Tag Archives: underinsurance

Silver's time to shine

Silver’s Time to Shine: How Rising Prices and Unique Pieces are Reviving the Market

Posted on by

Over the last few years, the silver market has perhaps been viewed as a rather quiet part of the art market, reliable but somewhat disregarded.

You may remember Woody in one of the later Toy Story movies. Silver, like Woody, is proving that you should never write off something just because it isn’t quite as shiny and new as it used to be. It may well prove to be your best bet as a long-term friend.

It is undoubtedly true that some areas have been stagnant. Life-style changes make it unlikely that we are going to see a revival in the taking of tea from an early 20th century silver tea set, or the use of peppers and sugar casters. However, that only paints a partial picture because nothing is ever completely one-dimensional.

I kilo silver bar.

I kilo silver bar.

An article in The Antiques Trade Gazette neatly summarised the situation thus:-

‘The increase in bullion prices can influence antique silver prices in several ways. It can make owning silver appear more attractive as an investment, it can create a sense of urgency among collectors and enthusiasts as prices rise and lastly it can raise awareness of the craftsmanship, beauty, and historical significance of antique silver over other tangible assets.’

There has been much made of the increase in precious metal prices over the last few years. The price of these precious metals is usually tagged to global financial and political stability. The turbulence of recent years has seen a huge increase in the price of some metals, particularly gold. However, this should be counterposed against a reduction in the price of other precious metals notably platinum and palladium. This is largely due to the decline in use of these metals, along with rhodium. These are collectively known as the platinum group metals – PGMs. Car manufacturers have turned to battery powered electric vehicles which do not need PGMs in catalytic convertors causing a downturn in demand, and consequently the raw metal price. For many years platinum prices tracked or surpassed the price of 18 carat gold; at present both platinum and palladium are worth less per gram than 9 carat gold.

A 1962 silver owl mustard pot on sale for £2250.

How does this affect silver?

In September 2019 silver was trading at about £15 per ounce, and by August 2020 it was over £21.60, and as of today it is trading at £23.28. There is much speculation that the price of silver has a long way to rise. Unlike the PGM group metals silver is still widely used in industry, in medical technology, cameras and in the electronics sector in the manufacture of machinery requiring electrical contacts such circuit boards and semi-conductors. What, you may well ask, has this to do with the valuation of domestic silver?

As one silver dealer put it to me recently, much domestic silver is now scrapped to be used to make 1 kilogram bars of silver which are sold to ‘stackers’. These are people who believe that the price of silver will soar when the increasing global demand far outstrips the annual output. What is far more optimistic is a flourishing of rare, novel, ancient, esoteric and unusual pieces. This has seen some stunning prices at auction recently including a set of rare Scottish late 17th century provincial trefid spoons which sold for £13,000 , against an estimate of £3,000 – £5,000, and a stunning George III candelabra centrepiece which made £44,000 at Dawsons last month. This piece had been found in a suitcase under a bed where it had lived for the last 45 years. This is particularly relevant as the auction house revealed that the last insurance valuation has been conducted in 1987. Dawson’s research had partnered it with a similar pair of four branch candelabra sold by Sotheby’s in October 2022. This undoubtedly helped the piece achieve over twice the higher end of the estimate.

Thus, you have high prices because of the inherently high price of silver at the moment, offsetting the lack of interest in some areas of domestic silver; coupled with even higher prices for anything that is a little out of the ordinary or even very splendid as above.

In terms of making sure that insurance values are pegged to the current market, it is worth considering whether good pieces are adequately insured and whether more modest silver may be over-insured. Perhaps some pieces might be better sold if they are only gathering dust in drawers and cupboards rather than being used and enjoyed.

Whatever you decide to do with your silver it is always worth ensuring that you have the best up to date information to help you make informed choices that are right for you and your family.

