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Jewellery insurance and jewellery trends

Want to insure your jewellery? Here is what you need to know. There is a genuine joy that comes from owning and wearing expensive jewellery. Whatever a piece represents, it forms an integral part of your life and has a sentimental value that is worth protecting. Apart from that, it can be quite devastating if the item is lost, damaged or stolen. This is where jewellery insurance comes in. It covers high-value items like wedding rings, earrings, family heirlooms, bracelets, and other valuables.

Jewellery insurance covers loss due to theft or routine damage that is associated with wear and tear. The premiums vary depending on use, storage system, and type of home. To put it succinctly, it costs more to insure one valuable item than several less expensive ones.

Let’s look at types of insurance and the average prices.

Personal jewelry insurance policy

This policy covers loss, theft or damage of your jewellery, no matter where you travel. You can protect the symbols of life precious moments like the necklace your grandmother gave you, a wedding ring, and more. In most cases, the coverage limit and deductibles can be customized to suit your jewellery. Unlike other types of insurance policies, placing a claim does not increase the cost of the premium.

Before you take this cover, you should choose a company that has complied with jewellery insurance standards. And to ensure there is no guesswork, select a company that uses advanced underwriting and proprietary software to screen and perform insurance-to-value calculations.

With this cover, you can wear your jewellery—including engagement rings—with peace of mind. Whether you’re on vacation or at home, you don’t have to worry that anything might happen to it. Any type of cover is included unless you want it excluded in the policy document. However, there are a few exclusions like intentional loss or damage, manufacturer’s defects, nuclear hazard, and war.

Compensation

In case of loss or damage, the insurance company will repair/replace your items of value or pay the actual cash of the item in question. The cash limit is listed in the policy declaration page. If the market value of your item has increased at the time of loss, you get paid a certain percentage of the agreed value.

The average price

Most insurance companies will charge a premium of 1-2% of the total sum insured. The limits for coverage will vary from one company to another. Some will even offer deductibles from as low as $0 to $30,000. When you choose a higher deductible, the premiums will be lower, and vice versa. For valuable pieces of jewellery, each can cost $50 to $200. The average cost may go down if you insure your items of value with the same insurance company.

Business jewellery insurance policy

Jewellery stores sell a wide range of valuables including earrings, necklaces, bracelets, watches, and more. While many store owners sell less expensive items, they can offer other services like resizing a wedding ring or engraving bracelets. Needless to say, your store is at high risk of vandalism and theft. A business jewellery insurance policy covers liability-related risks like fire, natural disaster, shipping related risk, and damage due to crime. Here are the different policy options offered:

  • - Jewellery store general liability insurance- It includes three basic covers; product liability, premises liability, and completed operations. Premises liability covers any damage to the store. For example, the employee can tip over and get an injury while the completed operations cover services such as repair work, resizing, and engraving. It also covers non-jewellery property.

  • - Jewellery store crime insurance- If you own a store, there is a great risk of embezzling from employees, shoplifting, and vandalism. Even after making sure you have proper locks, surveillance cameras, and passcode, you need a crime insurance policy. You’re assured complete protection of your business assets after a crime.

  • - Jewellery store business property insurance- Unexpected events like flood, fire, extreme weather conditions and other natural disasters can destroy your items of value. To ensure that all expensive valuables are not ruined by water, you need business property insurance. It will cover any repairs or replacement of all items destroyed.

  • - Employee dishonesty insurance- You can include this cover in your jewellery block package in case you’re dealing with an employee who may embezzle inventory or money in your store. Some might engage in illegal practices like overcharging customers and pocketing the balance. This policy will protect your business from such loses.

Premiums for Jewelry Insurance

Each year, you have to pay some premiums based on the value of your inventory and location. On average, the annual premiums range from $550 to $2500. Some offer a flat rate of 2% of the value of your jewellery.

While the feeling you get wearing new jewellery can be intoxicating, it can get lost or damaged. Now that you know the most important insurance policies, keep your risks in mind before choosing a policy that makes sense for your valuables. Lastly, go through your policy document in detail and understand the terms and conditions.

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