Southern Jewelry News
  • Featured
    • All
    • Featured
    • Featured Retailers
    • Retailer Roundtable
    • Supplier Spotlight
    Love at first solder, Graham Jewelers turns 20
    Wirt’s Jewelers: Banking on Success
    Arkansas jeweler’s photos earn gallery showing
    Jewelers Look to Modern Tech for a Profitable Future
  • Latest News
    • All
    • COVID-19
    • Furry Friends
    • Industry Awards
    • Industry Events
    • NRF
    • On The Move
    • Other News
    • Sponsored Content
    • Tradeshow News
    • Video
    • What's New
    2024 JOGS Tucson Gem & Jewelry Show set for Jan. 24 – Feb. 4
    2024 JOGS Tucson Gem & Jewelry Show set for Jan. 24 – Feb. 4
    ASHI announces comprehensive offering of Digital Marketing Assets
    ASA aims to fulfill demand for well-trained and accredited gems and jewelry appraisers
    KIL N.Y.C. Scholarship for the Jewelry Arts opens application period
    Luxury watch preferences among high-income women in the USATHE MV
    Columbia Gem House’s Jewelry for Wildlife fundraiser raises over $12,000
    GIA global research team convenes in Carlsbad
    Synchrony study reveals shoppers value in-store experiences, financing options for large purchases
  • Podcast
    Firearms and Timepieces Coming Together with Glock Watches
    Ep 54 – Jim Imhof, Firearms and Timepieces Coming Together with Glock Watches
    The Jewelry Business Scorecard with JBT Experts
    Ep 53 – Jim Rocchio and Brenda Gamba, The Jewelry Business Scorecard with JBT Experts
    Ep 52 - Giving Thanks in Pearls, Our Thanksgiving Special Edition
    Ep 52 – Giving Thanks in Pearls, Our Thanksgiving Special Edition
    Ep 51 – Shelia Bayes, Making E-Commerce Accessible to Jewelers with Gem + Jewel 
    Ep 51 – Shelia Bayes, Making E-Commerce Accessible to Jewelers with Gem + Jewel 
    Stories, Trends, and Expert Insights from Snowden Jewelers
    Ep 50 – Chris Snowden, Stories, Trends, and Expert Insights from Snowden Jewelers 
    SoHo Success at the Atlanta Jewelry Show
    Ep 49 -Amy and Fran, SoHo Vibes, SoHo Success at the Atlanta Jewelry Show 
    The-Third-Generation-Fine-Jewelry-Expert_-Katelynne-Eslick-
    Ep 48 -Katelynne Eslick, The third-Generation Fine Jewelry Expert
    Long Jewelry Empire of Rembrandt Charms
    Ep 47 -Eric Lux, From Coop to Decades-Long Jewelry Empire of Rembrandt Charms 
    The Expert’s Guide to Jewelry Laser Technology of B&D Sales
    Ep 46 -Jacob Dupuis, The Expert’s Guide to Jewelry Laser Technology of B&D Sales
  • Columnists
    Image of Chuck Koehler
    The Retailer’s Perspective: The joys of working with the public
    The Story Behind the Stone: Your Options with Opal
    How to set compassionate boundaries with clients
    Applied Marketing 101: The Next Big Thing
    Applied Marketing 101: In Search of the Elusive Thermonuclear Unique Selling Proposition
    The Story Behind the Stone: Lost and Found in Africa
    A Visit to Mumbai – Diamond Central!
    Social media ads, boosted posts, Google paid ads: Making the right call for your jewelry store
    Image of Chuck Koehler
    The Retailer’s Perspective: Where Did the Good Times Go?
  • Classifieds
  • Subscriptions
    • Newsletter Signup
    • Print Subscription
  • Digital Magazine
    • Southern Jewelry News
    • Mid-America Jewelry News
    • Archive
No Result
View All Result
Southern Jewelry News
  • Featured
