- Broadens and customizes protection for jewelers’ unique needs
- Offers separate coverage for parcel shipments
- Reduces unnecessary coverages and wasted premiums
Parcel Pro, a UPS Capital Company, today announced the launch of jewelers block coverage, a special insurance program to help protect the property of jewelers against the most common types of losses. The comprehensive and customizable insurance policy provides coverage for the jewelers’ merchandise on premise, as well as for trade shows, travel, private dwelling, goods on loan and more. It also offers businesses an option to carve out coverage for small package shipments from the conventional block policy so jewelers can tailor coverage to fit their needs.
Protection for small parcel shipments typically included in most jewelers block policies is not sufficient for businesses that frequently ship high-value goods. One large monetary transportation claim can result in loss of experience ratings, higher jewelers block premiums or lost coverage. To protect themselves, companies have added additional coverage or used multiple providers.
“This extensive new offering provides complementary layers of protection not found in other options, so jewelers can get all their needs through one provider,” said Mark Robinson, President of UPS Capital. “As luxury ecommerce grows, more small packages will be shipped and that will increase the risk to jewelry businesses. Parcel Pro helps mitigate those risks by offering insured transportation solutions coupled with a block policy that enables broader protection without unnecessary coverages and wasted premiums.”
Coverage
Underwritten by Jewelers unBLOCKed, an insurance managing general underwriter specializing in the jewelry industry, Parcel Pro’s jewelers block policy addresses the unique exposures faced by retailers, manufacturers, wholesalers, refiners, designers and appraisers. It focuses on loss prevention, risk mitigation, and employee safety.
Policies provide maximum coverage for the industry, yet allow customization based on risk tolerance. Clients can customize their policies based on their unique needs and can insure all or a portion of their goods. The offering provides worldwide coverage, up to 125% valuation of the goods and transactional coverage can be carved out of the policy for insured transportation of small package shipments.
Coverage can include the following:
- Jewelers’ merchandise and goods of others
- Salesperson lines
- Shipping
- Trade shows
- Trunk shows
- Armored car
- Worldwide travel and event capabilities
- Appraisal liability
- Transactional coverage
