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Do you insure against Loss /Damage of Diamond Rings? Value is @ $42,500 HKD. What is Limit of claim?
CCW Global can offer comprehensive home insurance policies which include specified item coverage for valuable jewelry, this includes protection against loss, damage, or theft of diamond rings on a worldwide all risks basis.
In terms of the claims limit, many Home Contents insurance policies will provide a maximum coverage limit of HK$ 50,000 for unspecified jewelry items under the plan. Should you have a jewelry item which is worth more than HK$ 50,000 you would need to specify this for coverage under the plan, and pay an additional premium for the increased coverage up to a maximum limit of HK$ 5,000,000 for a jewelry item.
However, it is important to note that with a diamond ring worth HK$ 42,500 this would be the maximum claimable amount for that item should an insured loss occur - this is to say that you would be unable to claim a greater amount than the value of the specified item under a home contents policy.
It should also be understood that the claimable limit of HK$ 42,500 is only applicable to a total loss of an item for which you have obtained a valid valuation (such as a receipt or invoice). In the event of a partial loss, including damage to the ring, the insurance would only pay the amount needed to restore the item to its condition immediately prior to the loss, or to pay the difference between the item’s market value and its value whilst damaged.
In some cases your home insurance plan may include a deductible. This can impact the amount you will receive for a claim as you will be responsible for contributing towards a portion of the overall claim – more information about deductibles can be viewed by clicking insurance deductibles.
Should you have any additional questions about home insurance plans in Hong Kong, the best way to insure a specific valuable item, or if you would like to receive a free home contents insurance quote, please contact CCW Global Today.
Answered on: 21 August, 2017 15:37
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