Pour voir la version française, cliquez ici.
Voor de nederlandse versie, klik hier.
Quarterly Newsletter - November 2015
Anglo Belge Special Risks
SUMMARY
HOME INSURANCE TO PROTECT YOUR JEWELLERY? BEWARE!
A TWO PERSON CLAUSE?
PAY ATTENTION!
Meet the crew
OUR SERVICES
Jeweller’s Block Policy (JBP)
Silk Insurance - Jewellers
Fine arts, Jewellery & Antiques
Kidnap & Ransom
Term life & Personal Accident
Credit Insurance
HOME INSURANCE TO PROTECT YOUR JEWELLERY? BEWARE!
In Belgium, approximately 200 burglaries are committed every day. This tells us that it is more than likely to happen to each of us sooner or later. Thieves are generally looking for goods that are easy to get rid of, like cash, electronics, brand items and gold or jewellery.

Numerous victims unfortunately do not have a thorough understanding of their home insurance; they opt for a theft clause and are deeply disappointed by the expertise results following a claim. Don’t make the same mistake and take out an All Risks Jewellery policy!

Why ?

A home insurance can include a theft clause. After a burglary, the insurance company calls in an expert to evaluate the claim in accordance with the policy’s conditions. In order to correctly evaluate the value of the stolen goods, the expert will request as much proof as possible. This usually includes bills, pictures, jewellery boxes, certificates, guarantees and any other document that can justify the value of the stolen items. It is often difficult to produce these kinds of documents after a theft. Sometimes they have been stolen or the pictures are not sufficiently detailed, which makes the expert’s job quite tedious indeed.

Next comes the expert’s valuation, during which a distinction is made between ‘liquid assets’ (cash), ‘jewellery’ and ‘goods’. The latter includes furnishings such as electronics, furniture, clothing and handbags. In most theft policies these goods are generally reimbursed at their purchase price; this is the price you would have to pay in order to buy the same object anew.

‘Jewellery’, on the other hand, is mostly evaluated at its replacement price, which corresponds to the jewellery’s value on the second-hand market or at an auction. Usually, the expert will only count half or two thirds of the initial price. Certain insurance policies reimburse jewellery at market value, which implies the price of the gold and any possible gemstones. This leaves little of the amount the insured party initially paid upon purchase of the jewellery.

In addition, the amount that can be reimbursed per item as for all the jewellery as a whole is limited. These limits vary greatly from one policy to the next, but unfortunately are often insufficient to cover the most expensive items or the entire collection.

The solution? A personalised All Risks Jewellery Policy !

By opting for an All Risks Jewellery policy, you will receive an insurance policy tailored for your jewellery and watches. They will be protected against any kind of physical loss or damage. You will therefore not only be covered against theft at home or on the road, but also in case your jewellery is damaged after accidentally dropping it or because the clasp suddenly snaps.

Furthermore, you get to set the specific terms of your policy:
- the total sum to be insured;
- when you wear your jewellery, in which country/countries, how often, which value...

When the insurance policy is drawn up, a detailed list containing all separate items and their corresponding value is established. This list is presented to the insurance company for approval, which means that if a theft should occur, possible disagreements in terms of value will be limited. You will therefore be reimbursed based on the agreed value as stipulated on the list.

Have you recently inherited a unique family heirloom or are you reluctant to wear your jewellery? Call us on +32 (0)3 218 91 28; we will be more than happy to give you advice and will ensure that you once again feel comfortable wearing your jewellery!
A TWO PERSON CLAUSE? PAY ATTENTION!
It is possible that clauses within your insurance policy covering valuables require the presence of two individuals during transport, trade fairs or when opening/closing your business premises.

We are referring to the “two person warranty” or “two person condition precedent”. In general, these clauses are non-negotiable, which means they must be strictly adhered to. If not, zero compensation will be paid out if a claim should arise.

Does your contract include such clauses?

If yes, here are some examples of situations that should be avoided:
Personal transport
Your colleague drops you off at the airport while he goes to park the car? Don’t even think about it. You wait in the car with the valuables while the driver quickly runs in to pay for petrol? Forget about it!
Trade fairs and exhibitions
There must be at least two of you at the booth and your colleague briefly goes off to buy a sandwich? You are no longer covered! In this case, make sure you have an additional person with you, or perhaps opt for groups of three when attending fairs, which would ensure that two people remain at the booth at all times.
Opening/closing of your premises
If your policy requires the presence of two individuals at these specific times and your colleague happens to be late or ill, do not open or leave your premises without having another person joining you. If you fail to do so, your insurance company will have the right to refuse compensation if a theft or hold-up were to occur!

