01/09/2015 Insurance for Jewellers' Personal Possessions
insuring personal possessions are often faced with a number of challenges. At
GJIS Ltd we understand the complexities of the trade and by working together
can specifically hone your cover to ensure a watertight policy, suitable to
your personal needs.
does a jeweller need to take into account when insuring personal possessions
such as expensive jewellery or watches?
Insurers that provide cover for Home Contents and Jewellery
generally believe if you are a Jeweller or connected with the trade their risk
is increased because your may be perceived by thieves as a good target.
This perception can apply even if you do not take stock home.
GJIS Ltd, we understand this risk and can provide specialist cover for the
If you take stock home this is considered to be a material fact by
most Insurers even though your business stock or goods in trust may be insured
Consideration needs to be given to your sum insured. What basis of
valuation does a jeweller need to agree with their insurer? For easily
replaceable items then trade replacement seems appropriate but for rare or
scarce items perhaps an agreed value or retail?
Sometimes stock is worn and treated as “personal”. Unlike some
insurers, this is not a problem for GJIS Ltd providing we know in advance and
make arrangements to modify your cover. Standard cover for “wearing” is a
modest £2,500 so for those with a need this is often increased.
Proof of ownership is sometimes an issue.
If you have acquired items personally from your business beware the pitfalls,
viz., did you recover the VAT? Is it "on or off the books"? Depending
upon your answers it may be more appropriate for us to extend your JBP under
our Comprehensive Wearing Extension.
Valuations – Ideally independent valuations are best but in
practise this means begging favours from friends in the trade which you may not
wish to do. If qualified to provide valuations then (submission of) your own
valuations will be acceptable.
If you take stock to your home or use your home for business it is a material fact that insures need to know.
At GJIS we understand the trade and will provide the appropriate policy to meet you and your family’s needs.
GJIS Ltd - 38 years commitment to the jewellery trade, offering innovative insurance for jewellers since 1977
firstname.lastname@example.org Phone: +44 (0) 121 233 3401