Niche classes of business require niche insurers! That’s why Berkley insurance Australia backs Centrestone Jewellery Insurance.
For most people, the thought of losing their precious engagement ring or wedding band is a nightmare. The sentimental value of these items alone makes them worth protecting with a specialist insurer.
Below are 9 of the most common ways people lose their precious rings.
There are several ways to lose your ring around water. A ring might be properly sized for when you are out of the water, but what about when you are in the water? The current in the water together with your fingers shrinking in the cold can result in your ring slipping off without you even noticing. The chance of finding your ring under the waves and in the sand is incredibly low.
When traveling we tend to be a bit out of routine. Checking in and out of different hotels at strange hours of the day can leave you vulnerable to forgetting your ring. It makes sense to put your ring in a hotel safe but what if you leave it behind when you check out? Many hotels may not have sufficient insurance to cover the value of your engagement ring if it is stolen in these circumstances or may limit their liability to you through complex agreements you have accepted by staying at the hotel. This means you are at risk of not recovering the full replacement value of your engagement ring. If you are using a hotel safe, always remember to make sure it is locked before you leave the room and inspect it before final check out.
Hitting the gym is a daily must for many of us but if you choose to wear your ring while you work out it could suffer damage. Weight bars and dumbells are big, heavy objects and if they come in contact with your ring the stone or setting can easily be damaged. Direct impact or even strong pressure against the ring from the strain of lifting can cause damage including a warped or scratched setting or a chipped stone.
As soap is known to cause corrosion to your ring many people choose to remove their ring while washing their hands. If you’re in a public restroom and you take the ring off and leave it by the sink, it is very easy to leave it behind. It then could be minutes to hours before you realise you’ve left it and countless people have probably used the sink since. It can easily be stolen and your chance of recovering it is slim.
Whilst gardening may be therapeutic for your mind it is certainly not the best activity for your precious ring. The soil in garden beds is very dark in colour and the soil on your fingers can allow the ring to move enough to fall off. If your ring comes loose whilst digging around in the soil, it will be incredibly difficult to find. Not to mention soil will become lodged in every nook and cranny of the ring and damage can occur. Keep your ring safe from the dangers of gardening by taking it off and storing it in a safe place.
It seems unlikely but it happens more often than you would think, your ring falls down the sink or into the toilet and is flushed away. Anytime you go near the toilet or sink with your ring on there is a chance it could end up down the waterway. As mentioned above, many people take their rings off to wash their hands and this can result in the ring being knocked accidentally down the drain. Or maybe you’re at the sink in the kitchen rinsing something and the cold water is enough to shrink your finger and allow the ring to become dislodged and before you know it it’s gone.
Kids, especially toddlers, can be enthralled by the sparkle of your ring. They want to wear it themselves and play with it. If they manage to get their hands on it, they might not be as careful as you are. Kids put things in the strangest places and getting a toddler to tell you where they put something is not easy. Keeping your ring out of reach of little fingers can help to avoid sudden disappearances.
You decide to leave your ring in a locked change room locker at the gym during your workout. While you might think your ring is safe, it may still be at risk of being stolen by thieves. If you’re in a public facility, it is likely that staff members can still access your locker. Instead of putting your ring in a gym locker, you can leave it at home or in a concealed place in your locked vehicle to reduce the risk of it being stolen.
Stones can be set in your ring in many different ways which is what makes it unique to you. However, this variety of settings also makes certain types of settings, such as tension set stones, more susceptible to becoming loose and falling out. Everyday wear and tear can also result in small movements and deterioration of the metal which enables the stones to become loose over time. Often it is not visible to the naked eye that a stone has become loose. If a stone is loose it can fall out anytime. For example, when you are out for a walk. To avoid the shock of a lost stone, you should take your ring back to your jeweller for maintenance and repair from time to time.
So how can you protect yourself?
As you can see, accidents do happen. Some of these events are just bad luck and some can be avoided.
Centrestone Jewellery Insurance can provide you with cover if you lose or damage your ring. In addition, a Centrestone Jewellery Insurance policy covers your ring for up to 150% of its insured value (to a maximum of $50,000) to account for fluctuations in its replacement cost.
Berkley Insurance Company ABN 53 126 559 706 t/as Berkley Insurance Australia (BIA) is the insurer of Centrestone Jewellery Insurance distributed by Centrestone Insurance Pty Ltd ABN 28 610 253 891 (Centrestone) and issued by Enable Underwriting Pty Ltd ABN 81 610 250 425 (Enable). Centrestone and Enable are authorised representatives of Enrizen Pty Ltd ABN 64 107 643 809 AFSL 403905 who have a binding authority from BIA. Information provided is general only and has been prepared without taking into account any person’s particular objectives, financial situation, or needs. Insurance is subject to terms, conditions, limits, and exclusions. Underwriting criteria applies. When making a decision to buy or continue to hold Centrestone Jewellery Insurance, you should review the relevant Product Disclosure Statement available here.