When you are in the business of manufacturing, distributing or retailing high value goods like precious metals or gems, a loss incident can have a devastating impact on the business rendering it financially unstable. Obtaining the necessary insurance cover for burglary, robbery, shoplifting, grab and run and/or accidental damage is an essential business requirement. Jewellers Block will provide access to coverage to protect your inventory of gold, silver, diamond, and gemstones including items in your care and custody. Jewellers Block Coverage is an all risk policy which provides tailored coverage to suit your individual need.
Stock Cover for Premises
The primary purpose of all Jewellers block is to insure premises stock. Stock coverage is subject to policy warranties on safety measures, type of safe box requirements, display jewellery allowances and security requirements as a coverage condition needs to be complied with.
Stock in Custody Cover
The most common underinsurance in Jewellers block results from insureds not accounting for stocks in custody of the Goldsmiths and jewellery makers. An untrained advisor leaves this part leading to inadequate insurance leading to deductions when losses take place.
Transit And Exhibition Cover
Transit is inherent to all Jewellers businesses. Transit requirements need to be defined specifically including the method and custodians. Most Jewellers while participate in exhibitions ignore coverage conditions for temporary transits and storage leading to large losses.
Valuation of Stock
Many Insureds do not declare and agree on method of valuation with insurers while insuring leading to claim disputes. The method needs to be declared whether it is weight based, inventory or item based. One can also build escalation provisions to account for price fluctuations.
No other business carries more risk on employee fraud than Jewellers. The possibility being also high risk for Insurers often leads to a very narrow definition of employee, carriage allowances provided and upper limit of losses which canbe best advised by an experienced advisor.
Being a location specific business any interruption due to perils of fire, flood or quake can shut down the business for prolonged periods. Most Jewellers undermine the importance of having an loss of profit cover to insure the risk of interruption to business.