Tag Archives: Jewelry 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

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