JEWELERS BLOCK INSURANCE

Retail and wholesale jewelry companies will purchase insurance in the unfortunate event of a premises burglary, armed robbery, or another incident where merchandise is stolen and/or property is damaged. Premier’s adjusters have serviced clients following the incident to confirm the loss is recoverable under the policy conditions as well as assisting in the valuation of the loss.

TYPES OF JEWELRY BUSINESSES

Retail jewelry companies are at a significantly higher risk of loss because they permit unknown individuals to enter their business. Retail jewelers are easy targets if their operational and physical security controls are not in place.

Many wholesale jewelry companies employ traveling salesmen to conduct numerous sales presentations across an entire city or state. Professional thieves can usually spot a traveling salesman carrying his jewelry line to show to prospective buyers, follow them until they are vulnerable then take action.

Jewelry manufacturers usually employ a large staff that are separated into groups by their specialty (molding, polishing). When many employees handle valuable jewelry merchandise on a daily basis, a major risk is employee theft. Theft of small amounts of merchandise over an extended period of time can add up to a substantial loss.

 

COMMON TYPES OF LOSSES

BURGLARY

Professional jewel thieves cut holes in the roof on the shopping plaza, lowered themselves into a retail jewelry store, disengaged the alarm system, and torched through large UL-rated safes. We determined that the Insured’s alarm system did not contain “line security” which, if properly installed, would have immediately alerted the alarm company of the intrusion.

ARMED ROBBERY

Daytime armed robberies are a significant risk to retail and wholesale jewelers.  During our security surveys we frequently recommend two or more staff on premises, locked buzzer entry systems, enhanced CCTV systems and other controls to reduce the risk of daytime losses.

OFF-PREMISES LOSSES

We regularly investigate and adjust losses of stock off-premises, including:

  • Robberies of traveling salespersons
  • Memo losses
  • Shipping losses (USPS, Fed-Ex, UPS, and Airfreight)

PRE-RISK SURVEYS

We regularly conduct security surveys of retail, wholesale and manufacturing jewelers to assist Underwriters with assessing premises security and reducing the risks of loss.  Our reports address:

  • Company operating history
  • Management expertise
  • Loss history
  • Operating controls and procedures
  • Safes and vaults
  • Alarm systems
  • Books and records
  • CCTV

RECOVERY

Many insurance claims involve the potential to recover a portion or the entire claim total. Below are some avenues Premier takes to recover funds paid by Insurers.

We diligently collaborate with law enforcement officials and provide information and evidence to assist with the apprehension of criminal suspects for potential recovery of stolen goods.

When a suspect has been charged with a criminal offense involving theft from an insured, we take the necessary steps to request a restitution order from the district or state attorney prosecuting the case.

Some claims involve jewelry items that have been damaged but still maintain monetary value. We assist insurers with evaluating the salvage potential, offer the salvage to jewelers and return the proceeds to reduce the net amount of the claim.

Many insurance claims involve a third party that can be held responsible for the loss. We examine the contractual obligations of the third party and aggressively exercise subrogation rights when the third party is at fault.

 

Would you like to submit an assignment for a Jeweler’s Block Insurance matter (claim or survey)? Do you have a general question regarding Jeweler’s Block Insurance, or would like and introduction to a Jeweler’s Block Insurance Broker?

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