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Traveling With Jewelry

Whoever thought that a trip to Paris would lead to Kim Kardashian being held at gunpoint in her hotel room having close to $10Mill in jewelry stolen from her room? Thank God, she survived the ordeal.  For individuals who have a high net worth, having a large amount of jewelry is not uncommon.

At every red carpet event there are photos taken of celebrities wearing expensive jewelry. You probably think that insurance carriers would go crazy over something like this.  You are right.

Insurance Carrier Reactions

When a piece of really expensive jewelry or a large collection of jewelry is insured, some insurance underwriters may place restrictions on when and how the jewelry is worn or handled.

Some insurance carriers may require an item be stored in a hotel’s main safe as opposed to the room safe. The assumption is the hotel’s safe is more secure than the safe in the room.

Some insurance carriers may restrict the area that one can take jewelry to. They may restrict coverage to the Continental USA.  Apologies go to our friends in Canada.  A good insurance policy will allow worldwide coverage.

Some insurance carriers may put a restriction on how much jewelry can be taken on a trip. A restriction like this would put a maximum cap that the insurance company would pay for the lost or stolen jewels.

If you own a large collection of jewelry and have it insured under your homeowners or renters insurance, check with your agent or insurance company for any special restrictions that you need to know about.

Ideas for Traveling

If you are traveling with expensive jewelry there are some general safety rules that you should follow to best protect this expensive treasure of yours.

  • As mentioned above ask the hotel where you are staying if they are willing to store your jewelry during your visit. A hotel room safe may prevent prying eyes from hotel staff, but it is no match for a sophisticated thief.
  • When traveling, keep your expensive items with you at all times (except in the hotel safe). Don’t pack your jewelry in your checked luggage if traveling by air.
  • Do not wear your valuables to less secure areas like a pool or beach.

This idea is brillant!

One incredibly brilliant strategy in traveling with jewelry is something famed actress Elizabeth Taylor did with her most expensive piece of jewelry – The Taylor-Burton diamond. This diamond was a 69-carat, pear-cut diamond which her husband, Richard Burton, bought for over $1,100,000.  Her insurance policy with Lloyds of London restricted her to wearing the diamond for only 30 days in any given year, that it be stored in a vault, and that Ms. Taylor would be accompanied by an armed guard if she wore the diamond in public.

The wise actress made a replica of the famous diamond for $2,800 and wear it whenever and wherever.

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Scott Harrigan

About Scott Harrigan

Scott started his career in insurance in 1988 and joined Rue Insurance in 2004 as a Marketing Specialist focusing on creating effective risk financing and risk transfer programs for companies and non-profit organizations. In addition to this he is a member of the Rue Insurance educational team that provides ongoing professional development in critical insurance concepts and programs to Rue employees. About Scott | More Posts by Scott