An American novelty stamp box for sale at Peter Cameron for £425

An American novelty stamp box for sale at Peter Cameron for £425

Protecting the Cash in the Attic

Posted on by

Frequently, for those whose homes are filled with antiques and art – particularly when they have been treasured family possessions for generations – potential replacement values for insurance can be overlooked.

Whilst jewellery and silver are often undervalued for insurance – recent costs having increased – there are certain types of objects which can be discounted completely.

With that in mind, Doerr Dallas Valuations would like to share a few examples where interesting history and excellent quality have led to growing value and this fact may lead to under insurance.

Georgian Costume Jewellery

The 18th and early 19th centuries were a time of great innovation and advances in technology. One of the fields in which this was obvious was jewellery design. With sumptuary laws being ignored, and with a growing middleclass keeping up with the latest trends, the desire to own the most fashionable jewellery became widespread. This demand was met by advances in artificial stone production – what would now be described as paste jewellery. Paste stones could be manufactured in a range of dazzling colours – mimicking – or even more vivid than their precious stone equivalents. It made jewellery more affordable to the fashionable of the day.

Costume jewellery, in terms of its financial value, has often been disregarded in comparison with fine jewellery equivalents. However, in recent years a strong market for costume jewellery as a whole is evident. Recently, the Georgian paste jewellery market has strengthened resulting in rocketing prices.

At auction, estimates have been smashed – in February 2023 a suite of blue paste jewellery (parure) comprised of a necklace (which would have been attached by a ribbon), a bracelet and a pair of earrings was offered in auction (Woolley & Wallis lot 148) with an estimate of £200 – £300. The eventual total selling price was over £25,000!

Domestic Metalware

Objects made from brass, copper and pewter may appear ordinary but again their values can be surprising. Lighting, fire grates, door furniture, mortars are all things to consider when arranging an insurance valuation.

Early pieces are highly prized by collectors and their replacement value can be in the thousands. In a recent auction, (The Chapman Pewter Collection – Bishop Miller; April 2023) a rare pewter candlestick manufactured during the reign of Elizabeth I/ James I achieved a selling price of over £30,000 (Lot 43). If you are uncertain as to the origin of your metalware, it is always best to consult a specialist valuer.

Furniture

In recent years the antique furniture market has been much maligned, with reports of the decrease in values being widespread. While the market may not be that of the 1980s, quality antique furniture continues to be esteemed and seeking replacements competitive.

Modest oak and antique country furniture should be closely looked at when considering insurance. Windsor chairs, mule chests, dressers and farmhouse tables are respected amongst collectors.

Treen

In a similar vein to country furniture and domestic metalware – treen – domestic objects made from wood may have been disregarded. In this fierce collecting field, prices can be surprising and some objects extremely rare.

 

 

Toys, Games and Juvenilia

When considering a valuation, looking at the playroom or nursery may not be the first area for attention but with the market for antique toys and games proving ever popular, replacing these treasured possessions can be costly.

Important and interesting 18th and 19th century dolls houses are collected not only by those interested in toys, but for those with a passion for architectural history. These microcosms of the family home often include complete furniture and decoration – showing how families lived and operated their homes. To replace good examples, the anticipated cost will be upwards of £10,000.

Rocking horses have a history which dates back thousands of years – the toy in the current form has existed since the 19th century. Rocking horses, both antique and modern, are a focal point for a playroom and as such should often be insured. When looking to acquire a good 19th or early 20th century example, one should budget over £2,000.

Playing cards, board games and games compendiums may be valuable depending upon age, manufacturer and scarcity. Toy specialists can offer guidance on teddies, dolls and antique toys and games.

Exploring the hidden treasures in your attic could be a delightful journey down memory lane. These items which hold dear memories close to your heart might even surprise you with their financial value.

Under Pressure – The Exponential Growth of Underinsurance

Posted on by

The Exponential Growth of Underinsurance

As 2023 drew to a close, I look back on the year and reflect on the subjects I have found myself discussing most and even on the morning of the 27th of December at 9am I received a call from a long term client of ours whom is not only well respected, but incredibly astute, and this case highlights without a shred of doubt, the biggest problem in our collective industry currently.

