Professional Jeweler Archive: Losses: Take-Home Lessons

February 2005

The Store / Managing Security

Losses: Take-Home Lessons

Part 2 of Jewelers Mutual's look at real cases. For Part 1, see January 2005, pp. 44-45

Fire Loss

Who’s your neighbor?

The Loss

An Arkansas jeweler suffered a significant loss when a fire in an adjacent building caused a shared-wall to collapse. Jewelers Mutual paid in excess of $50,000. Do your neighbors put you at risk?

The Strategies

Don’t ever chase a thief.

Don’t resist.

Remember details so you can help law enforcement officials in the investigation.

Shipping Loss

What did the previous tenant sign?

The Loss

A carrier left a package of $5,000 in emeralds at the recipient’s door and it disappeared. An investigation revealed the previous tenant filed a signature waiver with the carrier. The carrier said the new tenant was responsible to remove the waiver and denied liability over its $100 coverage. Jewelers Mutual covered the loss and is pursuing restitution from the carrier.

The Strategies

If you’re shipping to someone who has recently moved, verify he or she will be there to sign for the package and that the shipper won’t leave it without a signature. Make sure no signature waiver is on file.

If you move, verify that the previous tenant at your address did not have a signature waiver on file.

Copyright © 2005 by Bond Communications