Jewelers block insurance is a specialized “all-risk” policy designed to protect a jewelry business’s valuable inventory from damage, theft, and loss. It is a type of inland marine insurance that covers a wide range of precious goods, both on and off the business’s premises. Standard business insurance policies do not offer sufficient coverage for high-value merchandise, making this specialized policy essential for businesses in the jewelry trade. What jewelers block insurance covers A jewelers block policy is broad and typically covers a variety of scenarios unique to the jewelry business, including:

• Inventory (Stock): Physical loss or damage to precious and semi-precious stones, precious metals, and finished jewelry owned by the business.
• Property of others: Coverage for items in your custody, such as customer-owned jewelry in for repair or appraisal, or “memo goods” from other dealers.
• In transit: Protection for inventory being shipped to and from suppliers, traveling with salespeople, or being transported via registered mail or armored car.
• On-premises: Damage or loss from perils like fire, burglary, armed robbery, and vandalism in your store or workshop.
• Off-premises: Coverage for jewelry at trade shows, exhibitions, and other off-site events.
• Specific liabilities: Some policies include coverage for employee dishonesty, workmanship, or appraisal liability.

What influences the cost and requirements Insurers evaluate several factors to determine the cost and requirements for a jewelers block policy:

• Inventory value: The total worth of the stock on the premises, in transit, and on consignment is the most significant factor.
• Security measures: Having robust security, such as alarm systems, safes, and secure locations, can lower your premiums. Insurers often require specific security measures to provide coverage.
• Claims history: A history of frequent or high-value claims can lead to higher premiums.
• Location: A business located in a high-crime area or an unsecured building will likely face a higher premium.
• Transit and travel frequency: How often and where you transport jewelry affects the premium. International shipping or traveling with high-value items can increase costs.

Jewelers block vs. other business insurance A jewelers block policy is a crucial supplement to other business insurance, as it provides specialized coverage that standard policies lack.

Feature	Jewelers Block Policy	Standard Business Owner’s Policy (BOP)
Primary focus	Provides “all-risk” protection specifically for high-value inventory, including precious metals, stones, and jewelry.	Offers broader coverage for general liability and business property, such as the building, fixtures, and furniture.
Inventory limits	Designed for the unique, high-value, and portable nature of jewelry stock. Often has higher limits than a BOP.	Typically has low coverage limits for high-value items like jewelry, which would be insufficient for most jewelers.
Coverage scope	Covers inventory both on-premises and off-premises, including when in transit or at trade shows.	Primarily covers property at the business location. Limited or no coverage for merchandise in transit.
Perils covered	An “all-risk” policy covering a wide range of potential losses unless explicitly excluded.	A “named peril” policy that only covers losses specifically listed in the policy, such as fire or theft.