Valuable Jewellery should be secured both for monetary and emotional purposes. The most well- known and traditional approach to protect precious jewellery are bank lockers. Jewellery insurance is another approach to secure your jewellery. Despite the fact that you can avail this type of insurance along with a home insurance policy, there are some independent jewellery insurance products in the market as well. If taking a home insurance policy, you can go for a contents cover that includes valuables and jewellery protection.
Advantages of Jewellery Insurance
Having a lot of jewellery locked up at home isn’t generally a safe option anymore. It is very important to shield the jewellery you own as it has numerous advantages:
- Jewellery comes to rescue when you are looked with a hardship and are in sudden need of funds.
- Having an insurance on the jewellery saves you from the inconvenience of opening a locker with the bank.
- Bank lockers are not completely safe and there is always a certain amount of risk related with it.
- Jewellers can appreciate advantages like getting protection against any loss or damage to the jewellery stored in stock in the insured premises including Goods in Trust or on Commission.
- Jewellery stock in exhibitions, stock in transit , and stocks in custody are secured under the jewellers package offered by some private companies in India.
Jewellery Insurance Covers
Search for a jewelry insurance policy that gives complete inclusion, including at least accidental damage, loss and theft. Good jewelry insurance will likewise cover ‘mysterious disappearance’ ( for example unexplained loss). If an insured jewelry item is in need of replacement or repair, your policy should allow you to work with your local jeweler or let you select someone from a list of preferred jewelers. Some insurance companies require you to utilize only their jewelers, who focus on doing repair or replacement work as inexpensively as possible.
Process of Applying for Jewellery Insurance
The following factors play a significant role in applying for jewellery insurance:
- Valuation – While applying for jewelry insurance, you are required to show a list of items that will be covered alongside their valuation. Valuation certificates of the jewellery can be accomplished from a reputed jeweller as it might be required for items of high-value.
- Cost Factor – Premium towards jewellery insurance relies upon the total sum assured. However, you can generally try to avail discounts from the insurance company.
- Filing a Claim – In case of loss of the insured jewellery, you should file a claim with the insurance company. The claim form should be filed alongside the details of the loss and valuation of the jewellery. You are additionally required to give a report from the fire department in case of fire and an FIR in case of theft of jewellery. It is also prudent to keep a copy of the insurance policy.
- All- risk Cover – The insurance should be an ‘all-risk cover’ which gives security against fire, burglary and different dangers. Some covers are 100% insured, while some are on a ‘first-loss limits’ basis, which infers a segment of the jewellery’s value is insured. The insurance company decides the maximum probable value that can be lost in as a single incident. This value is named as the first loss sum insured.
Exclusions – Jewellery insurance cover reject loss of jewellery or damage during the war, terrorist attack or riot. The cover likewise rejects any damage to jewellery caused by a wilful act by the proposer, his or her family member, domestic staff or the disappearance of items. Insurance agencies likewise don’t cover for any loss of jewellery owing to theft or burglary from a home left empty for 30 days persistently.
Companies Providing Jewelry Insurance
Jewelers Mutual Insurance Company : Since 1913 Jewelers Mutual has been selling jewelry insurance and has an A+ Superior rating from A.M. Best. It has received supports from the Jewelers of America, American Gem Society, Jewelers Vigilance Canada, the Canadian Jewelers Association , Manufacturing Jewelers and Suppliers of America and the Jewelers’ Security Alliance. Jewelers Mutual offers both individual and business jewelry insurance policies.
Personal Jewelry Insurance Policy: The personal insurance jewelry policy from Jewelers Mutual Insurance Group covers loss, damage, theft, and disappearance. The coverage is around the world, so your jewelry is secured regardless of where your travels take you. There is a zero deductible option available and placing a claim does not increase the cost of your insurance premium.
Business Jewelry Insurance Policy : For jewelry shop owners Jeweler’s Mutual offers three policy options: Business Owners Policy (BOP) (Coverage includes liability-related risks; damage due to crime, fire, and natural disaster); Jewelers Block and Jewelers Standard Policy (Coverage for Crime, Shipping and travel-related risk, fire and natural disaster); and the Commercial Umbrella Liability Policy (Coverage includes bodily injury, property damage, personal injury and advertising liability).
Lavalier : Lavalier is a well-known name inside the jewelry insurance industry and has an A.M. Best financial strength rating of A+ Excellent. Lavalier gives jewelry insurance as an “all-risk” policy. This implies any sort of loss is covered except if it is specifically excluded in the policy terms. It covers damage, theft, “mysterious disappearance” and covers new jewelry you buy until you get an opportunity to add it to your policy. There are a few exclusions to coverage including intentional loss or damage, manufacturer’s defects, nuclear hazard, and war. The all-risk policy from Lavalier is a very comprehensive jewelry coverage policy with very few exclusions; in this way, your claim is not likely to be denied based on the type of loss. Lavalier will pay the cost to replace or repair your jewelry (the lesser of the two) or pay the actual cash value of the jewelry dependent on the limit listed for the insured jewelry in the policy affirmations page.
For a jewelry set, Lavalier pays to repair or replace the missing part of the set to re-establish the set to its previous value before the loss. If there are any questions with regards to the amount of a claim paid, you can submit a written request for evaluation within one year of the date of loss. Limits of coverage are available up to $50,000 (higher limits may be available and can be discussed with a company representative) and the coverage is worldwide. Deductibles are flexible from as low as $0 to as high as $25,000, so if you pick a higher deductible, your premium will be lower. Discounts are available for numerous jewelry pieces insured on the same policy.
JIBNA Personal Jewelry Insurance : JIBNA (Jewelry Insurance Brokerage of North America) gives personal jewelry insurance in all 50 U.S. States. It is a small privately-held corporation and is “A” rated in financial stability by A.M. Best. JIBNA does not give business insurance to jewelers but rather is focused exclusively on personal jewelry insurance coverage. It also offers jewelry insurance to professional entertainers and athletes.
JIBNA asks that you have a receipt for your jewelry item, an examination, and a photograph whenever possible. If you do not have these items, a JIBNA agent can help you to get them. If you have your examination done by a certified appraiser, you can get a discount on your insurance premium. JIBNA pays claims 60 days after receiving proof of the loss. In contrast to numerous other jewelry insurers, JIBNA does not require a yearly examination of your jewelry items. It uses patented software to analyze each item’s value and adjusts the premium accordingly. JIBNA is extraordinarily thoroughness in the appraisal procedure. Since its records are so finished, it has all the relevant documents necessary in advance to process claims when they are filed.