News

01/09/2015 Insurance for Jewellers' Personal Possessions

Jewellers 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.

What 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.

At GJIS Ltd, we understand this risk and can provide specialist cover for the jewellery trade.
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 elsewhere.
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

www.gjis.co.uk

insurance@gjis.co.uk Phone: +44 (0) 121 233 3401