Asset Insurance- Jewellery Protections

In Hong Kong, one of the favourite hobbies that everyone enjoys is shopping. We all work hard to spend on ourselves and our families. Shopping in Hong Kong can be costly, as the best quality products usually are the most expensive. May it be a fancy watch, jewellery, art or even a dream camera. All these products, when purchased, automatically become the buyers ‘Assets‘. Some assets can also increase in value and turn into an investment rather than just a product. Many belongings are worth an immense amount and would cause devastation if lost, damaged or even stolen.

There are a couple of questions that determine how valuable an asset is to you, such as:

  • Would you be able to wear/use the expensive belonging in a crowded place, with NO worries?
  • Would you be able to cover the cost of replacing it?

If the answer is ‘No’ to even one of these questions- then it is time to learn more about asset insurance and invest in the best asset insurance that will cover your asset. Asset insurance is one of the best protection you can purchase for your asset to keep it safe and enjoy it without stress.

This article will explain why everyone needs asset insurance for their expensive belongings and how it can help a business.

What is Asset Insurance?

An asset is any physical property that is valuable to a person. Assets tend to be expensive and valuable to the owner or a business; therefore, it would be a nightmare if anything unfortunate happened to these assets.

In addition, repair and replacement can cost the owner a large amount, which they may not be able to afford at that point.

Insurers designed asset insurance to protect your assets from damage, loss or theft. Insuring your assets is a crucial step in making sure that your valuables are always protected. Although it is vital to know asset insurance will protect the property that the policy has registered, not everything owned by the policyholder.

Reasons to Purchase Asset Insurance 

Asset Damage


No one wants their asset to be in poor condition; we all want our assets to be near perfect and in “Mint Condition”. If it is a watch or an art piece, damages ruin the asset and can worsen if not repaired in time. Asset damage can occur at any time and out of nowhere. Damage to an asset can result in more than just spoiled personal property. It can lead to damage to financial value and even emotional damage in some instances.

For example, an asset could be a family ring, an asset with great emotional sentiment and sizeable financial value. The owner may accidentally expose the ring and the gemstone to a chemical that has now damaged the ring—resulting in the owner not being able to wear the ring and the jewel losing its beauty. The repair of this asset will financially cost the owner a large amount and emotional stress due to the connection towards the asset.

Asset insurance is the key in these situations as asset insurance will provide the repair cost for the damaged asset. If the expert cannot repair the product, the insurance will provide the replacement cost to the owner. Asset insurance is excellent protection on valuables that can easily be damaged and are costly to repair. In addition, some assets are not just physical objects, and they can’t be replaced and hold meaning to the owners. Asset insurance policies understand these situations and will protect your asset in any way possible.

Lost Asset  

Nobody intends to lose their property; similar to damage, losing a valuable asset is unpredictable. Even if it is small, losing something can cause fear, but when that asset is expensive and valuable, the fear turns into panic and anxiety. As the owner knows, replacing that asset will be costly and, at times, too costly to replace. It is a hopeless feeling knowing that the asset is gone and cannot be found by the owner again. The asset loss can include loss due to a fire, natural disaster or just simple misplacement of the asset. Regrettably, losing an asset can cost more to replace than the original cost of the asset, resulting in many owners not replacing the assets that hold a lot of meaning.

loss Valuables

With asset insurance, the owner will not need to panic as much as they would. Asset insurance will provide the owner with the value of replacing the asset. However, the owner will have to show more documents, such as police reports to prove the owner has lost their belonging. The insurance helps the owner feel a sense of protection and preparation against these unforeseen events.

Stolen Asset

 Have you ever wanted to wear that expensive ring or that excellent watch to a party, but there is that fear that a thief might steal it at that crowded venue? It is a familiar feeling; many people fear using their assets because it attracts too much attention. Theft, unfortunately, is very common and can happen to anyone with assets, especially those with valuable small assets. Being robbed of your asset brings a feeling of despair and worry. This fear causes hesitation and enjoyment of that carefree feeling of walking into an event with that new jewellery set or taking that expensive camera to record the event.

Asset insurance provides the owners with a carefree feeling using their protected assets. Asset insurance will cover any asset that has been stolen and was not the owner’s fault. Once again, the owner will have to provide police reports to prove a thief has stolen it, and the police couldn’t recover it. Then, the insurance will pay the sum to replace the asset. Knowing the insurance will also cover if the theft involves stolen parts of the asset is crucial. Furthermore, the insurance prevents the asset insurance policyholder from the massive financial loss they would face if they did not have insurance on their valuables.

Should I get Asset Insurance for My Business Assets?

Business Asset InsuranceEvery business has some assets. The amount of assets a company has depends on its business type. A business can use asset insurance for its goods. Many companies use asset insurance to protect their collections. The assets could include private collections like art, jewellery or wine collections.

Similar to personal goods, business asset insurance will provide the company protection for their private collection from damage, loss and theft. The insurance may be more impactful for a business due to the size of the collection and the range of risks they may face when transporting these private collections.

Benefits of Having Asset Insurance

Asset insurance provides the owner with great financial cover in case of any unfortunate events. Therefore, the asset owners will not need to spend their own money repairing or replacing a valuable asset and still enjoy the new asset or fixed asset. Depending on the asset and purpose, it can save an owner thousands of dollars, especially in Hong Kong.

For example, if an antique watch is damaged, the repair cost can vary from $10,000 or more, and the owner may have a deep connection with the product. Hence without asset insurance, the owner will have to pay this cost with her own money.

The insured will also benefit from the insurer’s expert professionals on various asset categories. For example, when the insured has lost the main gemstone of her engagement ring. The insurer will provide her with the contacts of their jewellery experts that can repair the ring to the best quality. It is a reassuring advantage to the insured and avoids the effort of trying to find the best repair company (that might overprice the repair).

Asset insurance helps the policy owners enjoy their assets without being anxious or fearing unexpected possibilities. Asset insurance will cover the asset and will help repair or replace it after unfortunate situations worldwide.


To Learn More about Asset Insurance and get the best coverage for belongings, contact Red Asia Insurance.