Determine what type of portable possessions cover you need. Your smartwatch, earrings and drone may all fall into different categories:
Unspecified portable possessions
Your new earrings (along with personal effects such as clothing, your watch and your handbag) can fall into this category. Your items are automatically covered without you specifying each item, but your policy will specify a limit on the amount you may claim.
What to do: Check your policy. If the value of your items exceeds the limit, you may need extra cover.
Specified portable possessions
Your smartwatch – and items like smartphones, laptop computers and other electronic equipment – may need to be specified under portable possessions so that they are covered in full.
What to do: Provide your broker with the description and details of each item, like the serial number. For certain items, you may also need to provide a professional valuation certificate.
Specialist cover
Cover for your drone while you fly it, or photography equipment that you use for financial gain, falls into a different category. These high-value or high-risk items usually do not qualify for standard specified or unspecified portable possessions cover and need specialist cover.
What to do: Contact your broker to discuss your options. These will vary depending on whether you plan to use your drone solely for recreation, or for commercial purposes.
Portable possessions cover points to ponder…
- Are your new bicycle and golf clubs covered while you use them? Check, and specify them under portable possessions and select the Sporting bundle if necessary. Note that sports equipment is only covered whilst in use if the Sporting bundle has been selected.
- What are your portable possessions policy requirements? You may have to lock unworn jewellery in a safe or carry it in hand baggage when you board a plane to ensure it is covered.
- Have you provided your broker with up-to-date valuation certificates for items such as gold, silver, and platinum or precious stones? Failure to do so may affect future claims.
- Are you covered while travelling? Portable possessions insurance generally covers you worldwide, but there may be restrictions. Check with your broker.
The bottom line?
Never assume that portable possessions cover is automatic. Make sure your exciting new possession is adequately covered, and specified if necessary.
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