International Diamond Center Magazine 2020

protect that investment

B YOU’VE GOT THE RING! NOW HOW DO YOU PROTECT IT?

asic geology tells us diamonds are the hardest natural substance, but what many of us don’t know is that diamonds, like all gems, are susceptible to chipping. So how do you protect that beautiful engagement ring? First, insure it. And when you do, be mindful that partial losses, such as chipped stones, aren’t covered under typical homeowners policies. A better option is a rider on your homeowners policy, or a standalone policy such as the one Jewelers Mutual Insurance Company offers. According to Jewelers Mutual, more than half of the company’s claims are partial losses. Losing a stone from a ring is one of the more common instances. Winter gloves are notorious for catching on prongs and loosening ring settings. Diamonds are still the favorite stone for engagement rings and, contrary to popular belief, a sharp strike on a hard surface can easily chip a diamond. Even washing dishes in a ceramic sink can cause chipping. Water sports are another culprit for loss. Your fingers shrink when they’re cold, so losing a ring while swimming or snorkeling presents a very real risk. Any sporting activity, in fact, can be hard on jewelry.

ANY JEWELRY THAT IS WORN EVERY DAY, SUCH AS AN ENGAGEMENT RING, IS MORE SUSCEPTIBLE TO DAMAGE OR LOSS. AND BECAUSE AN ENGAGEMENT RING IS OFTEN THE MOST EXPENSIVE JEWELRY A WOMAN WILL OWN, IT MAKES SENSE TO INSURE IT. When insuring jewelry, check your coverage. On basic homeowners policies, jewelry is protected for only certain types of loss. Damaging an item, or losing all or part of one, typically is not a covered loss. Theft is often limited to $1,000. You can schedule your jewelry on your homeowners policy. It will cost an additional premium but provide better coverage. A stand-alone, specialized policy, such as the type that Jewelers Mutual offers, provides broad coverage and won’t jeopardize your existing homeowners policy if a jewelry loss occurs.

Jewelers Mutual Insurance Company is the only nationwide insurer that specializes in protecting jewelry businesses and individuals’ personal jewelry. The company was founded in 1913 in Neenah, WI., by jewelers who needed more affordable insurance. Today, Jewelers Mutual is licensed in all 50 states and insures $1.5 billion of individuals’ jewelry and more than 10,000 jewelry businesses. The company’s strong financial position is reflected in its continued A+ rating from A.M. Best. Visit Jewelers Mutual’s website at www.jewelersmutual.com.

42 ] I D C M A G A Z I N E

Powered by