For those in the jewelry business, it’s a well-known fact the loss of a substantial gem or piece of finely made jewelry can be devastating. The business of selling or crafting high-quality jewelry is a lucrative and creative one. Unfortunately, the theft, burglary, or robbery of a jewelry business, where irreplaceable stones are taken, can render the company financially unstable, perhaps forcing them to close their doors permanently.

Thankfully, jewelers can carry invaluable Jeweler’s Block Insurance. Jeweler’s Block Insurance is a policy that offers coverage to professional jewelers who require protection for their valuable assets.

Pieces of jewelry that are crafted from platinum, gold or silver, and hold precious stones such as diamonds, rubies, and other quality gems, can be eligible for protection under a Jeweler’s Block insurance policy. If high ticket items were stolen from an inventory, the jeweler’s block policyholder could be financially compensated.

What is Jeweler’s Block Insurance?

Everyone is likely familiar with auto insurance, homeowners insurance, health insurance, and other assorted personal insurances. These insurance companies offer services that protect us from personal potential risks, both financial and physical.

However, there are different types of business insurance policies out there. Those policies cater specifically to the protection of businesses and the assets of those businesses. It is common practice for the owner of a company to hold liability insurance (in case a client or employee were to be injured on the job or company property) and a business policy to help protect property and damages to inventory.

It should be noted, specific industries require different types of insurances, such as jewelers. A jewelry company is likely to carry the standard liability and business insurance policies, but there are additional monetary coverages they need to consider.

Typical business insurance policies will not have a high enough jewelry coverage limit to cover the potential loss of costly gems and other jewelry. With such luxurious inventory, holding a Jeweler’s Block Insurance policy is critical.

Owning a jewelry business, whether it be strictly sales or craftsmanship and repairs, is a risk.
Expensive stones and precious metals have always been, and will always be, highly popular
targets for thieves.

On average, the industry loses more than $100 million a year, making jewelry dealers one of the most targeted businesses, and it’s no wonder why. It is commonplace for jewelers to carry hundreds of thousands, perhaps even millions, of dollars in inventory stock alone. A successful robbery, burglary, theft, or fire has the potential to leave a jeweler’s business in financial ruins. Damage to businesses due to civil commotions, vandalism, and riots have added to these perils. Luckily, the existence of Jeweler’s Block Insurance offers protection and security to jewelers, so they may run their companies with peace of mind.

Jeweler’s Block Insurance policies are usually offered strictly through specialty insurance companies and can be tailor-made to suit the client’s jewelry business. Where other business insurance policies can fall monetarily short in coverage of such high ticketed items, jeweler’s block insurance policies fill in the gaps with additional protections.

Jeweler’s Block Insurance policies can also sometimes extend beyond the jeweler’s storefront. Many jewelers take some of their items on the road. It is not unusual for a jeweler to participate in a trade show or a shopping exhibition. Participating in these events can usually lead to a boost in sales because the jeweler can appeal to a new market outside of its store walls. However, taking the expensive jewelry pieces from the protection of the store ups the risks considerably.

How Do I Choose a Quality Jeweler’s Block Insurance Carrier?

Just like every type of insurance, the policyholder must take the time to consider their options before purchasing. Shopping around with different companies and policies can help ensure their specific coverage needs are being met. Not all insurance policies are created equal, and that includes Jeweler’s Block Insurance policies.

Finding the right company with the right plan to fit a business’ assets, needs, and budget is what secures the company’s monetary future, should a problem occur. Taking the time to read the fine print of an insurance policy before you purchase and sign on the dotted line can make sure there are no surprises, should you ever need to file a claim. Should a robbery happen, there is no worse time to discover something you thought was covered, actually wasn’t. Become as familiar with
your Jeweler’s Block Insurance policy as possible. Take special note of your coverage, as well as your policy’s exclusions. There may be specific incidents or circumstances that possibly affect your insurance coverage.

Meslee Insurance offers jewelry insurance policies that can provide coverage that protects each business owner’s specific needs. With a team of specialists whose expertise surrounds the high-end jewelry industry, clients can take solace in the fact their business’ assets are under the best insurance protection available.

We work together to combine our exceptional knowledge of the jewelry market, therefore making ourselves the best company to handle a jeweler’s block insurance needs. During our many years doing business with diamonds and jewelry, we’re able to provide policies to:

  • Jewelry Wholesalers
  • Jewelry Retailers
  • Jewelry Appraisers
  • Jewelry Manufacturers
  • Pawn Brokers
  • Diamond Cutters
  • Diamond Manufacturers
  • Jewelry collectors and owners of collections

Does Jeweler’s Block Insurance Include International Travel and Transit?

It is common for most Jeweler Block Insurance policies to protect precious stones and jewelry from physical loss, theft, and damage. When dealing with valuable metals and jewelry, such as gold, silver, and diamonds, insurance protection is crucial. It is especially vital if the high-priced property isn’t necessarily yours.

Many jewelers work in customizations and repairs, and in doing so, frequently, the jewelry is sent and received by mail. It can be risky to send something so expensive through the mail since it will be handled by countless workers.

When sending something by mail, countrywide or internationally, the postal company will usually offer you a specific dollar amount of shipping insurance. Sometimes, this shipping insurance is even complimentary, and then it’s customary for additional shipping insurance to be available upon request and purchase.

However, if the person shipping the item bought the highest amount of shipping insurance, it possibly would still not be enough to cover the potential loss of the jewelry piece. Often, you can elect international shipping as a portion of your Jeweler’s Block Insurance policy. Holding this policy can offer the insured further protection when sending their precious cargo. Before purchasing any policy, always review the specifics of coverage.

Jeweler’s Block Insurance policies are a secure way to offer protection to your jewelry business. Loss, theft, or damages can potentially be covered with monetary compensation, therefore saving your business from financial hardships due to misfortune.

We insure precious stones, silver, and gold, and can offer specific policies to fit the jeweler’s needs. Request a quote here or contact our licensed professionals. Our team would love to answer any questions you may have.

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