Jewelers Mutual Launches Lower-Cost Policy

March 29, 2004

Jewelers Mutual Launches Lower-Cost Policy

Jewelers Mutual has a new lower-cost insurance policy called the Jewelers Standard, which covers jewelry businesses that have policy limits up to $250,000. The company estimates that 10-20% of its current insureds could be eligible for the new policy. JM also launched an assortment of coverage options specifically tailored for manufacturers, retailers, wholesalers and specialty jewelry businesses.

As an alternative to the Jewelers Block, the new Jewelers Standard Policy covers inventory of jewelry stock for sale; customers' property on a primary basis (from those not in the jewelry industry); and property of others in the jewelry business. "Smaller jewelry businesses often don't need a full jewelers block policy, but they are too big for our Craftsman Policy, which was designed for bench jewelers, appraisers and repairers," says Ron Harder, president and CEO of Jewelers Mutual. "Our new Jewelers Standard is a more affordable option. It's the right size for a single store in a small community with a lower risk of crime loss and a smaller inventory."

Jewelers Mutual also launched four new coverage options, one each for manufacturers, retailers, wholesalers, and specialty businesses such as appraisers, custom designers, and repairers. The new coverage options expand the Businessowners Policy and the company's package policies. For example, the manufacturer's enhancement option increases coverage for patterns, dies, molds, and forms. The wholesaler and manufacturer options include coverage for contract penalty. The retailer's enhancement increases the limit for lock replacements.

"These new coverage options protect jewelry operations that include more than one segment," says Harder. "For example, if a retail jeweler also custom designs and manufactures jewelry or a wholesaler has a retail business, the insured can select the coverage option that best meets his or her overall needs. We know one product won't meet the needs of every jeweler, and insurance needs are constantly changing. Now, we've got insurance policies in every size from small to super sized."

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