Gold Price
05/04/2011 Gold Price: GJIS urge their policyholders to review their values and security constantly.
An increase in the number of robberies on jewellers continues to highlight the fact that jewellers are not adjusting their sums insured to reflect the replacement value of their stocks or goods in trust. Although the price has hedged around £850/£860 over the last few days it has gone up by more than four times in the last 10 years!
GJIS urge their policyholders to review their values and security constantly.
Since gold has soared in value policyholders should be mindful to check their sums insured.
The basis of valuation applied to most of GJIS policyholders is replacement cost price at the time of loss. This means that your stock and goods in trust sum insured should reflect the current price plus an labour or fashioning charges.
Recently we have experienced a number of extreme examples of underinsurance and this causes problems and disappointment when it comes to a claim.
If there is a material change in the values at risk you must discuss this with your insurers/GJIS in order that we can re-evaluate the exposures in risk and advise you regarding your sums insured and levels of security you have in place to protect the insured interest.
Due to the nature of a Jewellers' Policy you have the option to insure full value or a selected sum insured…. providing you have advised your insurer of the full facts, meaning the full values at risk.
The main areas of value at risk and to check are:
- Your premises and including the values you display in the windows or that is left out of safe when you are closed.
- Sales Representative stock or sample ranges
- Exhibitions
- Entrustments to others, e.g. Approbation and Outworkers
- Parcel limits in respect of Sendings by post or carriers
We are all mindful of the higher values at risk, however many do not realise just how much the value of gold has changed over the years.
Be mindful of your security!
Perhaps you will need to increase the security, maybe purchase an additional safe because these higher values mean you now exceed the limitations of your current safe(s).
Intruder Alarm systems provide more sophistication now enabling them to be more easily managed. Compliance and new ACPO Policies have brought about changes. There are alternative and comparative methods of signalling which mean a more competitive market place.
Smoke/Fog making machines have helped to reduce losses and they are viewed favourably by Insurers. Incentives may be available for those Policyholders who wish to invest in security improvements. Each one will be assessed upon its own merits.
If you install one of these machines it is very important that you agree a protocol with your staff for their safe activation and operation. Instruction and training are essential in order that the possibility of injury to your staff or customers is avoided. Each location is different so you will need to discuss with your installer how and when activation occurs. For example if you have controlled door entry you will need to consider how best to arrange for the door(s) to be released enabling the thieves to leave the premises.
NB: Your health and safety are primary considerations activation of smoke or panic alarms should only be attempted if it is safe to do so. No one is expected to expose themselves to the risk of increased injury by the operation of any of these aids. They are good to have and to use to summon help silently via the panic alarms or to drive thieves away from your premises using the smoke/fog machines.
Contact details of Smoke/Fog Machines suppliers are as follows:
Fog Bandit http://www.bandituk.co.uk.
Contact: Paul Dards Tel: 01604 839000
Smokecloak http://www.smokecloak.com
Contact: Carl Gibbard Tel: 01205 821002
Smoke Screen http://www.smoke-screen.co.uk
Contact: Enzo Koflach Tel: 08707770434
