A client owned a stunning paid of diamond earrings – a bespoke design by Boodles – which had been bought as a gift by her husband for their silver wedding anniversary. The earrings were insured at an agreed value of £47,000.
Unfortunately, one of the earrings went missing during a charity ball in New York and an insurance claim was made. The insurer (Chubb) gave her the choice of either replacing the one missing earring or receiving the full Agreed Value of £47,000 – with no deductions or excess – after returning the remaining earring to the insurer. For sentimental reasons she chose to replace the earring. The insurer’s claim experts liaised with Boodles’ bespoke design service to create a replacement that matched the stones and quality of craftsmanship of the original.
Most standard home insurers do not automatically include accidental loss, particularly when abroad. Even if the claim was accepted, the client would probably be offered payment for the one lost earring only… either half the sum insured or half the so-called market value – whichever was lower.