A client of theirs is looking to insure a collection of jewellery with insurance values ranging from £1,000 – £20,000 – individually not huge sums, but collectively a significant amount. The figures have been gathered through somewhat standard avenues of what was paid for the item and “what we think it is worth/or worth to us”.

In my estimation, the collection is probably underinsured by a figure close to 50%, and on some individual items, close to 75%. We are now working out when we can get to the client as soon as possible in the New Year.

Whilst it may have been considered the ‘elephant in the room’ for many years, brokers and insurers are now discussing the problems that underinsurance can cause. We all know that the implications of underinsurance can be catastrophic, but how do we pass that knowledge on to clients and give them the knowledge that they need to make an informed decision about their cover, and having a professional valuation?

A recent example occurred during the summer, of which I was part of the team assessing a large estate that had been inherited from parents of a well known farming family. The figures provided were done so in the mid 1990s, and index linked from that date, with a figure of around £250,000 for the entire contents of the property.

Following the valuation, the figures were certainly surprising to the client, and the broker.

  • A general contents figure of £200,000
  • An antiques and collectibles figure of £210,000
  • A silver figure of £101,000
  • An art figure of £210,000

What astounded me is that despite being a heritage property, the insured still had all the contents in one general contents pot, with no specific categories indicated on their policy. Following the valuation, the client and broker now have a far better image of what they are insuring with correct figures for different areas, representing far better value for the client and a far better risk evaluation for the broker and insurer.

A recent survey completed by one of the biggest insurers of hight net worth clients in the United Kingdom has revealed that 67% of their clients need more guidance and assistance with their collections. This offers great potential for brokers to have the conversation with their clients about how they can help and offer an ever greater service.

What is clear is that the market is changing, with people’s tastes moving from more traditional avenues of collections and investment. The same survey indicated that 44% of high net worth clients invested in jewellery, and the same percentage in watches, which have both seen exponential growth in the last decade.

The great opportunity that a valuation always offers for the client is not only knowing the value of specific items within their collections, but also the figures of the collection total in addition to the individual items mentioned previously, so one can gather a ‘snapshot’ of the property.

So, should the subject of under insurance still be swept under the rug? Well, if its increased in value by 60% in the last five years, probably not.

Recent classic and collector car market trends mean you’re probably under-insured

Posted on by

Since the full force of the coronavirus pandemic hit in the spring of 2020, we have all experienced unforeseen ups and downs in many aspects of our lives.

Whilst it doesn’t begin to compare to what many people have suffered over the last three years, the classic and collector car market has also experienced significant turbulence and unpredictability in relation to values.

As a result, many classic car owners are very likely to be under-insured with out-of-date valuations and would find themselves heavily out-of-pocket in the event of a claim.

What has been happening in the market?

Having experienced something of a dip towards the end of 2019, classic and collector car market values spiked considerably not long after the first lockdown came into force at the end of March 2020 – according to recently released price index data from the insurer Hagerty.

Stuck at home with little to do and unable to go away on holiday, buyers spent significant amounts of money on classic cars; with the increasing demand pushing values sharply upwards. With physical dealerships closed, online classic car auction platforms with detailed photographs and thorough descriptions provided a low risk route to purchase.

These digital-only outlets, such as The Market by Bonhams in the UK and Bring a Trailer in the US, reported record sales figures during 2020.

As the world went back to work during 2021, average market values cooled a little but the rising cost of living and then the invasion of Ukraine in early 2022 caused higher fuel prices and a more significant dip.

Where are we now?

The first data points of 2023 show that average values in most classic car categories are now well above where they were pre-pandemic.

The category that has performed the best over that period is what Hagerty tracks as their Gold Index. This segment includes top-end collector cars such as the Mercedes-Benz 300SL Gullwing, Ferrari F40 and Ford GT40, and shows an average market value increase of 21.4% since late 2019.

