Category Archives: Jewelry

Jewelry Insurance A to Z

In the jewelry insurance business, the word jewelry includes different sorts of adornment, such as bracelets, necklaces, rings, earrings, watches, etc. However, the meaning is often more precious than its price; a symbol of love, unforgettable memory or a significant moment in the past. Considering these invaluable meanings, jewelry is priceless. Hence, you may feel devastated if you lose such a possession. Usually what happens, when placing jewelry on a standard homeowner’s or rental policy, their items are not covered properly. Thus, it is better to sign up for a standalone personal jewelry insurance policy. This policy enhances and provides higher limits while a homeowner policy only covers jewelry up to some point. For instance, if you have a $15,000 ring that has been stolen a typical homeowner policy only covers from $1,000 to $1,500 due to the sub limit within the policies.

What kind of coverage is there in jewelry insurance? There are two types, itemized coverage and blanket coverage. Itemized coverage is a schedule of items describing what will be insured including the insurance value. Some companies require appraisals that value and descriptions are written in. In the event of loss, the insurance company will pay based on the value in the schedule. The appraisal is used to verify authenticity, so that payment would be made without any dispute. When insuring multiple items of lesser values, blanket coverage is the suitable option. It covers multiple pieces under certain total policy limit; some policies have a maximum per item value and a maximum per loss limit. This can be positive if you own many types of valuable articles that are relatively under $25,000 but cumulative into hundreds of thousands.

Then how does jewelry insurance work? There are two ways that insurance companies can handle this. First is to compensate what they have been claimed. The insurance company will pay you cash and the amount depends on which compensation valuing method the company chooses, between replacement cost and actual cash value. According to the Insurance Information Institute, replacement cost is to pay the amount of cash required for replacement but limited by the maximum dollar amount shown on the declaration page of policy. Actual cash value pays the dollar amount of replacement cost minus depreciation. The second one is to repair or replace the valuable articles rather than receiving cash to replace the item. With this option there are no worries as to how much you will get reimbursed, since the insurance company will repair or replace the jewelry with the same quality of the original one.

Since there are many insurance carriers with different terms, it is difficult to find the best suitable insurance without speaking to a knowledgeable Insurance Broker. Here are two tips for choosing the right company for personal jewelry insurance. First, look for a policy that does not mandate you replace an item to receive the full value of the settlement. Second, select a company that makes it easy to insure your jewelry by requiring appraisals only on high value pieces. Here is information on several companies dealing with separate jewelry insurance.

Bernard Fleischer & Sons Inc has teamed up with AXA Insurance Company to provide a countrywide insurance product with worldwide coverage, in other words, the coverage travels with the policyholder. It covers many kinds of losses including accidental breakage, fire, theft and mysterious disappearance. No appraisals are required on items under $50,000 and in collaboration with fine art insurance, the coverage can be as much as $2,500,000 and more. They use a blanket policy up to $250,000 and then switch to Schedule as the value increases. The most significant item is that for your coverage, you will get compensated with cash, rather than the repaired or replaced pieces.

Jewelers Mutual, one of the historic companies in jewelry business, provides worldwide personal jewelry insurance. They cover various losses, similar to AXA, from theft and damage to mysterious disappearance. Their coverage is different because it is based on the repair / replacement insurance, which the company pays directly to the jeweler and the insured is responsible for his or her deductible. Some of the customers are happy with their service while others are dissatisfied with their policies. For instance, not covering wear and tear peril and not insuring the replaced jewelry. Nevertheless, the company shows consistent concern for their customers, since every review has comments from Jewelers Mutual on it.

Chubb, another historic insurance company, has worldwide insurance for valuable jewelry articles. They provide worldwide all risk coverage for most causes of loss and mysterious disappearance. Also they provide automatic coverage for newly acquired items which are up to $50,000 for 90 days on the premise that customers have already itemized jewelry on Chubb policy. New appraisals are not required for jewelry under $100,000 and offer an endorsement paying up to 150% of the amount itemized on the policy to protect customers from inflation.

Another big insurance company, Travelers provides jewelry insurance along with valuable articles. These valuable items include jewelry, pedigreed dogs and guns. There are two options that customers can choose. One is Personal Articles Floater, which can be purchased separately and it is for more expensive valuables that exceed the coverage provided by residential policies. With this policy, every item should be listed with its description. The other is Valuable Items Plus, which is available as an add-on coverage to homeowners insurance, which works as a blanket coverage up to certain cost.

Lavalier, administering insurance policies issued by Berkley National Insurance Company, manages only jewelry insurance. Lavalier policy provides repair / replacement and all risk is covered except for the wear and tear, manufacturer’s defect and intentional loss and damage. Provided that the customer has at least one item scheduled, they also provide unscheduled coverage with $1,000 per item limit and $5,000 total value limit for jewelry of lesser values. Moreover, only items above $5,000 require appraisals and for items valued under $5,000, sales receipt can take the place of an appraisal.

