Jewellers insurance: taking stock of the situation
Published 18 May 2016
Do you lend or entrust your stock to photographers or celebrities? When you send stock to other jewelers for sale, repair or remodeling, do you know what would you do if it was damaged or stolen whilst in their care?
Trusting your stock in the safekeeping of another person or business is the equivalent of placing the welfare of your business into their hands. Thankfully, in the main, things generally go well for the majority of businesses. But for an unfortunate few, things can become more complicated so it’s best not to make any assumptions.
Three simple and practical things you can have in place up front:
Consider asking for insurance from the people you entrust your stock to;
If your supplier does have insurance in place, ask to see their ‘Certificate of Currency’. This provides details of the breadth of their insurance cover. If they don’t, get in touch with Gallagher to discuss the best way forward;
Check that your suppliers have contracts in place with specific liability for loss and/or damage.
You need the right (and best) cover for your business.
Gallagher has an exclusive Jewelers Block insurance policy that is build and serviced by marketing leading insurance experts with deep experience in your industry offering 100% Lloyd's of London security with market-leading cover.
The policy covers you for jewelry outside of your business premises, within any bank or safe deposit vault or whilst entrusted to dealers, customers in the trade, repairers, cutters and brokers. This jewelers insurance also covers jewelry entrusted to you by private clients or customers for safe custody.
If any of the above raises a “What if..?” question, give us a call. We’d love to speak with you.