The F1 heiress learned that the insurance policy for their mansion included an exemption for watches and jewelry, and that she and her husband could not recover any money for the stolen goods.
Tamara Ecclestone and her husband, Jay Rutland, were unable to recoup any of the £25million lost in their burglary due to an insurance catch, it is reported. The F1 heiress learned she and her husband weren’t able to claim any money back for the stolen items, including jewellery and watches, as the insurance policy for their sprawling mansion in Kensington, west London contained an exemption clause for watches and jewellery, which had previously gone unnoticed.
International jewel thieves had ransacked the family’s property while they were on holiday in Lapland in late 2019. It left Tamara, 40, traumatised and so the socialite had to take extra security measures to protect her family. Insurance lawyer Peter Mansfield, Partner at RPC, discussed the insurance policy and urged people to “read your policy and understand it”.
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Tamara Ecclestone and Jay Rutland lost £25 million as a result of an exclusion in their insurance policy, he said, “Very sadly for them, but there are lessons to be learned from this oversight.
Read your policy and comprehend it, the message is clear. Although they can be lengthy, most policies today are written in plain English.
You should at the very least check the policy schedule, which provides a breakdown of the cover. Instead of checking the small print, the big print is used here.
“Many home and contents policies will cover valuables up to a certain value, like £5, 000,” according to the policy. However, you will be asked to disclose any particularly pricey items in the proposal form, such as expensive jewelry and watches. Your insurers and you would almost certainly want those valuables to be separately insured if they total £25 million.
Peter continued, “It’s important to understand the exclusion and conditions in your policy.”
Before choosing their final targets, the thieves spent many days scouting the mansions of London’s wealthy and famous, including the estates of Vichai Srivaddhanaprabha, the late Leicester City owner, and of course, the Ecclestone mansion on Billionaires’ Row.
Three Italian men pleaded guilty to conspiracy to burgle in three raids at Isleworth Crown Court two years after the crimes were committed.
Art investor Jay, 43, recently opened up about the incident and claimed to have been held accountable for the lack of diligence. He claimed that “our total insurance claim was for the doors in the house, which were literally smashed down by about 25 or 30 doors.
Every door to every room was locked, if you can imagine. Therefore, they had to crowbar each door that was open. So we demanded that those doors be replaced on the insurance, but that is all I can recall. Nothing else was covered by the insurance. Don’t get me wrong, we are responsible for that, and it demonstrates to you the importance of checking the small print. However, one of the policy’s exclusions was “watches and jewelry, very specifically.”
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Source: Mirror
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