Not far behind on a 17.4% increase is the Hot Hatch grouping. These are the cars that Generation X-ers wanted to buy in their late teens and twenties but couldn’t afford. Now in their middle-age with a greater disposable income, fast Fords and GTIs are being snapped up in waves of nostalgia.

Less than a percent adrift are the Best of British cars at +16.6% and at an 11.4% increase is the Classic category which represents the “everyman” classic cars and by far the biggest slice of the market.

Is your car under-valued?

Based on these findings, there is a very good chance that unless you’ve had your car valued recently, it will be under-insured.

Indices such as those from Hagerty are based on market value averages across a range of models, so it is important to get a valuation not just on the make, model and year of cars that you own but for your actual cars in their current condition and with any particular history or provenance.

Market valuations – what you could expect to sell the car for – are most appropriate for valuing assets for probate, inheritance tax or division of chattels, but you need to value cars differently for insurance purposes.

An insurance valuation assesses what it would cost to replace a car if it were stolen or badly damaged and could include all manner of additional expenses beyond the purchase price of a similar car or just the cost of repair – particularly if the car is a hard-to-find model or requires specialist parts and extensive labour to restore it to your particular specification.

Get an up to date valuation

At Doerr Dallas Valuations, we usually recommend revaluation at least every 2-3 years to incorporate market trends. Never has this been more important than now due to the heavily fluctuating classic and collector car market.

Get in touch with us to discuss how our independent team of specialist valuers can help to make sure your cherished vehicles are properly covered.

Out of the Closet – are your clothes insured adequately?

Posted on by

As a general valuer, I still find it remarkable that the most shut off and private room of the house, is usually the one that hides the biggest mistakes, faux pas, successes, lucky finds – and ultimately valuable items in the property.

The humble wardrobe has for years been the item that comes last in a hierarchy of importance throughout the home – after paintings, sculpture and antiques it would almost seem vulgar to add up those collections of cashmere jumpers and boxed sets of Agent Provocateur underwear that you haven’t quite found the right time for.


So why is the wardrobe often overlooked? One could argue that accumulation plays a big part in this – if a client spends £2000 on a coat, would they contact their broker? Maybe not, but after five years of a new winter warmer every year, that figure starts to rise rapidly…also clothing just being a functional item went out in The Stone Age, clothes have been about style, exclusivity, and quality for centuries and that has created a fairly modern phenomenon – the clothes collector.

Whilst we all have items in the closet that hardly ever get used (for me it is a pair of trainers, used exclusively from January 1st – 7th annually, and a rather ill-advised pale blue suit bought for a garden party in the mid noughties) there are clients of mine that seasonally will spend over £100,000 on clothing and it will only be worn once or twice – this isn’t unusual, and strangely it seems to be becoming more common.

If you haven’t read my previous article on Birkin handbags, please do – it will give you an insight into this fascinating subject and go some distance to explaining why these items receive so much attention and earth-shattering prices. Shoes for many people fall into a similar category of not just simple things that you purchase and wear, but footwear that is lusted after, desired, and envied.

With all of these things considered, does that mean that every HNW client has £1,000,000 of clothing – no, but what it does mean is that a lot of these clients have not considered that the suit they had made at Henry Poole will no longer cost them £2,000, and that pair of Ferragamo’s may have even doubled since they bought them before that cruise, even a simple pair of jeans is almost £100 these days, and I wonder how many people have factored in swimwear or scarves?

What is very clear is that today’s collectables can be displayed, or worn and they all can still change value at an astonishing rate and need to be reviewed regularly. One of my current favourite trends is the astonishing market for rare basketball sneakers (that’s trainers in English) where the secondary market surpasses even Rolex for the biggest increase in value as soon as they walk, or at least are carried out of the shop.

Whilst a valuer cannot go through every drawer in a dressing room, it’s important to establish the client’s taste and style. Getting to know the client and their spending habits is vital to an accurate valuation – that and a keen eye for a pair of Gucci loafers…

Is it Time to Update Your Jewellery Insurance Valuation?

