We don’t live in a perfect world. Disaster can strike anywhere. If we face health issues, have a road accident, a mishap while travelling or have our jewellery stolen or damaged, having insurance is a parachute. Insurance allows us some degree of protection in a financial way.
What is jewellers insurance or jewellers block insurance?
The word ‘block’ is inspired by the French term ‘en bloc’, which means ‘all in one’. An insurance providing all in one coverage for risks associated with high-value items like jewellery, diamonds, gold, silver or fine arts in the commercial business, including manufacturing, wholesaling or retailing, is known as jewellers block insurance.
The risk associated with jewellery is increasing every day. So it becomes 100% necessary for jewellers to have jewellers block insurance. For example, Mr Robert is a jewellery shop owner. Seeing the diamond rates going higher, he is worried about risks like robbery, theft during transit, fire at his shop, etc. Having a jeweller’s block insurance from a trusted insurance provider beforehand will let Mr Robert free from all the risks.
Some of the commonly covered risks under jewellers block insurance in Canada include:
- Theft like robbery, burglary, shoplifting, grab and run, trick loss, etc.
- Accidental damage through fire or natural calamity
- Loss due to temporary business interruptions
- Loss due to employee behaviour or dishonesty
- Theft whilst transit
However, the terms of the contract must mention every risk covered by the insurance policy. Different insurers offer different quotations and conditions. You should consider the best quotations and conditions as per your circumstances. Compare how your insurer will handle the warranties mentioned in the contract. Preference should be given to an experienced insurer in the industry. They can easily explain the terms with you and know enough to deal with disputed claim conditions.
Which is the best agency providing jewellers block insurance in Canada?
CHES Special Risk Inc. is one of the leading agencies providing 250+ insurance coverages in Canada. Established in 2004, it is an insurance solution provider and one of Canada’s oldest MGA (Managing General Agent). They are based in Toronto, Ottawa and Quebec.
They provide a comprehensive tailor-made jewellers block insurance as per the needs of the policyholder. According to Douglas Everett, President of CHES Special Risk Inc., “Jewellers block insurance is extremely important to any jewellery store owner as a single loss can have a dramatic impact upon the overall performance of the business, especially when stock levels are at their highest”.
From pawnbrokers to traditional jewellery stores, from furriers to bureau de change, their jewellers block insurance provides coverage to their every high-value item against damage or loss due to theft, burglary, during transit or due to employee’s mistakes. These thefts are tracked through their online criminal record and credit reference checks. The cost of the trackers is waived along with the policy.
CHES Special Risk Inc. will help you put you back into the same position you were before your loss. This is where CHES’s jewellery knowledge kicks in and their years of experience in this industry. They understand it, and they know what’s important when it comes to things that are not only valuable but have people who are financially dependent on it. Knowing everyone’s circumstances are different, they do what’s best for their clients.
Check out their website here and read their product disclosure statement. Contact them for any other further queries because the right jewellers insurance is important.
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