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What is a term?
With an insurance policy, the term is essentially the time period that your jewellery insurance policy will provide coverage in the event of theft, loss or damage—in short, if you found yourself needing to make a claim, then you would only be covered if the event took place during the term specified in your jewellery insurance policy.
It's critical to remember that with most insurance policies, you are required to renew your policy at the conclusion of each term period if you wish to stay covered. This would mean that if you let your term lapse without renewing and need to make a claim for something that occurred outside of the validity period, your jewellery insurer would be unable to approve the claim.
Jewellery Insurance Policy Terms FAQ
When Is Your Insurance Coverage Active?
This is up to you! For instance, if you are insuring an item you already own, you can request that your insurance coverage begin immediately. In this case, your coverage becomes active as soon as your premium has been paid. If you're planning ahead for a piece of jewellery you're planning to purchase, you can request an effective date in the future. This is when your insurance policy term begins.
When It’s Time to Renew My Policy, What Happens?
Typically, jewellery insurance policies are renewable annually, and your insurance company will send a renewal notice a few weeks before the policy expires. Many also offer the option to renew automatically to avoid any possible lapse in coverage. At the time of your term renewal, you can either renew the policy, modify the coverage, or cancel the policy.
If you have a JewelCover policy, all insured items are professionally revalued every year prior to your renewal at no charge. This guarantees you the correct value when and if the need arises to repair or replace your jewellery.
Can I Cancel My Policy?
Yes, you can cancel your policy at any time. However, it’s wise to review the terms and conditions of your specific policy, as some insurance companies may have a penalty for early cancellation.
