What You Should Know About Inland Marine and Jewelry Insurance
Two key types of insurance often overlooked are inland marine insurance (for moving or off-site valuables) and jewelry insurance (for your prized rings, watches, and more). Both provide peace of mind by offering tailored protection for specific needs. Let’s break down what they cover and why you might need them.
Inland Marine Insurance: Protecting Your Property on the Move
What Is It?
Inland marine insurance protects valuables like equipment or goods while they’re in transit or stored off-site. It’s ideal for businesses or individuals frequently moving high-value items.
What Does It Cover?
- Business equipment: Construction tools, electronics, and other essentials.
- High-value items: Artwork, collectibles, and similar valuables.
- Trade show samples and displays.
- Products in transit.
Who Needs It?
- Businesses: Contractors, photographers, landscapers, and others who move goods regularly.
- Individuals: People shipping or purchasing high-value items online.
How Much Does It Cost?
Premiums depend on:
- Value of Items: Higher value equals higher premiums.
- Type of Items: Fragile or high-risk goods cost more to insure.
- Transport Frequency and Routes: More frequent movement or riskier locations increase costs.
Jewelry Insurance: Protecting Your Precious Pieces
Why Do You Need It?
Standard homeowner’s insurance often caps theft coverage at $1,500—far less than the value of most high-end jewelry. If you own expensive pieces, additional coverage is essential.
Coverage Options:
- Homeowners Insurance Floater: Extends coverage for specific items, including accidental loss.
- Stand-Alone Jewelry Insurance: Provides broader protection without impacting your homeowner’s policy.
What Does It Cover?
- Theft.
- Damage from events like fires.
- Accidental loss (e.g., misplacing a ring).
What’s Not Covered?
- Normal wear and tear.
- Damage caused by pests.
- Pre-existing or intentional damage.
How Much Does It Cost?
Jewelry insurance typically costs 1%-2% of the item’s value annually. For example, insuring a $10,000 ring would cost $100-$200 per year.
Tips for Both Types of Insurance
For Inland Marine:
- Track Claims History: A clean record helps lower premiums.
- Bundle Policies: Businesses can save by combining inland marine insurance with other coverages.
For Jewelry:
- Document Everything: Keep appraisals and receipts handy.
- Secure Storage: Use a bolted safe or safety deposit box for high-value items.
- Travel Light: Avoid bringing valuable jewelry on trips, or use costume jewelry when traveling.
Top Providers to Consider
- Jewelry Insurance: Jewelers Mutual, BriteCo, PURE Insurance.
- Inland Marine Insurance: Business insurers or providers offering commercial property coverage.
Why It Matters
Whether you’re a business owner transporting equipment or an individual protecting valuable jewelry, these insurances can safeguard against significant financial loss. Tailoring coverage to your needs provides peace of mind, ensuring your assets remain secure wherever they go.
Final Thoughts
Once your valuables leave your property, they’re vulnerable. Inland marine insurance offers peace of mind, protecting your high-value goods or sensitive equipment during transit. For personal items like jewelry, additional coverage ensures financial security and protection against unforeseen events.
If you have more questions, contact Jeanie Giesler, Resource Center Advisor, at jeanie@ohioinsuranceagents.com or call (614) 552-3054 or toll-free at (800) 555-1742.
Legal Disclaimer
This material is for general informational purposes only and should not be construed as legal advice. Consult with legal counsel or other professional advisors for specific guidance tailored to your situation. Laws and regulations are subject to change, so ensure compliance with local, state, and federal requirements.
About the Author:
Jeannine Giesler, CISR, CPIA, and past President of the OIA Board of Directors, Foundation for the Advancement of Insurance Professionals, currently serves as Resource Center Advisor for the OIA. The purpose of the Resource Center is to contribute to building a comprehensive library of resource materials for our members. We pride ourselves on being the one-stop shop for all OIA members and work to solve every problem or situation you may come across.