Things To Know About Coverage For Jewelry And Other Swag.

Art Insurance Now, AXA Art, Fine Art Insurance

Your Homeowners Insurance May Cover partially What You’d Pay to Replace High-Value Watches, Rings, Necklaces, Bracelets and other Items.

Standard homeowners and renters insurance policies include some coverage for jewelry and other precious objects such as watches and furs. Like other possessions, high value items are covered for losses caused by all the perils included in your policy such as fire, storms, theft and vandalism.

However, there are special Sub-limits of liability for certain items, simply meaning that the insurer will not pay more than the amount specified in your policy. One significant limit is for the theft of jewelry. To keep coverage affordable, because jewelry can be easily stolen, standard policies have a somewhat low limit for theft coverage, generally $500.00 to $1,500.

If you own costly jewelry or other items that would be difficult to replace, there are two ways you can increase coverage: by raising the limit of liability, or by “scheduling” your individual pieces through the purchase of “Special” Jewelry Policy. Raising the limit of liability is the least expensive option in terms of insurance premium cost; however, there is generally a limit on the amount you can claim for the loss of any individual piece, say $2,000, when the overall limit is $5,000.  We recommend buying a Blanket Jewelry policy which includes all your items, and in most cases the best value for your insurance dollar.

Choosing the right Insurance policy is personal.  Our Blanket policy pays claims based on current Market value and is limited to the total limit you purchase.

Non-Scheduling each piece or item may cost more in premiums, but it offers broader protection because the Policy usually covers losses of any type, including accidental losses—such as dropping your ring down the drain or mysterious disappearance—that standard policies do not cover. All policies have conditions, limitations and exclusions. That’s why, when purchasing a Jewelry policy you should always work with a reputable broker like Bernard Fleischer and Sons. Insurance has grown increasingly complex over the years. There are literally thousands of insurance companies and policies to choose from, and new products are entering the market all the time. Plus, policies are often filled with disclaimers and insurance jargon that can confuse the average consumer. We can decipher the jargon and deliver the best protection for your valuables. For more information and a fast, free quote visit us at www.ArtInsuranceNow.com or call us at 1.800.921.1008

Art Insurance Now, AXA Art, Art Insurance, Fine Art Insurance

Why you should be insuring your Jewelry.

The differences in homeowner’s policies and Jewelry coverage are vast and it’s best to make sure you are covered properly. The typical per-theft claim limit is $1,000 on a homeowner policy without a schedule. That’s the jewelry limit for an entire claim, not a $1,000 limit per item Homeowner policies also have deductibles which apply to Jewelry.

Many homeowners’ policies exclude if you lose stones. If the stone falls out of the setting, you’re not covered at all. Most insurance companies include the jewelry insurance with sub-limits of $500 in their standard homeowner policy. With our standalone policy, we can increase the limit up to $250,000 and include watches, silverware, collectibles and art collections.

Diamonds may be a girl’s best friend, but when diamonds go missing, insurance is your best friend or your worst enemy if you don’t have enough coverage. Value, sentiment, emotion, and your aversion to risk should all play a part in choosing an insurance policy for your jewelry. This is where our newly expanded jewelry coverage fills in the gaps.

Coverage Limits.
Our program insures your Jewelry on a blanket basis up to $250,000. The only requirement is items valued over $50,000 must have supporting documentation.

Blanket/ Scheduled
We insure your Jewelry on a blanket Basis, only Items over $50,000 require to be scheduled. This lets you insure all your items, hassle-free. There is no requirement for appraisals for items under $50,000.

We cover real life.
Some policies will only cover theft or loss due to a disaster claim, we realize that you can’t always pinpoint how or where your jewelry disappeared so we cover mysterious disappearance, coverage that’s often overlooked by other policies.

Traveling?
Homeowner’s policies do not cover outside of the home, our coverage follows you worldwide. Never worry about having to leave your favorite jewelry behind.

Damage to Rings, Watches, and Necklaces?
Diamonds are the hardest known mineral, they still aren’t impervious to harm. Diamonds can crack when dropped on a hard surface or fall out of their settings when subjected to impact. Rubies, sapphires and other precious stones are also susceptible to chipping, cracking, or breaking. Emeralds are especially brittle, and pearls can easily be damaged or crushed if improperly protected. Homeowner’s policies typically do not cover damage to your rings, watches, and necklaces.

Personal Jeweler?
Many people have a preferred jeweler, as opposed to just having someone trying to sell you something in the display. A Personal Jeweler really gets to know you and your tastes. Well, you won’t have to give them up. When placing a claim with us you get the same quality workmanship that you are used to.

