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What is Jewellers Block insurance?

Published 20 August 2020

A standard Jewellers Block insurance policy will provide coverage for a wide range of risks, tailored to your business.

Our exclusive Jewellers Block policy is developed specifically for jewellers, and offers 100 percent Lloyds of London security with market-leading cover.

Commonly covered risks include:

  • Theft, including shoplifting, burglary and robbery
  • Accidental damage
  • Business interruption due to fire, robbery or other incident
  • Property whilst it is on your premises, on loan or display in an exhibition, and in a transport vehicle. Terms and conditions apply.

There are things that a policy won’t cover – like employee dishonesty or unexplained loss – but for the most part, Jewellers Block insurance can be as comprehensive as you need it to be.

What if I need more cover?

There are a wide range of available extensions and additional benefits for jewellers who need more cover for the unique risks they face in their business. You may want to consider additional cover if you are:

  • A specialist jeweller

Specialist jewellers, like pearlers, regularly handle unique items and valuable materials. This raises the amount of risk your business is exposed to. You should talk to your broker about specialist jewellery insurance if you create, handle or sell unique jewellery. Learn more here.

  • Selling high-value items

Even if you’re not a specialist jeweller, selling certain types of high-value or unique jewellery can raise your overall risk exposure. You may need additional cover if your stock includes high karat gold jewellery, bead jewellery, and antique or estate jewellery.

  • Carrying out valuations

If you’re carrying out your own valuations, you should have professional indemnity insurance included in your Jewellers Block policy. A valuation is your professional opinion of an item’s worth in the market, so you are legally liable for it. If a customer feels you have undervalued an item, given the wrong advice or made some other mistake, you’ll have to defend yourself against that claim – and that can cost thousands of dollars.

  • Trading during busy seasons

If you carry additional stock to cover you over busy trading periods, like Christmas and Valentine’s Day, then your Jewellers Block insurance should allow for an automatic increase in stock for these times. This can be easily organised at low additional cost, and means you won’t need to notify your insurer of any increases in stock.

  • Repairing, restoring or cleaning jewellery

Our Jewellers Block policy wording can be extended to cover items while you are actually repairing, restoring or cleaning them, and for any damage resulting directly from your work. If you perform any work on items of jewellery, you should talk to your broker to see if your stock is covered whilst it is being worked on.  

  • Showcasing items at exhibitions or trade fairs

By default, the Gallagher Jewellers Block policy includes $10,000 of cover for property that’s on display in an exhibition, trade fair or other event, including travel to and from the venue. This can be easily increased according to your needs.

Do you really need an insurance broker?

An insurance broker is best placed to assess your risks, answer your questions and negotiate with insurers to get you the best deal. You don’t have to use a broker, but using one means that you’re:

  • not paying for cover you don’t need;
  • not paying for expensive overlaps across policies; and
  • covered for all your risks and exposures.

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