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 | Yorkshire Times A Voice of the Free Press |
2:00 AM 29th April 2023
lifestyle
How Much Would It Cost To Insure The Crown Jewels?
Photo by Annie Spratt on Unsplash
The Crown Jewels are held in trust and are passed from ruler to ruler, meaning King Charles III is now the owner of the 100 Crown Jewels that are kept in the Tower of London and the price is based on average UK premiums.
Noel Summerfield, Head of Household at Admiral Insurance, says:
“Although safely stored in a secure castle, the Crown Jewels are the nation’s most valuable treasures, estimated to be worth £5bn.
“They are held in trust by the Royal Family so King Charles, as the new owner, would be looking at an annual premium of about £18.9m, or, £51,700 if covered for just the single day of the coronation, based on average UK premiums.
"We can’t take the new monarch through our usual quote process to give him an accurate figure, although of course, if he has a spare moment between midnight procession rehearsals and ceremonial robe fittings, he can always get a quick quote on our website.
“We’re sure that the Crown Jewels are already insured. But we thought it might be interesting to estimate how much it would cost to insure them based on what we know about the King and the world-famous jewels.
“With more than 100 objects and 23,000 gemstones, they are an almost priceless collection, having no official valuation as the Royal Family could never consider selling them, but some experts believe they could worth between £3bn - £5bn, or even more.
“Across all insurers in the UK, the average cost for contents insurance in 2022 was reported to be £117, so for the £18.9m we calculated to insure the Crown Jewels, you could insure the contents of approximately 161,538 households– which would cover every household in Cardiff.
“There are a number of factors that can bring down the premium, including location, building type and the number of claims made in the last five years. One of these factors is the fact that London benefits from strong flood defences. All of these would reduce the risk by 30%, bringing the premium down to, perhaps an ever so slightly more affordable price for His Royal Highness of £36,190 per day.
“We know that the Crown Jewels are guarded 24/7 by a crack team of security at the Tower of London and are protected by bombproof glass and over 100 CCTV cameras, which all help in massively reducing the level of risk of theft - smart home technology to safeguard property has come a long way since 1671 when the Crown Jewels were stolen once before.
“The bulk of the premium would relate to accidental damage, and some liability cover. This extra protection would keep the crown covered if it was accidently dropped or damaged and given that it is reported to weigh 5lb - about the same weight as a 2-litre bottle of fizzy drink - the King will no doubt take extra care when wearing it on 6th May.
“Whether it’s family heirlooms or precious engagement rings, we recommend that you keep all your treasured items safe from theft, accidental damage or loss and check the details in your home insurance policy to see exactly what you’re covered for, in and away from your home.”
“Although safely stored in a secure castle, the Crown Jewels are the nation’s most valuable treasures, estimated to be worth £5bn.
“They are held in trust by the Royal Family so King Charles, as the new owner, would be looking at an annual premium of about £18.9m, or, £51,700 if covered for just the single day of the coronation, based on average UK premiums.
"We can’t take the new monarch through our usual quote process to give him an accurate figure, although of course, if he has a spare moment between midnight procession rehearsals and ceremonial robe fittings, he can always get a quick quote on our website.
“We’re sure that the Crown Jewels are already insured. But we thought it might be interesting to estimate how much it would cost to insure them based on what we know about the King and the world-famous jewels.
“With more than 100 objects and 23,000 gemstones, they are an almost priceless collection, having no official valuation as the Royal Family could never consider selling them, but some experts believe they could worth between £3bn - £5bn, or even more.
“Across all insurers in the UK, the average cost for contents insurance in 2022 was reported to be £117, so for the £18.9m we calculated to insure the Crown Jewels, you could insure the contents of approximately 161,538 households– which would cover every household in Cardiff.
“There are a number of factors that can bring down the premium, including location, building type and the number of claims made in the last five years. One of these factors is the fact that London benefits from strong flood defences. All of these would reduce the risk by 30%, bringing the premium down to, perhaps an ever so slightly more affordable price for His Royal Highness of £36,190 per day.
“We know that the Crown Jewels are guarded 24/7 by a crack team of security at the Tower of London and are protected by bombproof glass and over 100 CCTV cameras, which all help in massively reducing the level of risk of theft - smart home technology to safeguard property has come a long way since 1671 when the Crown Jewels were stolen once before.
“The bulk of the premium would relate to accidental damage, and some liability cover. This extra protection would keep the crown covered if it was accidently dropped or damaged and given that it is reported to weigh 5lb - about the same weight as a 2-litre bottle of fizzy drink - the King will no doubt take extra care when wearing it on 6th May.
“Whether it’s family heirlooms or precious engagement rings, we recommend that you keep all your treasured items safe from theft, accidental damage or loss and check the details in your home insurance policy to see exactly what you’re covered for, in and away from your home.”
Top tips for keeping your valuables safe
Install a burglar alarm - Fitting an intruder alarm could potentially lower your premium as well as being a visual deterrent to burglars. The alarm must be active and needs to be serviced annually by The National Security Inspectorate (NSI) or Security Systems and Alarm Inspection Board (SSAIB) approved contractor.
Get extra protection for your valuable items – A high value item, also known as a specified item, is any single item or collection that requires a higher level of cover than provided under your standard home insurance policy. These items don’t have to be a crown, a sceptre or an orb but will be what is considered your very own treasured possessions. The amount you’re covered for varies across insurers so make sure you check your policy details.
Check the price of your gold and precious stones to make sure you’re not underinsured - check the details of your home insurance policies and have up-to-date valuations on your jewellery so that your items are suitably covered should the worst happen and you have to make a claim due to theft or loss.