Posted on by

A pair of platinum and diamond ‘Victoria’ ear studs

We have chosen four items of jewellery from four of the top manufacturing brands – items that have been in production virtually unchanged for nearly 20 years – unchanged that is except for the price to demonstrate how important a regular jewellery insurance valuation is!

The price of gold in 2003 was about $450 per ounce and it’s about $1510 per ounce today having peaked around 2012 at $1750 per ounce – so the roughly 350% rise in bullion price over the period in question is a price increase factor but a surprisingly small one in gem set pieces like these. The Cartier ring is quite a chunky piece, but its basic bullion value today is probably about £400 as opposed to approximately £125 in 2003. OK, the VAT rate has risen from 17.5% to 20% in the same period but again that’s had a pretty small effect on the retail price, so that leaves gem stone prices, manufacturing costs and retail profit mark ups as the main ‘culprits’ for the 2.5/3 times price increases.


Van Cleef and Arpels.

An 18 carat yellow gold and mother o’pearl 20 motif Vintage Alhambra necklace.
2004 £6,210
2012 £10,800
2021 £13,700

Diamond prices for good commercial grade stones which these top manufacturing brands would use have largely stalled over the past few years; it’s only the highest quality and rare coloured stones which hit the headlines with their huge prices. And we’re all waiting to see what the effect on retail prices will be when the full impact of the introduction of synthetic diamonds is felt. Also to be taken into account is the effect that internet has had on diamond prices. There are numerous well-established and reliable web sites making available to all millions of unmounted stones at basically ‘trade prices’ (plus VAT) and most with recognised laboratory certificates. The ‘closed shop’ trade only which has prevailed in the jewellery business for centuries is breaking down. The coloured stone market is swamped with cheap, very heavily treated and colour enhanced rubies, sapphires and emeralds that come mainly from the Far East. Another factor is the huge increase in the use of coloured stones that 20 years ago would have been classified as ‘semi-precious’ but are now appearing at serious stone prices. The stones that have shown a huge increase in price over the past 10 or so years have been natural untreated sapphires, rubies and emeralds – but the stones have to have an independent laboratory certificate stating they are natural colour and untreated to come in to this category. A few exceptional stones of this type – mainly in pretty 1920/1940’s period pieces – have fetched more per carat than decent comparable size commercial grade diamonds.


Cartier.

An 18 carat white gold, diamond and emerald Panthere ring
2003 £26,000
2010 £42,100
2021 £73,500

Manufacturing and jewellery workshop costs in Europe have certainly risen sharply over the past 20 years – as anyone who has had to have jewellery items repaired will know. Nearly all items are still hand made or finished so the cost of making up of jewellery is a big factor in the resulting retail price. The exception to this being the type of items available from online sites and lower grade retailers that are mass produced in the Far and Middle East – usually pretty poor-quality workmanship and poor-coloured stones. The second-hand and auction market for jewellery of this type is very weak – so don’t expect to cover the cost of your Far Eastern travels if you try to sell your purchases back in the UK.

Chopard.

A pair of 18 carat white gold and diamond ‘Happy Diamond’ drop earrings.
2003 £1,875
2011 £3,120
2021 £4,290

Profit marks up are a big variable – about 30 years ago when I was first involved with jewellery the tacitly accepted mark-up was to double the cost price and add VAT. Now, for a retail shop mark-up can be a whopping 300% to 350% plus VAT. But don’t be too harsh on the retailer – he has frightening fixed overheads and outgoings, and jewellery can be slow moving stock. Also, some jewellery and watch manufacturers do dictate a fixed retail price to the shop for their products. But it’s always worth a little haggle!!

Tiffany.

