Jewellery businesses can face risks in the shop, while stock is being transported and when goods are entrusted to others in the trade. Jewellers Block is designed around many of these jewellery-specific property risks.
But running a jewellery business involves more than valuable stock. Depending on how you operate, you may also need to consider insurance for cyber incidents, management risks, your premises and specialised equipment.
Jewellers Block is the centrepiece of insurance for jewellery shops, but other policies can help address day-to-day operational and asset risks.
Marsh combines experience arranging insurance for jewellers with an Australia-wide broker network and support through the claims process.
Jewellers Block insurance is designed for businesses working with jewellery and other valuable stock. Subject to the policy terms, limits and exclusions, it can cover insured stock and merchandise, cash and negotiable documents against physical loss or damage. It can also include cover for certain business contents and certain damage to premises caused by burglars or thieves.
Depending on the policy and schedule, cover can apply away from the insured premises within the territorial limits, including while stock is carried by specified people or sent in transit. Limits, security requirements and other conditions may apply when jewellery is away from your premises.
Jewellers Block can cover certain insured goods while entrusted to dealers, trade customers, repairers, cutters and brokers, subject to the policy terms, limits and exclusions.
It can. The Jewellers Block wording includes certain trade and office furniture, fixtures, fittings, machinery, plant, safes, alarm systems and other contents against specified insured events. Separate property insurance may still be needed for the building or other property exposures outside your Jewellers Block arrangements.
Not necessarily. These situations can be subject to specific exclusions, limits or extensions shown in the policy schedule. If these activities are relevant to your business, check the cover and conditions that apply under your policy.
Jewellers Block can include requirements relating to safes or strongrooms, locked showcases, alarm systems, keys and how stock is carried away from your premises. The exact requirements depend on the policy wording and schedule.
Not necessarily. The Jewellers Block wording excludes mysterious disappearance or unexplained loss. Stock shortages identified during stocktaking can also be excluded unless the loss can be shown to have resulted from a peril covered by the policy.
The current valuers should consider valuers insurance. This can include jeweller insurance cover options as well as professional indemnity cover to help protect against claims resulting from advice they provide.
Depending on your business, management liability, cyber insurance, buildings and general contents, and machinery breakdown may be worth considering alongside Jewellers Block. Other solutions suggested by Marsh include business interruption, public liability, professional indemnity and cover for business vehicles.
As your insurance broker, Marsh can help manage and coordinate the claims process and negotiate with insurers on your behalf. The supplied Jewellers Block wording requires written notice to the underwriter, with full details of the loss or damage, as soon as reasonably practicable after an occurrence likely to result in a claim.
This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances.
Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238 983) (“Marsh”) and Marsh Advantage Insurance Pty Ltd (ABN 31 081 358 303, AFSL 238 369) (“MAI”) arrange the general insurance (i.e. not the Discretionary Trust Arrangement) and are not the insurer.
Discretionary Trust Arrangements are issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417 964) (“JGS”). Any advice or dealing in relation to a Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226 827) (“JLT”). The cover provided by a Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions.
For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements (PDSs) available from the relevant product issuer. Target Market Determinations (TMDs) are available here.
Marsh, MAI, JGS and JLT are all businesses of the Marsh group.
LCPA 26/3560
