Losing your engagement ring or wedding band could be one of the worst experiences of your life, however there are remedies for the financial loss.
It’s not something you would usually consider, but the simple of act of washing your hands in a public toilet block can rob you of your treasured memories and cost you thousands of dollars.
That’s probably the most common way for a woman to lose her engagement ring, according to Q Report chief executive Rami Baron. It usually happens when the ring is still sparkly and new, within the first 12 months of ownership.
‘‘A young lady will take her ring off in a public bathroom to wash her hands, put her ring on the side of the sink and walk out of the ladies room,’’MrBaron says. ‘‘Most will never see their treasured ring again.’’
The jeweller, with 25 years’ experience, says people travelling the world, sometimes on their honeymoon and mostly exhausted, can loose focus, check out of their hotel room and hit the road.
They only remember they’ve left their wedding bands or engagement rings behind when its far too late.
MrBaron says rings are easily damaged when women, unused to wearing engagement rings with decorative stones protruding, brush their hand against a wall or a door frame, breaking a claw or losing a diamond.
He’s seen all kinds of damage and loss, including the bizarre.
‘‘One time a married couple were fighting in a hotel room and she threw his stuff out the window, along with her ring,’’ he says.
‘‘Or there was a girl,who just before her wedding went to get a spray tan and took everything off. She ended up throwing her ring away with the disposable undies.’’ Fortunately, all is not lost because Q Report will ensure jewellery against damage or loss.
The specialised jewellery insurer is different because it treats jewellery items themselves,whereas other insurers add them to home and contents insurance.
‘‘They look at a diamond ring the same way as your fridge or your washing machine,’’Mr Baron says.
‘‘An item of jewellery insured under Q Report is covered any time, anywhere in the world and for the whole period of the policy.’’ He says Q Report also understands jewellery values often rise, unlike cars which immediately decrease in value.
Q Report insure up to 125 per cent of an item’s value, to give a buffer in the event of fluctuations in exchange rates.
If you want to take a policy out on an older item of jewellery, Q Report experts can calculate how much it would cost to replace it at today’s prices,which ensures it’s insured at the correct value.
Q Report has insured a single piece worth $1 million, butMrBaron says it’s not just for the super rich as policies start on pieces worth $1000.
‘‘A young guy might buy a diamond ring for two and half grand and it takes a lot of time to save that money. We understand that,’’MrBaron says. ‘‘Jewellery insurance is for everyone because every piece has an emotional connection for somebody.’’ The average premium is 2.5 per cent for items over $5000 and 3.0 per cent for items under that amount.
Q Report also revalues each insured piece every year for no extra cost.