A pair of platinum and diamond ‘Victoria’ ear studs
2003 £3,100
2010 £4,925
2021 £8,775

If you had bought any of the four illustrated items back in the very early 2000’s at these prices and had applied an across the board annual percentage increase to cover insurance you might well have ended up in trouble in the event of a claim due to the variable cost factor increases. We recommend a review of a jewellery insurance valuation every 3 years. A desktop revaluation is fully acceptable within this timeframe, but a complete revaluation at 5 years especially as the valuation would include a close examination of the condition of claws, clasps and links, is something more and more insurers and brokers now insist on.

I’m afraid I must end on a cautionary few lines. Most of the big brand names like the ones above suffer from faking and copying. Allegedly more Van Cleef and Arpels Alhambra jewellery has been made in the Middle and Far East than in France!!. All the brands we have illustrated are meticulous in their marking and all their products will have a brand name and in most cases also reference and individual serial numbers, so if you’re shopping for some big name goodies on your Eastern travels be sure to take a good magnifying glass with you!

The Importance of Keeping Your Values Up to Date and How to Avoid Under Insurance

Posted on by

Over my 28 years working in the Private Client industry working for specialist insurers, and consulting in the High Net Worth (HNW) space, I have seen numerous cases of inadequate cover. Incredibly up to 75-80% of HNW homes are estimated to be underinsured (Datamonitor report 2015).

I recall going with a broker to see one of their clients in London to review the value of their contents and valuables. The client’s wife casually enquired what the general contents were covered for and I’ll never forget her response when she was informed of the amount … ‘darling, that wouldn’t even cover my handbags’ – which incidentally were ‘serviced’ annually in New York. The sums insured were subsequently reviewed and there was a more than threefold increase in cover.

In another example, following an unfortunate fire at a substantial home, the total contents cover was almost exhausted in one room where the curtains alone were worth £70,000. They were completely damaged by smoke, rather than the fire itself. Whilst the insurer was sympathetic to the client’s position, they had not received adequate premium as the sums insured were hugely understated, and the insurer asked the client to pay backdated premium for the correct sums insured. The broker involved was grateful for the insurers approach, although had not spotted the degree of under insurance.

Why are HNW homes more at risk from underinsurance?

Value of certain items increase over the years such as jewellery, art and even wine.
Items made of precious metals and valuable stones are highly influenced by fluctuating markets, which can lead to significant increases.

Bill Baker of Porticus Insurance Consultants Ltd, a specialist HNW broker based in London commented on his experience:
‘We recommend that our clients’ jewellery is valued every 2-3 years to avoid under-insurance. We know many are not properly covered and when they do have a new valuation, we see very significant uplifts in values. We also regularly see under-insurance of contents in the high net worth sector. The replacement costs of contents in a typical detached family home can easily be £250,000 or significantly more depending on the quantity and quality of clothes, shoes, handbags, carpets, curtains, sports equipment and furniture’.

So how do insurers deal with under insurance at the time of a claim?

HNW insurers stipulate in their policy terms that items of contents and valuables need to be insured for their full value, and their adequacy will be reviewed at the time of a claim. If the amount is not adequate, they will require as a minimum that the sums insured be revised, and the correct premium collected. At worst they can potentially void the policy if there is deliberate misrepresentation, and or non-disclosure.

These insurers often individually list on the policy items over a certain value for jewellery, art and precious metals, and then cover them on an ‘agreed value’ basis. At a time of loss, the insurer will pay out the amount on the schedule, although not a higher amount if the item costs more to replace, which can be the case if the item has not been recently valued.
Most non-HNW insurers will apply average, where the amount paid out is proportional to the amount underinsured, so if the underinsurance amount is 50% for example, then only 50% of the claimed amount will be paid.


How to avoid underinsurance:

  • Have a professional assessment by a specialist valuer such as Doerr Dallas Valuations, to keep the values of your contents and precious items current. They offer an initial walk through valuation for £500 plus VAT, which will highlight any underinsurance on contents, as well as comment on the adequacy of jewellery cover. If there is significant underinsurance a full valuation will be recommended
  • Review your sums insured on a regular basis, considering movement in prices, for example the recent increase in gold prices
  • Undertake a full review of your home contents, including carpets and curtains, clothing and shoes, sports equipment, and items kept in cupboards, garages and garden rooms
  • Speak to a specialist HNW broker, who will offer you independent professional advice about how to protect your valuable assets, and recommend a suitable insurance policy for your needs

Does Your Current Insurance Reflect Art Market Increases?

