Most people don't know how much their jewellery is worth (Dec 00)

Two thirds of people have little or no idea what their jewellery is worth, according to a survey by Loss Management Group, Britain's largest independent jewellery claims specialist.

Over 95% have never had their jewellery valued, while the elderly are most likely to claim too little for their jewellery if it is lost or stolen, reveals the report.

35 per cent of people grossly exaggerate the value of their jewellery in the event of a claim, a similar percentage underestimates its worth.

The research was undertaken by LMG in preparation for the launch of its unique new jewellery valuation service which aims to speed up the fair settlement of insurance claims. Tony Le Fevre, managing director of LMG, which handles 25,000 claims a year on behalf of insurers, explained: "Every year millions of pounds worth of jewellery are lost or stolen, yet over 95% of people have no photographs or written evidence to prove what items of jewellery they own and how much they're worth.

"Most just hope and pray that their jewellery will never get lost or stolen - and then panic when it does. "It's a nightmare for insurance companies who often have to rely on holiday snapshots or people's memories when it comes to calculating how much a particular piece is worth - and a distressing experience for the person making the claim, who has to try and convince the insurance company of the real value of the item lost or stolen.

"Our advice is - make sure jewellery is valued and appraised before it goes missing. Otherwise the chances of a fair settlement could be hampered."

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