    • All
    • Featured
    • Featured Retailers
    • Retailer Roundtable
    • Supplier Spotlight
    Love at first solder, Graham Jewelers turns 20
    Wirt’s Jewelers: Banking on Success
    Arkansas jeweler’s photos earn gallery showing
    Jewelers Look to Modern Tech for a Profitable Future
  • Latest News
    • All
    • COVID-19
    • Furry Friends
    • Industry Awards
    • Industry Events
    • NRF
    • On The Move
    • Other News
    • Sponsored Content
    • Tradeshow News
    • Video
    • What's New
    2024 JOGS Tucson Gem & Jewelry Show set for Jan. 24 – Feb. 4
    2024 JOGS Tucson Gem & Jewelry Show set for Jan. 24 – Feb. 4
    ASHI announces comprehensive offering of Digital Marketing Assets
    ASA aims to fulfill demand for well-trained and accredited gems and jewelry appraisers
    KIL N.Y.C. Scholarship for the Jewelry Arts opens application period
    Luxury watch preferences among high-income women in the USATHE MV
    Columbia Gem House’s Jewelry for Wildlife fundraiser raises over $12,000
    GIA global research team convenes in Carlsbad
    Synchrony study reveals shoppers value in-store experiences, financing options for large purchases
  • Podcast
    Firearms and Timepieces Coming Together with Glock Watches
    Ep 54 – Jim Imhof, Firearms and Timepieces Coming Together with Glock Watches
    The Jewelry Business Scorecard with JBT Experts
    Ep 53 – Jim Rocchio and Brenda Gamba, The Jewelry Business Scorecard with JBT Experts
    Ep 52 - Giving Thanks in Pearls, Our Thanksgiving Special Edition
    Ep 52 – Giving Thanks in Pearls, Our Thanksgiving Special Edition
    Ep 51 – Shelia Bayes, Making E-Commerce Accessible to Jewelers with Gem + Jewel 
    Ep 51 – Shelia Bayes, Making E-Commerce Accessible to Jewelers with Gem + Jewel 
    Stories, Trends, and Expert Insights from Snowden Jewelers
    Ep 50 – Chris Snowden, Stories, Trends, and Expert Insights from Snowden Jewelers 
    SoHo Success at the Atlanta Jewelry Show
    Ep 49 -Amy and Fran, SoHo Vibes, SoHo Success at the Atlanta Jewelry Show 
    The-Third-Generation-Fine-Jewelry-Expert_-Katelynne-Eslick-
    Ep 48 -Katelynne Eslick, The third-Generation Fine Jewelry Expert
    Long Jewelry Empire of Rembrandt Charms
    Ep 47 -Eric Lux, From Coop to Decades-Long Jewelry Empire of Rembrandt Charms 
    The Expert’s Guide to Jewelry Laser Technology of B&D Sales
    Ep 46 -Jacob Dupuis, The Expert’s Guide to Jewelry Laser Technology of B&D Sales
  • Columnists
    Image of Chuck Koehler
    The Retailer’s Perspective: The joys of working with the public
    The Story Behind the Stone: Your Options with Opal
    How to set compassionate boundaries with clients
    Applied Marketing 101: The Next Big Thing
    Applied Marketing 101: In Search of the Elusive Thermonuclear Unique Selling Proposition
    The Story Behind the Stone: Lost and Found in Africa
    A Visit to Mumbai – Diamond Central!
    Social media ads, boosted posts, Google paid ads: Making the right call for your jewelry store
    Image of Chuck Koehler
    The Retailer’s Perspective: Where Did the Good Times Go?
  • Classifieds
  • Subscriptions
    • Newsletter Signup
    • Print Subscription
  • Digital Magazine
    • Southern Jewelry News
    • Mid-America Jewelry News
    • Archive
No Result
View All Result
Southern Jewelry News
No Result
View All Result
Home Columnists

