insurance, depending on their individual claims assessment procedures. Typically, you will be asked to provide the following evidence to claim an item or items of jewellery:

• Statutory Declaration and Police Report (if applicable)
• Proof of Ownership

How Long Will It Take to Process a Claim?

Once an insurance company has approved the claim, they tend to move quickly. Some claimants receive compensation in a few days; others will receive their compensation payment within 2 and 4 weeks.

At JewelCover, claims are typically processed and approved within five business days. 

Can I Return to My Original Jeweller to Repair or Replace My Jewellery?

It is not a given that your insurer allows you to return to your preferred jeweller in case of a claim. Some insurers have a network of jewellers they have agreements with or get the replacement done in-house. At JewelCover, we understand our customers' unique bond with their original jeweller. That's why, in the event of a claim, we will always give you a choice to return to your preferred jeweller for repair or replacement.

Conclusion 

Filing a claim is an essential part of the insurance process, and understanding what is required can help make the process smoother. At JewelCover, we make it our top priority to provide a smooth and stress-free claims process. Our ultimate goal is to restore your jewellery to its original condition as quickly as possible as if nothing ever happened.