The earrings given to her during a memorable Christmas, the ring her grandmother gave her, or the watch he only wears on special occasions–besides being of high monetary value, jewelry pieces may have much sentimental value to your clients as well. They can insure jewelry for its value in case it’s ever stolen or damaged. However, what can they do to make sure they never have to file a claim for a sentimental piece they can never replace?

Over $1.7 billion worth of jewelry and precious metals are stolen every year, while only around 5% of those items are recovered. Looking at the top 200 jewelry insurance claims for one carrier, here are some surprising stats:

  • 7% of claims resulted from accidental breakage.
  • 41% came from theft/deception.
  • 52% resulted from mysterious disappearance.

With such a high amount of claims due to loss/theft and such a low recovery rate, it’s important to let your clients know how they can take preventative measures. Here are some tips you can share with them on how they can prevent loss in their homes or when transporting jewelry to another location.

In the Home

  • Store jewelry in a safe. Only remove it just before putting it on.
  • Safes should be bolted into the structure of your home so they can’t be removed.
  • For high-valued collections, the optimal safe is an Underwriters Laboratory-listed safe able to withstand a two-hour burn.
  • The master bedroom is the first place thieves look for jewelry, so put your safe in a less obvious location.
  • Conduct background checks on any private staff. Many jewelry thefts are inside jobs.

While Traveling

  • Treat your jewelry like a wallet and never leave it out of sight. Wear it or keep it on your body.
  • Keep a list of the items you are carrying with you. Leave a copy at home or in a separate place from the jewelry.
  • Always store jewelry in the hotel safe or safe deposit box when it’s not worn.
  • Jewelry that is not worn in transit should be protected from damage in a padded jewelry portfolio and never checked in a bag.
  • Wearing jewelry in airports and on commercial aircraft increases the chance of loss and can compromise personal safety. Consider shipping the items to your destination.

Shipping

  • The risk of jewelry damage or loss increases greatly during shipping. Shipping should only be considered a last resort.
  • Valuable jewelry should only be shipped using specialized jewelry shipping services and not standard overnight services.
  • When possible, identify local jewelers for all repairs, maintenance, and appraisals.
  • Shipping jewelry through a specialized jewelry shipper is also recommended when purchasing jewelry on vacation or transferring it to a seasonal residence.

Despite taking all of these precautions, accidents and theft do sometimes occur. This is why it’s so important for your clients to appraise their pieces and insure collections for their value. We offer a variety of coverages, flexible terms, and competitive pricing for jewelry and personal items through our many High Net Worth and Surplus Lines markets. Please contact us for quotes.

1-800-913-6696     marketing@riskinnovations.com