Jewellery specialists
We have a unit dedicated exclusively to the jewellery and watch trade. We analyse each business in depth to design a tailor-made insurance programme.
Businesses
Jewellery Insurance
Where luxury finds its best protection. All risks cover for goods, stock, transit and deposits, in a single programme built around the way your business actually operates.
Definition
What is all risks jewellery insurance
All risks insurance covers physical loss of or damage to the insured property, providing cover for the stock and goods used in the course of the business, whether owned by the insured or entrusted to them to carry out their business.
Advantages
Advantages of jewellery insurance
Comprehensive cover
For goods both in transit and on display.
Cover for jewellery on the move
In jewellery, goods are constantly on the move. That is why we extend cover beyond your premises, so that your business carries on with peace of mind, wherever your goods are.
A policy that evolves with you
The value of your stock changes with your inventory and with precious metal prices. We adapt the policy to every change in the business so that the sum insured always reflects its real value.
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
- Theft and damage resulting from robbery or attempted robbery
- Glass breakage
- 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 person's personal jewellery
- Safe deposit boxes at banks
- Display cases in hotels
- Professional security guarding following an insured loss
The JORI method
How we work
Our specialists' experience turns every risk into knowledge, and that knowledge into a solution designed for your business.
Risk analysis
Every company faces a unique situation. We analyse each company's specific risks to detect vulnerabilities, assess security measures and propose improvements that strengthen the protection of its business.
Programme design
All our programmes are designed to integrate every cover needed and to bring peace of mind to the companies that trust us.
Selection across the insurance market
We carefully select insurers and design exclusive insurance programmes, adapted to each company's particular circumstances, with a fully tailor-made approach.
Specialised claims management
Claims are the most vulnerable moment for a business. That is why it is so important to have specialists who provide support throughout the process.
Six generations and more than 130 years devoted to insurance.
Frequent doubts
Most frequently asked questions about insurance for jewellery
What does it mean for the policy to be on a first loss basis?
It means that the insurer will indemnify losses up to the sum insured, without applying average for underinsurance.
The sum insured is the maximum amount the insurer will pay per claim. In a policy properly designed for jewellers, average should not be applied, even if at the time of the loss the total value of the stock exceeds the sum insured.
Even so, in jewellery it is advisable always to declare the real value of the stock, because it is the basis for a properly constituted policy. That value fluctuates constantly with precious metal prices and normal changes in inventory. That is why, if the sum insured falls below what could be lost in a single claim, your company may find itself underinsured 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 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 protects the stock while it is moved from the premises to the trade fair or exhibition, while it remains at the event and on the way back to the premises, up to the limit set in the schedule. The main covers include robbery of the goods while inside the venue where they are exhibited, burglary, theft and accidental damage covered by the policy, according to its terms.
It is a cover designed specifically to protect jewellery stock while it is away from your company's usual premises and exposed to greater risk during transport and display.
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
