Jewelers block policy
An all-risks policy for jewelry, watch and diamond professionals, covering their stock and goods entrusted to them, in store, in safes, in transit and at subcontractors, under strict security conditions.
The trade in jewelry, watches and precious stones concentrates considerable value in a small volume that is easy to carry off and sell on. The jewelers block policy, which originated in the London market, covers the professional's stock and goods entrusted by clients or other dealers, wherever they are: display case, safe, workshop, trade fair, or a representative traveling with stones on their person. In return, it imposes precise security conditions, safe grades, monitored alarms, opening hours, rules for valuables carried off premises, whose breach voids cover. Exclusions notably include mysterious disappearance and employee dishonesty, unless extended. For the underwriter, the risk is dominated by armed robbery and organized burglary, and by accumulation in diamond districts and trade fairs, where hundreds of professionals gather their stock.
Over the weekend of February 15, 2003, burglars emptied 123 of the 160 vault boxes in the basement of the Antwerp Diamond Center, taking diamonds, gold and jewelry estimated at over 100 million dollars, much of it underinsured or uninsured.
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