Jewelers Block Insurance is a specialized type of commercial insurance designed to protect jewelers, pawnbrokers, diamond dealers, goldsmiths, and others in the jewelry trade against losses to their inventory, whether on the premises, in transit, or in the custody of others.
Here’s a breakdown of what it typically covers:
đź’Ž Key Coverages
- Stock Coverage
- Protects jewelry, watches, precious metals, and gemstones (owned or held on consignment) against theft, fire, accidental damage, or loss.
- Goods in Transit
- Covers goods while being transported—by the insured, courier, or postal services—often including international shipments.
- Customers’ Property
- Covers items belonging to customers that are left for repair, cleaning, or appraisal.
- Exhibition & Trade Show Coverage
- Protects jewelry while on display or being transported to/from shows.
- Off-Premises Coverage
- Covers stock outside the main store—for example, during home visits, trunk shows, or when carried by sales representatives.
- Employee Dishonesty
- Optional coverage that protects against theft or fraud committed by employees.
- Burglary & Robbery
- Covers losses from forced entry or robbery inside or outside the premises.
⚠️ Common Exclusions
- Unexplained loss or mysterious disappearance.
- Normal wear and tear or gradual deterioration.
- Losses from war or nuclear risks.
- Losses outside agreed conditions (e.g., jewelry left unattended in a vehicle).
đź’° How Premiums Are Calculated
Premiums depend on:
- The total value of stock.
- Security systems (alarms, safes, surveillance).
- Claims history.
- Location risk (crime rates, building type).
- Transit methods (courier, armored transport, etc.).
- Coverage limits and deductibles.
🏢 Who Needs It
- Retail jewelers and boutiques
- Wholesale dealers and importers
- Jewelry manufacturers
- Watch dealers
- Gemstone cutters or traders
- Pawnshops and repairers
Would you like me to show you example policy terms or coverage limits (e.g., from a U.S. or U.K. insurer)? That can help illustrate what a standard Jewelers Block policy looks like.