03302017Thu
Last updateWed, 29 Mar 2017 1pm

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The Best Policy: Setting Limits - Two jewelers, two losses... two insurance policies

1.  Amy Thist never saw a need to carry anything other than standard business insurance for her jewelry business, and so she purchased a “business package” policy that provided general business liability insurance along with $475,000 on her “Business Personal Property.” Amy arrived at that coverage limit by adding her jewelry inventory of $400,000 to the $75,000 that she estimated she had in furnishings, improvements, fixtures, and equipment.  The premium was substantial, and an agent who didn’t ask for a lot of details was willing to sell Amy a general business insurance policy with the limit that she requested.

The Best Policy: A tale of two casings

The gang of two men and one woman were driving through the city, the streets of which they were still becoming familiar with. Earlier in the day, using telephone listings, the local newspaper, and even the hotel “tourism” magazine, they had selected a few jewelry stores that they considered to be potential targets for their “specialty” – armed robbery. Today with on-site “visits,” they would narrow the field to one.

The Best Policy: Alarm system check-up

Things you can do yourself to make sure your alarm system is “up to snuff”

For a lot of reasons, spring is a good time of year to give your alarm system a check-up. Although the crime of burglary adheres to no season, with Christmas, inventory, and Valentines behind – this can be a good time for a jeweler to make certain his alarm system is providing the type of protection he needs and believes that he has.

The Best Policy: Why is my alarm system being changed?

Does it still meet the standards it is supposed to meet?

Joe’s alarm system operated in the following manner: its primary means of communicating information about an intrusion to the monitoring company (aka “Central Station”) was by a device called a digital communicator. In the event of a break-in or burglary attempt, various sensing devices situated about the premises would be triggered, and a signal would flow to the alarm control panel in Joe’s back room.

The Best Policy: Insuring Trunk Shows

Could there be an unexpected coverage gap - just when the crime occurs?

Retail jeweler to insurance agent:  We’re going to have a trunk show next week and a salesman will be bringing in about $300,000 worth of merchandise.  Do I need to do anything about my coverage?

Agent:  Is the merchandise being memoed to you, or is the salesman going to come in and conduct the sale with you?

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