Terms & Conditions

Take-in Explanatory Notes and Limiting Conditions

(i) Due to the various limitations applicable during the Take-In procedure a provisional inspection of the goods is usually only possible and the description recorded does not necessarily establish or reflect their true identity or nature. Accordingly, generic, non-specific terminology is utilised when describing such items and/or their component gemstones. For example:- yellow or white metal, colourless stone(s), white stone(s), blue stone(s), green stone(s), gem set, etc. The true nature of the metals and the correct identification of the gemstones and/or articles cannot be categorically established until the goods are closely examined after which such nature and identification is stated on the valuation schedule. In any event, no liability whatsoever on the part of the jewellers/valuer taking in the goods, their employees and/or consultant valuers can be entertained if the nature and/or identification of the items listed or their component gemstones is subsequently established to be different from that which is recorded during the Take-In procedure.

(ii) Remarks recorded during the Take-In procedure in respect of the condition of the goods listed overleaf are usually only noted when there is obvious evidence of damage and/or repairs or when gemstones are obviously missing. On subsequent close examination, evidence of more obscure damage and/or repairs may become apparent and/or additional parts or gemstones may be discovered to be missing. The jewellers/valuer taking in the goods, their employees and/or consultant valuers reserve the right to note these findings and notify the client accordingly. In any event no liability whatsoever on the part of the jewellers/valuer taking in the goods, their employees and/or consultant valuers can be entertained for any omissions and/or errors in this regard

(iii) Conventionally, valuations for insurance reflect replacement prices at ‘high street’ shops/outlets. However, these days there are many alternative sources that can be used to replace items of personal property. These include auction houses, the internet and television shopping channels. Should the client specifically request a valuation based on the expectation of obtaining replacements from such a source, or should the valuer consider such a source to be more suitable, the valuer can ascribe the appropriate replacement values for the respective level/category, as specified, and not contemplating any hypothetical projected price(s) applicable to a different market. Prices ascribed for the contemplated replacement of items at auction will reflect pre-sale high auction estimates plus commissions, premiums, taxes, etc. No responsibility can be accepted should the insurers not accept the level/category selected, be it one of the above or any other. The valuer reserves the right either to refuse to provide a valuation ascribing replacement values in an inappropriate market or to levy reasonable additional fees for the extra work incurred in researching other markets and providing an additional valuation ascribing values at the requested level/category.

(iv) It is customary that in valuations for the purpose of insurance older items which would not be readily replaceable with similar new items are normally valued for insurance on the basis of Second-hand Replacement Value (prefixed SHRV) or Antique Replacement Value (prefixed ARV). However, before the valuer allocates such categories of value to relevant items, the client may wish to consider whether such a basis is acceptable to them or their insurers.

Some insurers may seek to exercise their right to replace items lost or stolen themselves and this may well be with new items. In such circumstances and, if advised accordingly, the valuer will ascribe New for Old Values (prefixed NFOV), as this would be the basis of settlement for such items. If, in the completed valuation, and where appropriate, any ‘new for old’ values (prefixed NFOV) are ascribed to relevant items, it is because the valuer has been advised that, in the event of a loss, the insured’s policy provides for this basis of settlement. However, if the policy provides ‘new for old’ cover and the valuer has not been advised accordingly, any secondhand replacement values and/or antique replacement values ascribed may not be relevant and it may be necessary to reappraise these items. Further charges may well be incurred should this prove necessary.

(v) In the client’s own interest, any amended errors and/or alterations made to the information recorded during the Take- In procedure should be initialled by them at that time.

(vi) The jewellers/valuer taking in the goods, their employees and/or consultant valuers reserve the right, at their sole discretion, to transmit clients’ property by reasonable and/or secure means to outworkers, sub-contractors, consultants and/or third parties pursuant to the provision of the services requested by clients.

(vii) Title to the property detailed overleaf is not investigated by the jewellers taking in the goods, their employees and/or consultant valuers and the inclusion of any one person’s details in the completed valuation does not convey any inference, indication or verification of that person’s ownership and/or title to the property specified therein. Furthermore, unless stated overleaf, no information has been given to the valuer concerning the origin, acquisition, quality or purchase prices in respect of the property listed.

(viii) The values of the property specified in the completed valuation may reasonably vary from the values assigned to the same property by other valuers. Such variances do not necessarily constitute error on the part of any valuer concerned. In the event of serious dispute, the jewellers taking in the goods, their employees and/or consultant valuers agree to abide by the Resolution of Disputes Procedure specified under Article 12 of the NAG Advisory Code of Practice for Valuers (Paragraphs 9 to 18 inclusive).

