Jewellery and watchmaking

Yes. The premises and the stock are different risks and each needs its own sums insured and cover. In jewellery the stock is usually most of the business's assets, and keeping it separate avoids technical problems, allows each risk to be insured in full under two independent policies and avoids losing discounts in the event of a claim.

Policies for jewellers' premises are designed to cover a wide range of everyday risks that, in the event of a claim, can seriously disrupt the running of the business. From water leaks and electrical faults to accidental breakage, fire, weather events and flooding, these covers form an essential layer of protection.

On top of this comes a comprehensive liability section covering the premises, the business's operations, tenant's liability —particularly relevant for rented premises— and employer's liability.

Insurance for jewellery sample cases covers the stock against robbery, burglary and theft during business trips, client visits, trade fairs and exhibitions. It protects the goods while they are being transported, displayed or presented.

Security measures for transporting sample cases are regulated and may vary with the make and characteristics of the vehicle. In a standard car, however, the most common and recommended protections reinforce its security system with:

• An additional alarm.
• A locking system for the rear seats and parcel shelf, so the boot cannot be reached from the cabin.
• Double locking on doors and boot.

It is also highly advisable to carry trackers inside the suitcases or sample cases, and always to take the precautions needed to reduce the risk of theft or loss while travelling.

Security measures in a jewellery business are not a recommendation but a legal obligation for jewellers, watch retailers, wholesalers, manufacturers, workshops and gold buyers. They are governed by private security regulations and must be met both to trade and to take out the insurance.

As a general rule, a grade 3 security system is required, with every device connected to an alarm receiving centre (ARC) that monitors the premises around the clock and responds to any incident. The main measures are:

• Grade IV safe. If it weighs less than 2,000 kg, it must be anchored to the floor or wall. It must also have seismic detection, double locking and a time delay.
• Shop windows. P6B security glass is recommended. Many shops already trading have 18 or 24 mm armoured glass which, depending on the case, remains acceptable.
• Shutters. Opaque shutters with opening or contact detectors are recommended.
• Main door. Ideally BR2 bullet-resistant glass or P6B-rated glass. 15 or 18 mm armoured glass is also common.
• Windows. Those facing the street or interior courtyards must be protected with bars anchored to the building structure and, depending on the level of risk, with electronic protection such as magnetic contacts or volumetric detectors.
• Skylights and roof lights. They need bars or equivalent physical protection, properly anchored.
• CCTV. It must record footage, with the recorder protected in a security cabinet or drawer, and the ARC must be able to access the footage when needed to handle an incident.
• Additional measures. An approved security bunker, protective bollards or other reinforced security features are usually viewed favourably by insurers and can make the risk easier to place and improve the insurance terms.

Every jewellery business has its own characteristics and risk exposure, so the final requirements depend on the location of the premises, the measures already in place and the sums insured. That is why we recommend checking beforehand whether your protections meet both the regulations and the insurer's requirements.