Insurance agents regularly get questions during the Christmas-season about insuring jewelry.  The questions typically come up in the form of “what about our jewelry?”  The client-focused answer to that question is “it depends.”  Jewelry coverage is usually accessible in one of two ways:

1.       An endorsement on your homeowner’s policy

2.       A stand-alone policy commonly referred to as an “Inland Marine” policy

The small size, wearable, and extremely valuable nature of jewelry makes the probability of loss (or theft) greater than other risks otherwise associated with home ownership.  While insuring your jewelry via your home policy is a great option, there is an alternative coverage available known as an “Inland Marine” policy.  Funny name, isn’t it?  It sounds like an oxymoron to most.  An online peer journal had this summary about the genesis of the name:

“The term dates back to when most goods were moved about on oceans and waterways. There was marine insurance to cover items that were transported on water, including personal property items such as jewelry or art work. These things were easily moved, or “floated” from place to place. Marine insurance companies eventually began to offer additional, broader coverage for more types of loss scenarios for these types of “floaters,” including losses that might occur on land once goods were transferred to wagons or eventually trucks for transport. This became known as “inland marine” insurance to distinguish it from insurance designed just for transport by ships.”

As your policies approach renewal in the new year, it might be a good time to visit with your Rollo agent and explore if an “Inland Marine” (stand-alone) jewelry policy might be a good option for you.  Pricing is typically similar to a homeowner’s endorsement and taking this approach can offer two primary benefits:

1.       Eliminate the possibility of jewelry-related claims on your homeowner’s policy (which follow you for up to five years)

2.       Hedge your risks by moving higher-risk jewelry assets to a stand-alone policy (which can help keep homeowner’s policy premiums down)

Remember, there is more to good insurance that what you’re told in commercials.  The key to optimizing coverages and managing costs starts with having a trust-based relationship with a client-centered independent insurance agent who can tailor customized solutions to your individual needs.  As a “Trusted Choice” independent insurance agency, the team at Rollo Insurance stands ready to show you just what we mean when we say, “The difference is REAL.”



Posted 5:48 PM

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