Priceless but Unprotected

What the Louvre’s Loss Teaches About Jewellery and Fine Arts Insurance.

The value of the jewellery stolen recently from the Louvre is indeed spectacular, but even this  economic loss is nothing compared with the historic loss.  

The Louvre could not insure the stolen jewellery. French Law prohibits state museums from purchasing private insurance for items that remain on site. Instead, the French government acts as its own insurer.   

The Louvre had no choice and, of course, you could take a similar risk and not insure your jewellery but make this decision wisely. A valuation can help you to quantify the risk if you choose to self-insure. 

If you take the step of  insuring, then you need to be prepared.  

Peace of mind 

The first step is to understand your policy and the documents required.  If you cannot provide the documents listed in the policy or product disclosure statement, in the event of a claim, then you will be delayed or denied.  

Australian insurers are legally required to be transparent about what is needed for an insurance claim, but the reality can sometimes be more complicated for customers. For example, insurers often do not request proof of purchase or a valuation at the time you take out the policy but will require it if you make a claim.  

Tips to avoid claim issues 

• Regularly update your valuation, especially if the item’s condition changes.  

• Take current photos of you wearing the jewellery 

• Store your documents safely and keep digital and physical copies 

What if I have no documents?  

Insurers prefer pre-loss documentation such as valuations, proof of purchase and photographs because it establishes ownership, value and condition before the loss. If you do not have these documents, the insurer may accept recent high-quality photos and a post-loss valuation.  

A post-loss valuation is often used to estimate the replacement value if there are no original documents or if the documents are missing or outdated. However, insurers may scrutinise these more closely and may request additional supporting evidence to confirm the item’s existence and value before the loss.    

An NCJV Registered Valuer™ can prepare valuations, keep them current and, if you do not have documentation at the time of a claim, can help you with a post-loss assessment.