Jewelers Mutual Adds Less Expensive Coverages

March 28, 2004

Neenah, Wis.-based Jewelers Mutual Insurance Co. has launched a new lower-cost insurance policy and an assortment of coverage options specifically tailored for manufacturers, retailers, wholesalers and specialty jewelry businesses, the company said in a statement.

Its new lower-cost policy, the Jewelers Standard, covers jewelry businesses that have policy limits up to $250,000. 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.

The new policy is aimed at smaller jewelers in safer areas, according CEO Ron Harder. The company estimates that 10 to 20 percent of its current insureds could be eligible for the Jewelers Standard Policy.

Jewelers Mutual is also launching 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.

Jewelers Mutual, which has an “A+” rating from A.M. Best, is licensed in all 50 states and insures more than 10,000 jewelry businesses and $1.4 billion of individuals’ jewelry. The company’s strong financial position is reflected in its continued “A+” rating from A.M. Best.

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