Are you in the business of selling, manufacturing, and distributing high-value gems and metals? One single loss can have a detrimental impact on your business. Are you insured in the event of incurring a loss that sets you back hundreds of thousands of dollars?
While jewelry crimes are sensational tales of crime to the public, jewelers are constantly at risk of incurring losses from large to small-scale thefts. The number of jewelry thefts that occur increases every year. Hundreds of jewelry store thefts are reported annually, costing jewelers millions in losses. Internet celebrity Kim Kardashian made headlines in recent years; her harrowing experience as a jewelry theft victim left her traumatized and afraid to wear jewelry in public.
With Jeweler’s Block Insurance, you can sleep well at night knowing your product and investments are fully protected.
What is Jewelers Block Insurance?
Jewelers block insurance protects businesses against damage or physical loss to precious and semi-precious jewelry, jewels, stones, precious metals, and other associated property typical to the jewelry trade. That also includes the property of others delegated to the insured and property of an insured trusted to others.
The policy is essential for a retail jeweler store, a manufacturer, or a wholesaler that markets or sells precious stones and jewels. Standard business or property insurance will not sufficiently cover the loss. Jewelry stores often have costly inventory and are a target for theft. In some cases, large scale thefts can put an uninsured jeweler out of business Thus, it is wise to safeguard your business with jewelers block insurance to help cover a disastrous loss.
Jewelers block insurance covers a business’s inventory of jewelry, raw materials, and other valuables it plans to sell; a customer’s property that is entrusted to the store for maintenance or consignment; jewelry or other inventory being transported to fashion shows, trade shows; and inventory being shipped via armored or air freight services, along with couriers like UPS, FedEx, UPS and more.
Keep in mind that this insurance policy is normally an “all-risk” policy. That means you’re covered against all dangers except those listed in the policy’s exclusions. For instance, the inventory is normally against employee theft, burglary or armed robbery, fire and lightning, smoke damage, and vandalism, among others. Normal exclusions are the same as other types of insurance such as war, normal wear and tear of inventory, flood and other water damage, intentional loss, civil commotions or riots, earthquakes, mold and rot, hacking and other cyberattacks.
What are the Benefits of Jewelers Block Insurance?
Jewelers Block Insurance is sometimes bundled with standard commercial property and other liability coverages. It provides a jeweler with an inclusive, all-in-one policy to safeguard them from the many dangers they face in operating high-value product business.
It is essential for jewelry business owners to be insured with the right policy. You can speak with a SWAN insurance expert today to find the right policy to insure your business.
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