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
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 at (213)-4888-1000.
Our team would love to answer any questions you may have.