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44 W W W.THEJEWELRYBOOK.COM J E W E L E R S U N B L O C K E D I N S U R A N C E When you sell an engagement ring, your customers are purchasing more than just a beautiful piece of jewelry. The ring is a celebration, a tangible symbol of the love and commitment they share with their future spouse. It is valuable from both a sentimen- tal and monetary standpoint—so it is important for your clients to properly protect the ring. Talking to your clients about the importance of proper insurance is another step in developing a long-lasting, positive relationship with your clients. Obtaining the correct insurance will allow the engaged couple to replace or repair the ring if it is lost or damaged. They shouldn't rely on their homeowners or renters insurance policy for cover- age. Most homeowners policies only cover jewelry losses up to a set limit—typically a maximum fi g- ure between $1,000 and $2,500 (depending upon the insurance company). If the appraised value of the ring is signifi cant, your clients should obtain an insurance policy de- signed specifi cally to cover it. To ensure they get the proper coverage, encourage them to discuss their needs with an insurance professional who special- izes in insurance for owners and collectors of fi ne jewelry. Each couple's lifestyle and new engagement ring are unique—insurance for their jewelry should be as well. We recommend Valuable Articles Coverage (VAC) that meets the risk profi le of the policyholder rather than a standard 'cookie-cutter' policy. Valuable Articles Coverage (VAC) allows the policyholder to insure their jewelry by "schedul- ing" pieces (individually listing and describing each piece). They may elect to cover an entire jewelry collection or just selected individual pieces, such as the new ring; they may also select a deductible level that fi ts their own risk tolerance level. All policies are not the same, so clients should be sure to discuss their specifi c circumstances with a qualifi ed insurance professional to obtain the coverage they need. For example, with a hon- eymoon in their future, the policy should provide coverage worldwide. If they have a covered loss for just part of a set (for example, one earring), the insurance coverage should allow them to replace the entire set. And since sometimes a loss is just that, the policy should provide coverage for 'mys- terious disappearances.' As someone who loves beautiful jewelry and rings, I am always saddened when one of my in- surance clients suffers a loss. However, I realize that the true value of appropriate insurance and planning becomes clear in moments of loss. Your customers should also take the right steps to be prepared if they do have a loss. When you provide them with the sales receipt and appraisal, remind them to keep it in a secure location. And because commodity price fl uctuations often change the replacement cost of jewelry, encourage your cli- ent to have the ring reappraised every two to four years and update their policy limits accordingly. In addition to appraisals and sales receipts, we suggest clients take photographs of each piece of jewelry, from all angles. All documentation should be kept in a secure, fi reproof location. In the event of a claim, a detailed list of the items that were destroyed, damaged or stolen will assist the claims professional to maximize the insurance reimburse- ment and deliver a smooth claim process. With proper planning and protection, your clients will be able to enjoy their new ring and all it symbolizes—for a lifetime. About Jewelers unBLOCKed™ Jewelers unBLOCKed Collector Edition™ offers tailored insurance programs created to meet the heightened exposures of the discerning private client. For more information about Jewelers unBLOCKed™, please visit www.jewelers-un- blocked.com. Patricia K. Low President and CEO, Jewelers unBLOCKed™ and Jewelers unBLOCKed Collectors Edition™ Patricia K. Low has over 30 years' experience in the insurance industry and holds over 40 insurance li- censes. Ms. Low has an extensive background in the luxury goods industries, and has represented leading jewelry fi rms for over 25 years. Jewelers un- BLOCKed™ is an outgrowth of her long-term and in-depth involvement in the jewelry industry. By Patricia K. Low President/CEO Jewelers unBLOCKed TM Why it's important for your customers to insure their rings! Rings by JB Star

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