Posted on by

Yayoi Kusama –
KOKORO (Heart), 1988

We asked our Head of Contemporary Art, Ben Hanly, to look at how values have changed over the past few years to illustrate just how important it is to have the value of your collection updated regularly. We think you will be shocked by the results!


David Hockney (British, 1937)
Pool Made with Paper and Blue Ink for Book, 1988
Lithograph, edition of 1,000
26.5cm x 22.5cm

2015 – £10,000

Now – £25,000


Yayoi Kusama (Japanese, 1929)
KOKORO (Heart), 1988
Acrylic on canvas
65cm x 53cm

2006 – £45,000

Now – £225,000


Andy Warhol (American, 1928-1987)
Marilyn (no. 31)
Screen-print, edition of 250
91.4cm x 91.4cm

2015 – £175,000

Now – £300,000


Banksy (British, 1974)
Girl with Balloon, 2003
Spray-paint and stencil on canvas, edition of 25
40.5cm x 40.5cm

2015 – £175,000

Now – £600,000

To speak to us about an art valuation call us on 01883 722736 or email [email protected]

 

Are you correctly insured? The importance of having your contents correctly valued

Posted on by

Download this article

Sean McIlroy, Senior Valuer

How much do you insure my contents for?   This is a question asked to all clients by their broker or insurance company.  It’s also the hardest question for clients to answer.
Under-insurance is a huge problem in the industry.  A recent analysis of a sample of Walk Through Validation reports completed by Doerr Valuations, revealed high levels of underinsurance, particularly in the categories of fine art, jewellery and watches. 73% of the clients were under-insured by at least 36% and many, by as much as 50%. The answer to solving this problem is to undertake a Walk Through Validation (WTV) or a Full Valuation.
A WTV is an independent contents survey provided to appropriate clients which includes the general contents, fine art and jewellery assessment. Its aim is to ensure the correct levels of cover are in place and advise if a full valuation is needed.
The process for a WTV takes around two hours beginning with a discussion with the client about their current sums insured and how these figures were arrived at.  There is also a conversation about where and how items would be replaced in the case of a claim, whether it be at an Interior Designer, Harrods, John Lewis or Ikea.  No one assessment is the same, every client is different.   It’s very important to understand the clients buying habits to enable us to provide a value.  Every area of the contents is covered, including the replacement of your wardrobe contents, shoes and handbags, outdoor items and outbuildings.
The survey is a room by room, category by category break down of the contents where a senior valuer attends.  At the end of the WTV the figures are added together in their correct categories and totalled.  The senior valuer then discusses the findings and agrees them with the client.
In many cases high net worth clients may have specialist collections.  This may be in Contemporary Art, Jewellery, Watches, Silver, Porcelain or even Handbags.  If this is the case the survey would recommend a full valuation for a particular category by one of our relevant specialists.  This ensures that the sums covered are accurate.
The survey will include values and photographs of high value items and a photograph of the property and general room shots.  A section on security including confirmation of alarm systems, locks, safes etc, is also included.

The benefits of a WTV are many.

For the client, the contents sums insured are accurate and independently verified so they give piece of mind for the client and the broker can feel confident that they have done all that they can to make sure their clients are correctly insured.

For the underwriters, they will know the sums insured are correct and independently verified thus easing any claims process that may arise should the client suffer a loss.

For the cost of approximately £500 which may well be less than your Policy excess, it’s a win, win situation for clients, brokers and insurance companies alike.

When properly insured, should you suffer a loss you can be confident that the settlement you will receive from your insurer will replace the contents of your home for you and your family.