Prestige Promenade pearls and sweets
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56 W W W.thejeWelrybook.CoM Purchasing insurance can be a daunting task for the jewelry business owner. Jewelers face significant risk of theft and robbery due to the value of their inventory and the nature of their business. It is vital that they have strong security systems and the most comprehensive insurance coverage in place. Jewelers Block insurance sounds like it would provide all encompassing coverages for a jeweler, however, many insurance policies may not provide the coverage a business needs OR coverage the jeweler thinks they have. Just as each piece of jewelry is unique, so are the insurance needs of each jeweler. Most jewelers need more than the premises coverage available on a standard jewelers block policy. Limits of insurance are avail- able to be added onto your policy as an enhancement in coverage. Some examples of these are: • Traveling with inventory outside the business premises • Transit coverage is necessary if you or your employees ever carry jewelry outside the store. • Owned or customers' goods in the possession of another dealer in the jewelry trade • Memo Goods coverage should be obtained if you entrust goods to another dealer in the trade for sale, repair, or enhanced servicing such as engraving, polishing or cutting. This would provide a "safety net" of coverage should the dealer be uninsured or underinsured in the case of a covered loss. • Inventory shipped through a private parcel service • Most policies offer specified and limited coverage for items shipped through the US postal service. A separate limit of coverage can be offered for Private Parcel Service (UPS and FedEx). • Inventory located in a bank vault • Discuss Bank Vault coverage if your business secures inventory in a bank vault. It may be prudent to have Bank Vault coverage as part of your Business Emergency Contingency Plan to secure goods in the event of a power outage, alarm system failure or natural emergency such as a hurricane. Your business is unique, and should obtain a customized insurance policy designed to reflect your business practices and processes. To understand risks related to your business and how a jewelers block policy can manage and reduce these risks, speak with an insurance professional who specializes in jewelers coverages--someone who understands the nuances of the jewelry business. A jewelry insurance professional can design a Jewelers Block policy that meets your specific business needs, and can offer well-founded risk management tips to minimize your exposure to loss. Be sure to discuss your needs with a Jewelers Block insurance professional--someone who understands all aspects of your business and is able to provide the best insurance program to protect your life's work. Your Jewelers Block Policy-- Understanding the Fine Print By Patricia K. Low, President & CEO, Jewelers unBLOCKed TM u n d e r s t a n d i n g t h e f i n e p r i n t j e w e l e r s b l o c k i n s u r a n c e