Jewellers block
Cover for jewellers stock, wherever it happens to be
A jewellery business carries very high value in very small items, and that stock rarely stays in one place. Jewellers block is the class built for it. Total Risk Managers looks at jewellers block risks for licensed brokers across Canada.
On and off premises
Stock in the shop, in transit, and away with a representative
Retail to wholesale
Shops, dealers, manufacturers and repairers
Broker only
Submissions reach us through a licensed broker
Appetite
What we look at
Jewellers block covers a range of businesses that handle precious stock. These are the ones to send us:
- Retail jewellers
- Wholesalers and dealers
- Manufacturers
- Repairers and workshops
- Watch dealers
- Stock at trade shows and exhibitions
Pawnbrokers and businesses holding large quantities of loose stones are looked at case by case. Send the details rather than assuming the answer either way.
What the cover addresses
How jewellers stock is usually insured
Jewellers block is written around where the stock is at any moment. What applies to any one risk depends on the policy issued and the risk itself.
Stock on the premises
Held in the shop or workshop, in the window, in showcases, and locked in the safe overnight — each usually treated differently.
Stock in transit
Moving between locations, to a customer, to a repairer, or by post and courier.
Out on memo or approval
Stock in someone else’s hands on consignment, on approval, or left with a customer to consider.
Travelling representatives
Stock carried by a person visiting customers, which is where a large share of losses in this class happen.
Trade shows and exhibitions
Stock away from base and on display in a temporary venue, usually on separate terms.
Customers goods
Items belonging to a customer that are in the jeweller’s care for repair, valuation or resetting.
Before you send
What to include in a jewellers block submission
This class turns almost entirely on security and procedure. A submission that answers these upfront can be quoted without us coming back to ask.
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The premises and the security
Address, whether it is street level or in a mall, what alarm is fitted and to what grade, whether it is monitored, and what protection the windows and doors have.
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The safe
Make, model, grade and rating, and the value kept in it overnight. This is usually the single biggest factor in the terms.
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The stock
Total value, the split between finished pieces, watches and loose stones, the highest single item value, and how much sits in the window or in showcases during opening hours.
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How stock moves
Whether anything travels with a representative or goes out on memo, how it is carried, the maximum value away from the premises at one time, and whether the business attends trade shows.
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Procedure and history
Opening and closing routine, how stock is recorded and counted, who holds keys and codes, and any losses in the last five years with what changed afterwards.
Common questions
Questions brokers ask about jewellers block
What is jewellers block, and how is it different from commercial property insurance?
Jewellers block is a specialist all-risks class written for businesses that handle precious stock. A standard commercial property policy is built around a building and its contents staying put. Jewellers stock does the opposite — it sits in a window, goes into a safe at night, travels to a customer, and comes back.
Jewellers block follows the stock rather than the building, which is why it exists as its own class.
Why does the safe specification matter so much?
Because most of the value spends most of its life inside it. The grade and rating of a safe indicate how long it resists attack, and underwriters use that to decide how much stock may be kept in it overnight.
Send the make, model and grade with the submission. Without it, terms usually cannot be offered at all.
Is stock covered when it leaves the shop?
Usually yes, but on different terms from stock on the premises. Transit, stock out on memo, and stock carried by a travelling representative are each normally handled with their own limits and conditions.
If stock regularly leaves the premises, say so clearly in the submission — it changes the shape of the placement rather than being a detail.
What about items belonging to customers?
A jeweller holding a customer’s ring for repair or valuation has that item in their care, and the customer will expect it back. Cover for customers goods is a normal part of this class, generally with its own limit.
Include an estimate of how much customer property is typically on the premises at once.
Who can approach Total Risk Managers about a jewellers block risk?
Licensed insurance brokers. Total Risk Managers is a Managing General Agent, which means we work through brokers rather than dealing with the public. If you run a jewellery business and are looking for cover, speak to a licensed broker, who can then approach us.
Have a jewellers risk to place?
Email the details to submissions@totalriskmanagers.com and we will come back to you. Submissions are accepted from licensed insurance brokers.
This page describes coverage in general terms. Cover, limits and conditions vary by policy and by risk. Nothing here changes or replaces the wording of an issued policy. Coverage is arranged through a licensed insurance broker. If you are a broker, contact us. If you are not, please speak to your broker.