It covers accidental loss, damage or destruction from any loss, including fire, which is not specifically excluded.
For this class of insurance, the risk is very high and must be assessed before cover is issued. All the insured needs to do particularly for items worn is to report a loss, obtain a police abstract report and claim is processed
Generally each item is specifically identified and is allocated a separate sum insured. For items that can be identified by make, model and serial numbers, these must be given, as they are important when claims occur.
In some cases, particularly where items like jewellery and works of art are involved, we can issue ‘agreed value’ policies under which in the event of total loss, the amounts set against specified items will be paid in full. Such policies are to be issued on the basis of valuation.