How much do you value your precious items?
At W Bruford we offer a comprehensive aftersales service offering valuations for probate or insurance purposes on jewellery, watches, clocks and silverware. We have recently welcomed back our in-house valuer who brings a wealth of experience including the Retail Jewellers Diploma, FGA (Fellow of the Gemmological Association) and DGA (Diamond Gemmological Association) qualifications. Bringing the valuations process in house means we can now process valuations within 48 hours without your precious items leaving the premises, ensuring their safety at all times.
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Why do i need a valuation?*
You may require a valuation for a number of reasons; the most common is that your insurer requires one to provide adequate insurance cover for your watches and jewellery. Other reasons include probate, private sale or just for personal interest.
Watches and jewellery are precious and need insurance to protect them, but of equal importance is a professional valuation detailing the pieces and confirming how their value has been determined. It is essential that you discuss with your valuer how you would replace your items if they were to be lost as it is fundamental to the type of valuation produced. For example a new item from a chain store would be based on the New Replacement Value (NRV) whereas a second hand or antique item’s value would depend on where it was bought and how it would be replaced. Here a Second Hand Replacement Value (SHRV) would be more appropriate.
Your valuer will also confirm how often your items should be revalued. Precious metals and gemstone costs fluctuate greatly and regular valuations ensure your insurance values are correct.
Why do my insurers need a valuation?
In the event of loss, the onus is on the insured to prove they had the items for which they are making a claim. Valuations establish that you had the pieces at the time of the valuation and their correct replacement value for insurance purposes. Many valuers do not ask for valuations below an agreed value but our advice would be to obtain valuations for all significant items. Smaller pieces can be grouped together and an overall value allocated. In the absence of a valuation insurers often use Claims Management specialists to try to ascertain the value of jewellery after it has gone, an unsatisfactory process know as post-loss valuation.
You need to make sure your insurer understands the basis of the valuation otherwise they will assume it is New Replacement Value (NRV) which could complicate a claim for an unusual or antique item. If some of your items are kept in the Bank or a home safe at all times make sure your insurers are aware as this should reduce the premium you will be asked to pay.
What’s included in a W Bruford valuation?
Your treasured items can be returned to you within 48 hours and will include 2 copies of a valuation certificate, including a photo of the item, a full description and the item’s value. Your jewellery or watch will be cleaned and any claws or setting will be checked to ensure they are in the best condition.
What to bring with you?
Bring your items with any certificates or previous valuation documentation, the more information you can provide us with the better.
How much is a W Bruford valuation?
Valuations for insurance purposes are charged at £20+ 1.5% of the overall value of the item.
Valuations for probate are £25+ 3% of the overall value.
We can also carry out general valuations on most watches in store for £20. Prestige watches increase in value over time due to the increase in retail prices. At W Bruford we offer fantastic part exchange values on all watch brands including Rolex, Breitling, Omega and more.
Did you know..?
• Most valuations for insurance purposes should be renewed every 3 – 5 years depending on the insurance company and your policy details.
• It is extremely important that you check your single item limit on your insurance policy to ensure your precious items are completely covered.
• If you are unsure whether your policy covers an item, we can check the details with you and advise on the best action to take.
11 – 13 Cornfield Road, Eastbourne, East SussexBN21 3NA. Telephone: 01323 725452.
www.wbruford.com
Valuations event
Join us in store at W Bruford on 22nd & 23rd September for a special 2 day valuations event. Book a face-to-face appointment with our valuations specialists to discuss your needs and receive a discounted rate of £20+1% of the valuation on all items.
Call 01323 725452 to book your appointment now.
