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Jewelers Block

Are you in the jewelry business? If so, are you aware of the different coverage options available to you? Generally, there are two policy options for jewelers:

  • Block Policies
  • Standard Policies

The policy you chose depends on the size of your business and your inventory. Dickstein Associates Agency LLC can help you assess your business needs, as a jeweler, and create a block policy or standard policy that best suits you.

A standard jeweler policy contains coverage for smaller businesses. If your business has $250,000 worth of inventory or less, then a standard policy is for you. Standard policies only cover jewelry items, nothing else in your business. Standard policies are not warranted policies.

A block jewelers policy is a lot more comprehensive and inclusive. This type of policy is designed for large businesses in the jewelry industry. Block policies cover full inventories with no maximum limits. Whether its jewelry items or gifts that are not jewelry items, a block policy will cover all items for sale within your business. When you have a block policy, you must submit a full list of inventory values, etc. before any policy renewals and updates take place. This ensures that your insurance agency has the information required to fully cover your business. Block policies are warranted policies, which means your coverage is based on your application and relies on the information contained within it to be up-to-date and maintained. Block policies also require that you have maintained security systems within your business.

Standard and block policies do share a few similarities in coverage. Both policies cover travel, shipments, and property within the custody of dealers. Jewelry insurance acts as a business owner’s policy specifically tailored to jewelers.

The jewelry business can get complicated, but your insurance coverage doesn’t have to be. Contact Dickstein Associates Agency LLC to discuss policy options and get a free online quote for jewelers insurance today!