What Is Jeweler’s Block Insurance?
It is very similar to homeowners or auto insurance. It provides compensation to retail stores and manufacturers who have had their diamonds damaged, lost, or stolen. Block insurance covers everything from precious gems to metals. It has also been called “Floater Policy” and Florida Commercial Insurance by some customers.
How much coverage do you need for it to matter?
That depends on the situation and the type of jewelry covered. Stores that sell beaded jewelry do not normally get this insurance. It is for those who sell high-end jewelry.
Customers generally do not cover 100%. They mostly cover 80% of their purchase. The fine print is very complicated, more so than auto or homeowners insurance. You can be denied a claim when you overlook an important detail. We encourage customers to read everything in the Jeweler’s Block Insurance contract.
What does it cover?
1) It covers everything in your inventory.
2) Any theft with certified mail.
3) It covers any damages while it is in your possession, including repairs.
4) It covers burglary in your store or during tradeshows.
How does it work?
It can help you recover lost or damaged merchandise from those who “smash and grab” and anything in between. It can provide compensation during a natural disaster, including a fire or storm.
The Premiums
1) The deductible is what you pay before your insurance takes over. There are different deductibles you can pick, including $10,000. You pay the first $10,000 and then the insurance covers everything after that.
2) There is something called “the limit.” That is the most your insurer is going to pay you. Say you have a $700,000 limit. The insurance might only pay $100,000 of that. You are responsible for the rest.
3) Premiums are based on your location and the value of your inventory. More value equals a higher premium.
Hallandale Florida Commercial Insurance
Riemer Insurance has been underwriting Jeweler’s Block Insurance for more than 30 years. They have served customers in-person and online. They provide products and services for everyone from private businesses to individual wholesale retailers. Contact them below to find out more information. You can also fill out the form online and someone will respond ASAP.