How Jewelers Block Insurance Can Safeguard Your High-Value Assets

Introduction

Safeguarding high-value jewelry, gemstones, and other assets is indeed a concern for retailers. A single loss or damage to the jewelry can lead to serious impacts on the business which may be tough to bear with. To save businesses from these risks, jewelers’ block insurance is often obtained by retailers, jewelry manufacturers, auction houses, and other businesses. Jewelry block insurance is a useful policy plan for protecting these businesses from financial losses caused by multiple risks like accidents, fire, explosions, theft, etc. However, one question often comes up: Is this insurance capable of safeguarding high-value assets properly? Or, is there any risk of breaching its security?

To answer this question, this blog is here. In this blog, we’ll discuss how jeweler’s block insurance ensures complete protection for high-value assets.

5 Ways How Jeweler’s Block Insurance Safeguards High-value Assets

With numerous crimes regarding jewelry reported daily, keeping high-value assets is indeed a matter of headache for businesses. Whether you’re a retailer or a reputed auction shop owner, owning or supervising high-value jewelry, gems or other properties can be nerve-racking. But, if you obtain a jewelry block insurance policy, no risk can deprive you of your night’s sleep. Here’s how insurance can safeguard the assets:

Provides Comprehensive Coverage:

Ranging from gold, silver, and other precious types of jewelry to semi-precious and precious gems, all types of high-value assets can be covered under the jewelry block insurance policy. Wholesalers and retailers can obtain it for their business collections whereas it can be obtained for personal jewelry collections as well. Being normally an all-risk policy, jeweler’s block insurance protects high-value assets against armed robbery, employee theft, burglary, fire and lightning, smoke damage, and vandalism.

Includes Exhibition/ Display Coverage:

If there is a scenario, where high-value assets are supposed to be exhibited at a trade fair or jewelry exhibition program, there can be a high risk of theft and mishandling of the assets. Suitable insurance can cover possible financial burden coming out of those risks. With insurance coverage protecting the assets, you can focus on exhibiting the grandeur of the jewelry in the best possible way.

Ensures In-transit Protection:

Transporting the jewelry stocks from one location to another location or client’s place, if any uncertainty occurs, jewelers block insurance covers the loss.

Infidelity of Employees:

This insurance is extended to cover all direct losses of the insured interest covered herein, which is sustained through any act or acts of fraud or dishonesty committed by any employee during the period of this insurance, to an amount not exceeding the sum stated subject always to the existing terms, conditions and exclusions of this Policy.

Assures protection against natural disasters:

Natural calamities may occur at any time without giving any prior notice. And when it occurs, it may cause severe destruction to the assets and the place where they are kept. Due to the high value of the assets, the extent of financial loss in these cases can go high. Jewelry block insurance offers financial aid and helps businesses to cope with such a situation faster and continue their operations.

About CoverB

CoverB, as one of the most reliable insurance service providers in UAE, with its team of experts, helps retailers, auction shops, pawnshops, art galleries, etc., to obtain the best-suited jewelry block insurance plans. It also helps businesses to opt for many other diverse types of insurance plans and is indeed a one-stop destination for all businesses’ unique corporate insurance needs; exploring, obtaining, and managing insurance plans becomes easy and hassle-free.

Final Words

Being an all-inclusive policy, jeweler’s block insurance covers a wide range of risks that can damage or degrade the value of precious assets. However, the policy plans may come with certain exclusions that you need to know about before you obtain the insurance. The general exclusions may include war-related chaos, normal wear and tear of asset inventory, intentional damage or loss, some types of cyber attacks, etc. Although these are often ruled out of jewelry block insurance, by customizing the policy with some add-on coverages, you can ensure financial and legal protection against these risks as well.

Connect with our experts at CoverB today to secure the coverage you need!