09162019Mon
Last updateWed, 11 Sep 2019 2pm

What’s the most frequent insurance loss for jewelry businesses?

BerkleyShipping! Greg Smith, executive vice president at Berkley Asset Protection, said the number of shipping claims outpaced burglary, robbery, theft, travel, water damage, wind and any other cause of loss for jewelry businesses in 2018 through August 2019.

Shipping losses represent a significant percentage of all jewelry business claims paid at Berkley, a premier insurer for all aspects of the jewelry and fine art industries.

“We have seen an increase in claims with clients who use the United States Postal Service, especially when shipments are coming into New York City,” Smith relates. “We continue to work with USPS to identify why this is occurring.”

While jewelers with proper insurance coverage are paid for the claims, shipping losses are inconvenient; they may result in loss of sales; and they may impact jewelers’ premiums and, in some cases, insurability.

Berkley is releasing a new Shipping Guide for Jewelers in September. “Much of it is common sense,” Smith notes. “But it is always helpful to remind people of the basics.”

If he had just two recommendations for jewelers:

1) Do NOT use jewelry terms in the mailing address or return address.

2) Avoid shipping into New York City using USPS.

For additional recommendations, download the Shipping Guide at Berkleyassetpro.com/ShippingGuide.

About Berkley Asset Protection

Berkley Asset Protection, a Berkley Company, is the only specialty insurance provider that offers insurance for all aspects of jewelry and fine arts businesses: jewelers block, fine art, commercial property and liability, and workers’ compensation. The company also offers Lavalier Personal Jewelry Insurance and coverage for individuals’ collections.

Products and services are provided by one or more insurance company subsidiaries of W. R. Berkley Corporation. Not all products and services are available in every jurisdiction, and the precise coverage afforded by any insurer is subject to the actual terms and conditions of the policies as issued.

 

 


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