Risk context
The usual trigger for a specialist policy is not total value but concentration, meaning a single item, or a category of items, sitting above what a household contents section is designed to carry.
Valuation evidence, storage conditions and worldwide use are the three areas insurers examine most closely in this class.
Concepts that appear in this class
- Agreed value
- Some policies settle at a value agreed at inception, supported by a valuation. Others settle at value at the time of loss.
- Valuation currency
- Insurers commonly ask that valuations are refreshed periodically, especially for precious metals and stones.
- Territorial limits
- Cover away from the home, and outside the country, is defined rather than implied.
- Security warranties
- Safe specification and alarm conditions may be written as policy requirements.
These are general descriptions of terms commonly used in this class of insurance. They do not describe your policy. Whether any of them apply, and on what terms, is determined by the wording, schedule and endorsements issued to you.
What moves the terms
- 01Individual item values and total collection value
- 02Where items are kept and how they are secured
- 03Whether items travel or are exhibited
- 04Age and provenance of valuations held