(ix) Should the client, for whatever reason, withhold pertinent information and/or supply misleading information and/or false documents that might affect the completed valuation in any material particular, the valuer reserves the right to render the valuation null and void and/or recall the valuation and make any amendments as may be necessary. In this event, the valuer shall be entitled to levy reasonable additional fees for the extra work incurred.

(x) Possession of the completed valuation, or any copy thereof, does not carry with it the right of publication nor may the same be used for any purpose by anyone but the named person on the valuation without the previous written consent of the valuer and, in any event, only for the purpose stated and in its entirety.

(xi) The rendering of the completed valuation does not in itself commit the jewellers/valuer taking in the goods, their employees and/or consultant valuers to any further involvement, or involvement in any process of litigation including attendance in court and the giving of oral testimony, unless arrangements are made at a reasonable time in advance and such involvement has been commissioned at an agreed customary rate per hour as of that date.

(xii) Any liability whatsoever on the part of the jewellers/valuer taking in the goods, their employees and/or consultant valuers is limited to the fee paid for the completed valuation.

(xiii) Consumers’ Statutory Rights are in no way affected by reason of any of these Limiting Conditions, which are to be interpreted under, and are subject to, English Law.

 

N.A.G. INSTITUTE OF REGISTERED VALUERS TAKE-IN EXPLANATORY NOTES – September 2010 (P)

Insurance

The idea of Insurance is to put you back in the same position you were before the ‘Insured Peril’ happened; you’ll see the word ‘indemnify’ in your policy.

A valuation for Insurance provides proof of the value of your jewellery, usually on the basis of what you would have to pay for it, if you had to buy a similar item from a retail shop, either second hand or new, depending on the item.

A fully researched and justifiable valuation enables a fair premium to be calculated and should reduce the chance of a challenge by Insurers in the event of a claim.

N.B. It is not considered proof of ownership.

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Probate

Under Section 160 of the Inheritance Act of 1984, the estate of a deceased
person is required to be valued so that “Death Duties or Inheritance Tax can be calculated, as applicable” by Her Majesty’s Revenue and Customs.

The value should represent the ‘open market value’, and is therefore completely different to the Insurance value and is usually considerably less. It is therefore important to have an appropriately calculated Probate valuation in order to mitigate tax liabilities, whilst remaining within the letter of the law.

The rule of thumb at HMRC appears to be that you do not need to have a professional value items under £500, but take advice from your solicitor.

A 2012 article from the Guardian discusses the dangers of incorrect Probate valuations for bricks and mortar property, but it could just as easily be referring to jewellery. Read more HERE

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Division of Assets or Family Division

An independent jewellery valuation is often required to aid the fair division of assets in the event of divorce.

The value is usually based on the Open Market Value – what the item is likely to achieve at auction – rather than what was paid for it, or what it would cost to replace.

Before asking us to provide a valuation for Division of Assets, check that the court doesn’t require a Single Joint Expert to act for both sides.

We will gladly provide a valuation, but it would be prudent to check that all parties agree to our appointment.

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How much does it cost?

If you are happy to proceed with the valuation after this consultation, the items will be retained and a receipt provided.

By leaving your items for valuation, you agree to our take-in explanatory notes and limiting conditions, which are the standard notes and limiting conditions of the Institute of Registered Valuers. We particularly draw your attention to item ix of our Terms & Conditions.

Valuation Fees:

Insurance, Probate, Private Treaty etc.
Standard document fee: £60
Charge per item or group of up to 5 lower value items*: £50

*Items with a value under approximately £500 are grouped as ‘miscellaneous’ and treated as one item.

Diamonds over 1 carat: £60 per carat

We regret that we do not undertake the valuation of watches

Exceptional items (tiaras, parures, civic regalia etc.) will be charged on a time spent basis at £60 per hour.

All our valuations are bound in a high quality folder and contain digital images of your jewellery together with a full description including stone weights and dimensions, hallmark details, gross weight and current value.

They are prepared by a Fellow of the Institute of Registered Valuers

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Division of Assets or Family Division

An independent jewellery valuation is often required to aid the fair division of assets in the event of divorce.

The value is usually based on the Open Market Value – what the item is likely to achieve at auction – rather than what was paid for it, or what it would cost to replace.

Before asking us to provide a valuation for Division of Assets, check that the court doesn’t require a Single Joint Expert to act for both sides.

We will gladly provide a valuation, but it would be prudent to check that all parties agree to our appointment.

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Post Loss Assessment

Unless you’re here out of curiosity, we’re sorry you’re on this page, because it means that your Insurers have asked you to provide estimates to replace jewellery that has been lost or stolen but for which you don’t have any recent purchase receipts or valuations – now widely known as a Post Loss Assessment.

We valuers do not refer to this as a valuation because we are unable to inspect the items and the figures we arrive at are highly speculative, but hopefully we can arrive at a suitably justifiable figure that will enable you to get your claim settled as quickly as possible.

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