Insurance Companies Call For IRV Valuations
Over recent months, the NAG (National Association of Goldsmiths) has received reports of an inordinate rise in the number of expensive items coming in to their jewellery member stores to be valued.
Specialist Jewellery, antique items, and metals with high value are, in the current climate, seen as a quick way of releasing cash that has been built up in items over the years. Whether the piece owned is for sale or safekeeping every precious item should be properly valued, and registered with an insurance company. Most people who own such items are well aware that their values will determinate how much an insurance company will offer.
Arguably one of the most difficult tasks a jeweller faces is the valuation of items; the NAG celebrates valuers- who’ve taken significant steps to become undeniable experts in their field, awarding them with a recognised qualification within the IRV (Institute of Registered Valuers) and reports show over the previous months insurers have recognised this work.
Insurance companies are becoming increasingly assured that when a valuation is done by a IRV member, the best value will be given with the greatest of knowledge and expertise, whilst also remaining a fair representation of the price the item should be insured for.
NAG chairman Nicholas Major who has worked closely with the IRV for a number of years said: “During my considerable involvement with reforming our Registered Values in to the Institute of Registered Valuers, my biggest concern was to make certain we did not make any mistakes. For over a year we have been successfully working with one of the country’s leading insurers and we can now promote ourselves using the utmost confidence as being the only regulated body of jewellery valuers in the UK whose qualified members provide professional, consistent valuations”.
The IRV stamp has now become a seal of approval for many insurers who want to be certain that their valuations are made in the best faith and with the best knowledge available.
Chief Executive Michael Hoare said “The IRV is a real and effective means for valuers to work together and share the latest information. Not only does it promote itself as an educational tool, the IRV stands as a stamp of the finest workmanship and ethical standards within the industry”.
Fellows’ current registered valuer and insurer is Geoff Whitefield. Geoff has been in the trade for twenty years and for the last 14 years has worked as an In-House Valuer and Insurance Manager, dealing with all aspects of pre and post loss valuation work. He also worked with Insurers and Adjusters to assist with claim validation and condition/damage reports. Geoff is also a member of the National Association of Goldsmiths and in 2009 was elected to sit on the Institute of Registered Valuers' Forum.
To discuss an insurance valuation or post loss estimate requirement contact our in-house Institute Registered Valuer:
Geoff Whitefield MIRV FNAG
Institute of Registered Valuers No: 91805
geoff@fellows.co.uk
Tel: 0121 212 5504
Miles Hoare, contributor to The Jeweller. The Jeweller magazine is the official publication of the National Association of Goldsmiths.
Click here for more information about the Institute of Registered Valuers.