Which factors determine if a two person clause is added in your insurance policy?
The value of the transported goods: if the value is significant and additional security measures are required.
The destination or transit area: if the transit area is (reputedly) dangerous, such as California, the South of Italy, North Africa, etc.
The skill of the carrier: if he is considered too young (or too old) or too inexperienced.
The need for attention: distraction is the best way to carry out a theft during trade fairs and exhibitions; with two people present this risk is reduced.
The level of vulnerability during the opening and closing of premises, which depends on their location, the season, the kind of premises or the experience of the person/people in charge of their opening and closing.

What does this kind of clause imply?
Regardless of what the two person warranty specifically details, one thing is certain: it requires the presence of two people at any given time and without exception for as long as the clause is applicable (opening/closing of the premises, during opening hours of trade fairs and exhibitions, all locations during transport).

As far as transport is concerned, the person transporting the valuables must be accompanied by a second person at all times and in all places. Naturally, this condition no longer applies when the goods have been deposited in a safe (at the insured party’s premises, in a safe deposit box in a bank or hotel – not the ones in hotel rooms!). Insurance companies generally tend to agree to waive the two person warranty when the carrier has entered the customs zone at the airport and/or has boarded the plane. Pay attention, the customs zone implies those parts of the airport reserved for checked-in passengers, NOT the entrance or check-in zones.

In other words, valuable carriers can never remain unaccompanied in the public and commercial areas of an airport. They must be accompanied right up to the moment they enter the area reserved for passengers, and when returning must be met the moment they pass customs.

What kind of profile must the second person have?
The accompanying person does not necessarily have to be one of the insured employees, but he must be an adult who is aware of his mission. He must understand that for safety reasons, he is accompanying a person who is transporting or exhibiting valuables so that, in case of an incident, he is able to act accordingly. He does not necessarily have to know the exact nature of the valuables nor does he have to be aware of its value, however he must clearly understand his own presence as an additional security measure and a certain level of protection for the carrier.

So pay attention!
Two person clauses are highly restrictive and must be strictly adhered to. In case of non-compliance, any negotiations with the insurance company are out of the question and the coverage will be declared null and void.

Do you have any doubts regarding the clauses within your policy or in terms of your policy’s interpretation? Contact us on +32 0(3) 218.91.28, we will be happy to advise you.
MEET THE CREW
Jeremy De Cooman
Meeting with Jeremy De Cooman, Account & Sales Support at Anglo Belge. Find out what he truly likes.

How long have you worked at Anglo Belge?
I started at Anglo Belge in May 2014.

Where did you work before joining Anglo Belge?
I used to work at BNP Paribas Leasing Solutions in Berchem.
What convinced you to select Anglo Belge as an employer?
The enthusiasm and positive vibe that I felt during the job interviews.

What is the biggest change you have faced ?
The biggest difference between working for a multinational and a SME is the contact with your colleagues. It becomes much more direct when the company you work for only consists of 11 people.

How would you describe Anglo Belge?
As a company that focuses on offering each client the best product in line with their needs.

Could you share with us one of your best memories of working at Anglo Belge?
Winning the ‘Corporate Sailing Challenge’ in September 2014.

Who is your ideal client?
A loyal client who appreciates Anglo Belge’s input and who always feels supported.

What is your speciality within Anglo Belge ?
I follow up on invoicing as well as on contractual documents related to our clients’ insurance policies. As part of the back office team, I answer clients’ questions when their Account Manager is out of office.

What is the best place to enjoy a drink?
Anywhere with a sunny outdoor terrace.

Which restaurant do you recommend?
Pasta Hippo Vino

Describe yourself in three words:
Honest, spontaneous and sporty.

What’s your favourite dish?
I’m a fan of Italian food in general.

Do you have any hobbies?
Tennis, running and basketball.
Jan Van Rijswijcklaan, 143 - 2018 Antwerpen + 32 3 218 91 28 CONTACT US JOIN US
Anglo Belge Special Risks NV | www.anglobelge.com