Document your metals for insurance
Short answer: Insurers want proof that you own the metal and what it is worth, so keep photos, serial numbers, receipts and a dated valuation for every piece.
Evidence of ownership
Receipts and invoices show what you bought and when. Photographs of each piece and its packaging show that it exists.
- Clear photos of front, back and any markings
- Invoices and receipts, stored separately from the metal
- Serial numbers and assay card details
Evidence of value
Record the current melt value from the spot price on a known date, so the figure is traceable. Update it when you review your cover.
Check your policy
Many home policies limit cover for precious metals or exclude them, so ask your insurer what is covered and whether you need a specialist policy.
Questions
How often should I update the valuation?+
Update it when you review your cover, and after large price moves. A dated figure is more useful than an old one.
Where should I keep the paperwork?+
Keep a copy away from the metal itself, such as in your BullionKeeper account, so a loss of the metal does not also lose the evidence.