Loss buyback.
There is sentimental value in the keepsake, our policies give the option of repurchase if lost or stolen and later recovered or it declared a total loss.

For more information visit artinsurancenow.com, call us at 800.921.1008 or fill out EZ application here.

Art Collection Insurance Program Expanded to Include Jewelry and Watches.

Diamond Ring PhotoAn engagement ring can cost an average of $6,000 and up, heirloom pieces and other jewelry often have significantly higher values. Jewelry is a favorite for thieves and most often never recovered. This valuable property is usually not adequately covered under the victim’s homeowners or renters insurance and has even less coverage options while travelling.

Our Fine art insurance coverage has broadened its collectibles program to offer expanded coverage of up to $250,000 in jewelry and watches. The enhanced offering represents a significant expansion to the Art and Collectibles Insurance program.

Specific items eligible for coverage include antique and designer gemstones, pearls, bracelets, charms, earrings, necklaces, pendants, and rings and watches comprised of silver, gold, platinum and/or other precious metals or alloys. Watches include vintage, collectible and every day time pieces worn on the wrist, as a necklace or in a pocket. Under this program, mysterious disappearance is an included risk, and coverage travels with the policyholder worldwide. (Note: no coverage in baggage unless in your hand and while on the premises of Hotel/Motel, unless being worn or in hotel supervised vault.) No appraisal is required at application for pieces valued less than $50,000, and a no deductible option is also available.

Collectibles Insurance is offered nationwide which offers tailor-made coverage solutions for private and corporate collections, museums, galleries and artists. Visit us here for more info or for a quote on your collectible call 800.921.1008

AXA Art Insurance Company

 
Good News! After 29 years in the Insurance Business, I have partnered up with   AXA and Travelers Insurance Company. We can now negotiate favorable terms and conditions with very competitive pricing. I now have the facility to insure all types and size collections, Dealers, Museums and Non-profit galleries.
If you are involved in the art world, I can insure your exposures.

• Commercial Art • Art and Antique Dealers • Restore and Conservators • Museums • Private collectors • Large or Small inventories. • Domestic or International. • Art Fair transportation, while at fair,     shipped to collectors • Art loaned to Museums or non- profits, • Art being shipped or carried on board, • Coverage for special events, Parties,     Gala’s, Dinners. • Non-profit organizations and more

There are special policies so broad that besides the standard theft or breakage coverage’s it actually includes mold and devaluation of the art pieces due to a loss. The premiums begin around $2,500 for about $250,000 worth of protection.

Recent successes:  An Art dealer who brings works to various fairs and sells from her private gallery just purchased this policy

$300,000 premises limit $300,000 unnamed location $300,000 while in transit We set the unnamed location limit and transit limit as matching limits to avoid any gaps in coverage. Premium is $3100 with $1,000 deductible.

The Genuine Article“Total flexibility with market-leading security – the ultimate high-net-worth coverage for art and antique collectibles, buildings, and contents.”
Call me with your questions.

William G. Fleischer, CIC 212 566-1881 ext 111 wfleischer@bfbond.com

Dealer Insurance, Museum Insurance, Corporate/Private Fine Art, and Collectibles Insurance.

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Use UCC filings when you Cosign your Art to a Dealer.

Recently, while I was discussing art with an attorney, UCC filings came up.   Usually, this is filed when you take out a business or personal loans and the lender to protect its collateral files the UCC with the state.

It’s an inexpensive file, which is used to notify the state you are a lender and have claim to the object corresponding to the UCC.

So I always tell everyone when you lend for sale your Art, to always have an expiration of consignment, in case the other party gets in financial difficulties the asset reverts to you at the end of the consignment date.

But now adding the UCC you attach yourself to the asset so any court can recognize you are in line to be paid if the art is sold.

An interesting layer of protection from an unstable partnership.

 

William

www.artinsurancenow.com

What is Conversion exclusion in a fine art, Antique, Jewelry policy

The Story;

A collector or Museum consigns a work to a dealer to sell.  The dealer does his job and sells the work, but does not pay the Collector or Museum.  This is now considered a loss of property and if your current policy does not address this type of loss you may not have coverage.

Now if the consignment date has expired and the dealer is not willing to return the work, in many incidences this would be classified as theft and be covered by your fine arts policy.

For more information on Conversion Exclusion call us at 1.800.921.1008, visit our website at www.ArtInsuranceNow.com or fill out one of the applications below for a fast and easy quote.

