Your stock keeps growing and you want to be properly insured
An all risks policy gives you peace of mind to keep the business running, as long as the sum insured keeps pace with the real value of your stock.
Businesses
Jewellery Insurance
A jewellery business holds a very high economic value in a small space, which in many cases represents a large part of its assets. This value is not static either, as stock levels change constantly with the business's activity. We adapt all of this to the characteristics of each business and the security measures in place, ensuring comprehensive protection against the real risks of the activity.
In short
What is all risks jewellery insurance
An all risks policy covers physical loss of or damage to the insured property, providing cover for the stock and goods used in the course of the business. This cover is subject to the clauses, conditions and exclusions of each policy.
Advantages
Advantages of jewellery insurance
A well-designed jewellery policy goes beyond indemnifying a theft: it lets you work with peace of mind, hold more stock, move goods and display your pieces with confidence.
Out selling: sales representatives, trade fairs and exhibitions, goods on deposit
Transfers to trade fairs, sample cases and goods on deposit or entrusted to you are insured with specific covers, all of them optional. When value travels protected, security is your best journey.
Protection conditions are essential
Security is an essential requirement for adequate cover. We help you review it, identify vulnerabilities and strengthen the protection of your stock.
Claims, with a specialised team
When a loss occurs, having a specialist professional team makes all the difference. To speed up the handling and proof of the damage, it is essential to have an inventory of the stock, up-to-date records of the goods and the corresponding purchase documents, such as invoices or delivery notes.
Profile
Who we work for
Jewellers and the whole retail sector
Workshops and manufacturers
Wholesalers, distributors and sales representatives
Precious metal buying and selling
Scope
Main covers of jewellery insurance
- Insured goods inside the premises
- Goods outside the safe overnight and on public holidays
- Goods in shop windows (including overnight and on public holidays)
- Theft and damage resulting from robbery or attempted robbery
- Glass breakage
- Cover for local couriers and carriers of valuables
- Sample cases (in Spain or abroad)
- Shipments and goods on deposit with third parties
- Trade fairs and exhibitions
- Jewellery worn at events, fashion shows or film and TV productions
- The insured's personal jewellery
- Safe deposit boxes at banks
- Display cases in hotels
- Professional security guarding after a loss
The JORI method
How we work
Risk analysis
We study the activity, assets, and plausible scenarios. Without that diagnosis, comparing policies is comparing prices of different things.
Programme design
We define covers, limits, deductibles, and acceptable exclusions. We decide what is transferred to the insurer and what is consciously retained.
Negotiation with the market
We present the risk to the insurers we work with and negotiate terms. We are independent: we do not belong to any company.
Support and claims
We review the programme at each renewal and, when a claim occurs, we act as your technical representative with the insurer until payment is received.
Frequent doubts
Most frequently asked questions about insurance for jewellery
What does it mean for the policy to be on a first loss basis?
A first loss policy means that the insurer will compensate for damages up to the limit of the contracted capital, without applying the proportional rule for underinsurance.
The insured capital is the maximum amount that the insurer will compensate per claim. In a policy correctly designed for jewellers, the proportional rule should not be applied, even if at the time of the claim the total value of the stock exceeds the contracted capital.
However, in jewellery, the only truly suitable formula is to always insure the real value of the stock, as it is the basis for having a properly constituted policy. The value of the stock constantly fluctuates due to variations in the prices of precious metals and regular changes in inventory. Therefore, if a claim occurs and the insured capital does not reflect the real value of the stock, your company may find itself insufficiently protected and suffer unrecoverable financial losses.
What security measures will you be required to have?
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.
What does the policy cover when the goods leave the shop?
The carrier cover (Transportador de Fondos) protects against theft or robbery of the insured goods while they are being carried outside the premises.
How are the pieces valued in a claim?
In the jewellery sector, the valuation of stolen or damaged pieces is based on their cost price or replacement value, depending on the nature of the claim and the conditions of the policy. To determine this valuation, the insurer uses the available supporting documentation as a reference, mainly purchase invoices, delivery notes, and stock records.
What does the trade fairs and exhibitions cover insure?
This cover insures the stock during its transportation from the premises to the fair or exhibition, during its time at the event, and on the return journey to the premises, up to the capital limit established in the Particular Conditions of the policy. The main covers include robbery of the goods while they are within the facilities where they are exhibited, burglary, theft, and accidental damage covered by the policy, according to its conditions.
It is a cover specially designed to protect jewellery stock while it is outside your company's usual premises and exposed to greater risk during its transport and exhibition.
What about payment fraud or employee dishonesty?
Losses arising from the acceptance of counterfeit or forged currency or foreign currency are not covered, nor are those caused by cheques, credit or debit cards, or other payment instruments whose collection or validation is subsequently rejected.
Regarding employee dishonesty, this cover is not usually automatically included in policies and, when it exists, it is subject to the specific conditions established by each insurer. For the cover to apply, it usually requires a formal police report and verification of the facts that gave rise to the loss.
Jewellery
