Organized crime rings and robberies aren’t the only instances of jewelry theft. Smash-and-grab thieves in malls and distraction thefts happen all the time.
Without proper protection, working in the jewelry industry can be very risky. At First Class Insurance, we know coverage isn’t just about the jewelers block insurance cost or checking a box on a form. It’s about providing peace of mind that your business is protected when the unimaginable happens—and giving you the confidence needed to run and expand your business. Here’s what you should know about Jewelers Block Coverage and exclusions.
A Look at Coverage: What Is Jewelers Block?
What is typically included in Jewelers Block Coverage? This is an Inland Marine type of insurance designed to provide coverage for loss of jewelry which is the stock of retailers, wholesalers, manufacturers.
It offers protection against physical loss of precious metals, semi-precious and precious stones, and all other jewelry and related property that is part of your operation. The coverage can also extend to property belonging to others such as Memo or customers who have entrusted you with repairs and safekeeping of their property. It handles fire, theft, shoplifting, robbery, and similar causes of loss or damage.
Jewelers Block does not include the following, which require a separate policy:
- General Liability
- Employment Practices and Related Issues
- Digital Fraud and Data Compromise
- Workers Comp
Things to Know
Is your customer’s jewelry covered when in your store?
Jewelers block is considered an all-risk policy by most insurance companies. That means it includes coverage for the physical loss or damage to jewelry in your care, custody and control under most circumstances, including theft, robbery, fire, or shoplifting. You do need to take precautionary measures to protect all inventory and merchandise at your premises.
First Class Insurance has been supporting jewelers across the country with the specialized Jewelers Block Coverage they need. We represent several insurance companies and can help you find the right coverage options to match your unique concerns.