APPLICATIONS:

Art Dealers
Artist Transit/Exhibition/Studio Insurance
Auctioneers
Conservators/Restorers
Personal Collections
Exhibitions
Museum Collections
Business Owners Liability

Keep Jewelry OFF Homeowners Policy

Keep Jewelry
OFF
Homeowner’s Policy

art insurance

If jewelry is on HO

 

  • The impact of a jewelry claim is serious!
  • Jewelry loss counts as HO loss.
  • Jewelry losses hit CLUE and PILR reports.
  • Client loses homeowners’ “claim free” rating.
  • HO policy is difficult to re-market after a loss.
  • “Mysterious disappearance” claims, in particular, are red flags.

Other disadvantages

  • HO policies have capacity limitations.
  • Many HO carriers will not cover higher-value jewelry.
  • HO policies will not list non-family members with “insurable interest.”

NOTE:
70% OF PERSONAL PROPERTY
THEFT LOSSES ARE
JEWELRY

Standalone policy is better

 

  • Higher limits
  • Higher value per piece – expensive jewelry not excluded.
  • New appraisal not needed

We accept any reasonable appraisal

  • Co-insured (for example, fiancé) can be listed.
  • Illustrated scheduled shows (as well as describes) insured jewelry.
  • Highly competitive rates
  • Discounts available for
    • good appraisals
    • home alarm system
    • in-safe storage when jewelry isn’t being worn
  • Jewelry claims do not impact homeowner coverage.

 

Theft, Fire, Mysterious disappearance, Burglary, chips, broken and many other coverages can be included on a stand-alone jewelry policy

 

    • Emotional importance of jewelry may it be a gift, heirloom or an investment

APPLICATIONS:

Art Dealers
Artist Transit/Exhibition/Studio Insurance New Program
Auctioneers
Conservators/Restorers
Corporate Collections
Personal Collections
Exhibitions
Museum Collections
Business Owners Liability

New AXA Jewelry Collection Policy

Specialty Jewelry Collections AXA Art Policy HighlightsAXA Art recently launched a specialty jewelry product for private collectors of classic antique and designer jewelry. The mono-line, broad coverage product is available in the United States for schedules in excess of $500,000 for focused collections ranging from ancient to vintage to contemporary jewelry.Our specialty jewelry product offers affordable, all-risk coverage on a worldwide basis. The policy can be written as a separate policy or added to an existing fine art policy. This new jewelry collection policy is offered in addition to our scheduled jewelry product for values below $500,000.

 

 

Highlights:

  • Target: $500K up to $30MM jewelry collections, higher limits available
  • Minimum: $500K personal jewelry collections
  • Competitive rates for collections kept in the residence, residence safes and bank vaults
  • Worldwide coverage
  • No restrictions for California earthquake or any coastal windstorm locations including Florida
  • No deductible requirements, deductible options available for various rate credits
  • Coverage for loose, cut gems and stones available
  • Valuation Options: Agreed, Current Market Value
  • Scheduled or blanket policies
  • $50,000 blanket coverage included

 

Submission Requirements:

  • Completed AXA Art application
  • Listing of jewelry in collection with values
  • Purchase receipts or appraisals for items valued at $100K or more

Contact:

For more details about AXA Art’s specialty jewelry program,

please contact your William Fleischer

 

APPLICATIONS:

Art Dealers
Artist Transit/Exhibition/Studio Insurance New Program
Auctioneers
Conservators/Restorers
Corporate Collections
Personal Collections
Exhibitions
Museum Collections
Business Owners Liability

 

 

 

Specialty Jewelry Collections – AXA Art Policy Highlights

ain-axa

AXA Art launched a specialty jewelry product for private collectors of classic antique and designer jewelry. The mono-line, broad coverage product is available in the United States for schedules in excess of $500,000 for focused collections ranging from ancient to vintage to contemporary jewelry.

Our specialty jewelry product offers affordable, all-risk coverage on a worldwide basis. The policy can be written as a separate policy or added to an existing fine art policy. This jewelry collection policy is offered in addition to our scheduled jewelry product for values below $500,000.

Highlights:

  • Target: $500K up to $30MM jewelry collections, higher limits available
  • Minimum: $500K personal jewelry collections
  • Competitive rates for collections kept in the residence, residence safes and bank vaults
  • Worldwide coverage
  • No restrictions for California earthquake or any coastal windstorm locations including Florida
  • No deductible requirements, deductible options available for various rate credits
  • Coverage for loose, cut gems and stones available
  • Valuation Options: Agreed, Current Market Value
  • Scheduled or blanket policies
  • $50,000 blanket coverage included

Submission Requirements:

  • Completed AXA Art application
  • Listing of jewelry in the collection with values
  • Purchase receipts or appraisals for items valued at $100K or more

Contact:

For more details about AXA Art’s specialty jewelry program, please contact me your AXA Art broker, William Fleischer, CIC, Senior Underwriter, at (800) 921-1008 or email WFleischer@bfbond.com

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