Jewelers Block Insurance
Jewelry is an expensive and potentially high risk business. That’s where Jewelers Block coverage comes in! A Jewelers Block policy provides all risk coverage for physical damage to, or loss of, to property used in the jewelry trade.
An all risk policy means that the insurer must specify which instances are not covered, rather than listing what is covered. Typically, theft, robbery, fire, shoplifting, and several other causes of loss or damage are included. Exclusions may include mysterious loss or employee dishonesty. Your broker can help you understand the details of your policy.
It is important to discuss the details of your unique policy with your insurance broker. A Jewelers Block policy may cover precious and semi precious stones, precious metals, jewels and jewelry in the following situations:
- The inventory of jewelry for sale, including raw materials and pieces for repair or manufacturing
- Any property of customers that may be in possession of the business, for example pieces left to be resized or repaired (memo goods)
- Shipments that have been registered with certain carriers
- Travel losses
- Damage caused to jewelry that belongs to a customer during work or handling by a jeweler
- Stock that is taken from the store to a social occasion or event, or worn by employees while away from the premises
- Display pieces during store hours.
- You may be required to have an alarm system or to meet other criteria in order to qualify for certain policies.
Jewelers block insurance can make the difference between financial ruin and a successful recovery when the following situations, or similar ones, arise:
- Theft occurs in your store. Jewelers block can help with the cost of replacing lost inventory
- An employee damages jewelry that belongs to a client while repairing it. Your insurance policy will help cover the cost of the client’s loss
- A registered shipment is lost while in route to its destination. Jewelers block is intended to cover the contents of the shipment
How Can I Get a Jewelers Block Policy?
At Fusco & Orsini, we understand the importance of an insurance plan that works for your business. If you have questions about jewelers block, or you are ready to find the plan for you can request a free quote.