Jeweler’s Insurance: The wrong time to ask the right questions!

Tips from a state licensed Property and Casualty Insurance Adjuster

Robert James FGA, GG by Robert James FGA, GG
January 16, 2023
Share on FacebookShare on Twitter
Reading Time: 5 minutes

It is the time that all jewelers dread. You arrive in the morning to open your store and are met by police cars, a back door breached, a window broken, or a roof compromised. Inside you find destroyed showcases, broken glass all over the floor, inventory missing, and an empty safe standing open. Or you drive up to your store only to see fire engines and smoke blurring the scene. It’s a good thing you have an insurance policy. But wait!

Where is my policy?
Am I covered for all of this?
Where do I call to get help with my claim?
What am I supposed to do while I wait for the insurance adjuster?
How am I going to prove what I lost?

Of course, this is the worst time to be asking any of these questions. All of these should have been answered long before this particular morning. Many of you already have the answers. For those who don’t know exactly what steps to take after a catastrophic event, here are some steps to take now to have the answers ready when you need them.

  1. Make duplicate copies of all inventory invoices, bookkeeping, employee records, and computer backups. In other words, make backups of your backups in either hard copy or digital. Keep them current. Do this on an ongoing basis, every week is best, to make sure the information is up to date at any point in time.
  2. Take 360-degree videos of your store including work area, back room, sales floor, offices, everything. Take your time and move slowly with the video. This will serve as the fastest means for an insurance adjuster to determine the fixtures and condition of your store before the event.
  3. Keep all insurance and back up documents away from the store in a secure location that you can easily access in case of a loss. This includes everything: insurance policy, proof of inventory, video documentation of premises, the backups of your backups – everything.
  4. Read your insurance policy carefully and understand your responsibilities to mitigate losses after the event.
  5. Understand in advance how claims will be handled after the event occurs. Talk to your insurance agent to make sure you understand the claims handling procedures of your policy. Know what is covered and what may not be covered.
  6. Know in advance where to call your adjuster in case of a catastrophic event.
  7. Call your insurer’s claims office before you start cleaning up. Secure the area to mitigate further loss, but do not start the clean up until the adjuster has the opportunity to inspect and evaluate the damage fully.
  8. Once you evaluate your policy coverage and how claims are handled, you may want to consider getting a Business Umbrella Policy. This is a special policy that provides coverage above the limits of your regular Business Owners Policy (BOP). It can provide extra liability coverage for your store on many levels.

These are just some points to help you be prepared when a loss occurs. As a Property and Casualty Insurance Adjuster, I have experienced far too many jewelers who waited until after a catastrophic event to even know where their insurance policy was located. Very often, it burned up in the fire since they kept it in a desk drawer rather than a safe place off premises. Many did not even know how or where to contact the claims office of their insurer. Do not be that jeweler.

There is already a lot of stress and confusion when a major loss occurs. That is not the time to decide you need to find out how to file an insurance claim and what you will need to do so.

Take those steps now.

Robert James FGA, GG, is a Property and Casualty Adjuster and President of the International School of Gemology. Visit the ISG website to learn more about ISG’s world-class programs in gemology and jewelry appraisal at low tuition rates.

Robert James FGA, GG

Robert James FGA, GG

Robert James, FGA, GG is President of the International School of Gemology, a gemological education organization that offers world class gemology training and boasts the world’s lowest tuition rate. They are innovators in affordable, quality distance education in gemology and jewelry appraisal, based on their certified insurance industry education delivery system. ISG’s online gemology courses are considered tops for quality, affordability and ease of learning.

Related Posts

Image of Chuck Koehler

The Retailer’s Perspective: The joys of working with the public

November 30, 2023

The Story Behind the Stone: Your Options with Opal

November 30, 2023

How to set compassionate boundaries with clients

November 30, 2023
Applied Marketing 101: The Next Big Thing

Applied Marketing 101: In Search of the Elusive Thermonuclear Unique Selling Proposition

November 30, 2023

Latest News

Podcast Episodes

Ep 54 – Jim Imhof, Firearms and Timepieces Coming Together with Glock Watches

December 1, 2023
Featured

Love at first solder, Graham Jewelers turns 20

November 30, 2023
Featured

Wirt’s Jewelers: Banking on Success

November 30, 2023

Other News

Arkansas jeweler’s photos earn gallery showing

2024 JOGS Tucson Gem & Jewelry Show set for Jan. 24 – Feb. 4

The Retailer’s Perspective: The joys of working with the public

The Story Behind the Stone: Your Options with Opal

How to set compassionate boundaries with clients

Applied Marketing 101: In Search of the Elusive Thermonuclear Unique Selling Proposition

Southern Jewelry News

© 2023 Southern Jewelry News.

Additional Information

  • About
  • 2023 Jewelry Trade Shows & Events
  • Media Kit
  • Contact
  • Sitemap
  • Newsletter Signup

Get Social with Us

No Result
View All Result
  • Featured Articles
    • Featured
    • Featured Retailers
    • Retailer Roundtable
    • Supplier Spotlight
    • Sponsored Content
  • Latest News
    • What’s New
    • Industry Events
    • Tradeshow News
    • On The Move
    • Other News
    • Furry Friends
  • Podcast
  • Columnists
  • Classifieds
  • Subscriptions
    • Newsletter Signup
    • Print Subscription
  • DIGITAL MAGAZINE
    • Southern Jewelry News
    • Mid-America Jewelry News
    • Archives

© 2023 Southern Jewelry News.