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What Is Jewelers Block Insurance?

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Jewelers Block Insurance

Jewelers block insurance is a policy specifically written to protect the physical loss or damage of precious stones (including semi-precious stones), jewels, jewelry, precious metals, and even tools of the trade. It also extends to jewelry in your care or custody. It’s often referred to as specialized inland marine insurance because it also protects jewelry that is in transit. 

What is Covered by this Insurance Policy?

A jewelers block policy includes coverage for merchandise that is stored inside a safe and/or bank vault, show window/on display, or while in transit (being shipped/mailed, including by the united states postal service). It also includes coverage for cash that is in transit to be deposited at your bank or cash on hand in your store. 

What else might be included in this insurance coverage? 

  • Coverage for when you’re at trade shows (additional protection provided while attending jewelry industry events).
  • Raw materials or jewelry being manufactured 
  • Any property of a customer that’s in your care or custody (including theft of or damage to)

Some insurers will require you to have sufficient security measures in place (such as an alarm system) to obtain coverage. 

Who Needs Jewelers Block?

  • Jewelry retailers
  • Diamond dealers
  • Designers
  • Wholesalers
  • Manufacturers
  • Pawnbrokers
  • Appraisers

Anyone in the jewelry trade that handles precious metals as part of their job should consider this policy.

An All-Risk Policy

Jewelers block is considered an all-risk policy by most insurance companies. That means coverage for the physical loss or damage to jewelry in your care under most circumstances, including theft, robbery, fire, or shoplifting. A “mysterious disappearance” or case of employee theft may be excluded—which is why it’s important to read the details of your policy.

Other Insurance Policies to Consider

What other business insurance coverages should jewelry businesses consider?

  • Commercial Property Insurance: Commercial property insurance covers your building and its contents (including personal property) from damage from fires, some natural disasters, or vandalism.
  • Business Interruption Insurance: If your jewelry store is damaged and being repaired, this policy can help cover lost profits, employee payroll, and more. 
  • General Liability Insurance: General liability protects your business in the case of third-party bodily injury, property damage, or advertising injury.
  • Commercial Umbrella Insurance: If your underlying insurance limits are exhausted, this can help cover the excess (it’s often more affordable than upping the limits on the underlying policy). 
  • Workers' Compensation Insurance: Workers' compensation helps pay lost wages and medical expenses for any employees injured on the job. 
  • Employment Practices Liability Insurance (EPLI): If a business owner is accused of harassment or discrimination, employment practices liability can cover legal fees and settlements.

Get a Jewelers Block Insurance Quote

The right insurance can mean the difference between financial ruin and success. Bring yourself peace of mind by getting the right insurance products your business needs. We'd love to help you! If you'd like a free quote or have more questions, give us a call at 877-907-5267. Or you can complete the form at the top of the page and an agent will connect with you.


Related Article: Jewelry Store Insurance

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