Many people contact us asking for a separate all-risk insurance policy for their Jewellery. In Spain, this is not common. Spanish Insurance companies and international companies working in Spain prefer to offer all-risk coverage under the home insurance policy which includes the building and contents cover.
Why is this the case that there no options for all-risk policies individually in Spain for Jewellery? The answer to this question is that there are very few companies i.e low competition. The other reason is that there is low demand.
Coverage for all risk of Jewellery usually has a worldwide territorial range. This is important as some companies limit the coverage to Europe and therefore if the claim happens outside Europe there will be no cover.
The type of cover is for Theft or loss. There will be no coverage for accidental damage.
If you are not wearing the items then they should be in the safe.
It is worthwhile sending the make and model as well as a photo of the safe to the insurance company so that in event of a claim there are no arguments as to the quality of the safe.
There are policies available on an individual basis for this type of insurance for Art and valuable collections. The cost is usually much less for this type of policy done separately. If the Art of collections is included all risk within a general home policy then the cost will be more expensive.
Having all risk cover on the building is more important for new builds rather than buildings that have been standing for many years. Subsidence or land movement is usually going to affect new builds and having All risk cover subsidence will be included. If on the other hand there is no all risk cover on the building within the home policy then cover will be excluded.
This is the most common type of cover and is very inexpensive. The most common claims we see here are spilt paint on furniture or a plasma TV, for example, toppling over.