Formula 1 Heiress Tamara Ecclestone Reveals Insurance Woes After £25 Million Jewel Heist

Formula 1 Heiress Tamara Ecclestone Reveals Insurance Woes After £25 Million Jewel Heist

Formula 1 heiress Tamara Ecclestone was the victim of a £25 million jewel heist in 2019. Several years later, new details have emerged about the insurance issues that limited their recovery after the burglary. According to a report, Ecclestone and her husband Rutland were holidaying in Lapland when their Kensington home in Palace Green was burgled. During the incident, £25 million worth of valuables and cash were stolen.

Rutland revealed that the couple’s insurance policy contained an exemption clause that excluded coverage for jewelry and watches. Speaking to the Daily Mail as part of a podcast, Rutland said the insurance claim only covered damage to the property. “Our total insurance claim was for, I think, 40 grand or 45 grand, something like that, which was for the doors in the house – because [the burglars] smashed down 25 or 30 doors,” he explained. Every internal door in the house had been locked, requiring the burglars to force each one open.

“So, I remember we claimed on the insurance for those doors to be replaced, but that was it. Nothing else was insured,” Rutland added. The couple had not been aware that their policy excluded high-value items. Rutland acknowledged, “Don’t get me wrong, that’s our own fault and clearly it teaches you the importance of checking the small print.”

Standard home insurance policies in the UK often set limits on the value of individual items covered, typically ranging between £1,000 and £2,500. Items exceeding these limits usually need to be individually listed and professionally valued. Many policies do not automatically include full cover for jewelry, watches, or collections unless additional personal possessions insurance is arranged. Some insurers require security measures such as approved safes and alarm systems to validate claims for high-value items.

Among the stolen items were gifts Ecclestone had received from her father, Bernie Ecclestone, the former Formula 1 chief executive. The majority of the stolen valuables have not been recovered. Three Italian nationals were later convicted of conspiracy to burgle and sentenced to a combined total of 28 years in prison. A fourth suspect, Daniel Vukovic, was arrested in Belgrade, Serbia, in December 2023. Ecclestone had offered a £250,000 reward for information leading to his arrest and a further £6 million for the recovery of her property.