Insuring Your Jewelry with the Inland Marine Policy

I was recently asked some thoughtful questions on the insurance options available for personal jewelry. Given the many options and types of coverages available, I thought this was a “valuable” blog topic!

There are two main reasons you would want to insure a personal jewelry item with an inland marine policy:

  1. The basic homeowners policy limits the amount that would be paid for jewelry in the event of a theft.
  2. A deductible would typically apply to a loss that’s covered by a basic homeowner’s policy. But when jewelry is covered individually on an inland marine form there is usually no deductible involved (unless that option is specifically requested).

When a jewelry item is covered with an inland marine policy, most insurance companies offer two different loss settlement options:

  • Optional agreed value loss settlement
  • A traditional “repair/replacement cost” settlement option

For an additional premium, the agreed value option will simply pay the amount for which an item is listed on the policy. For this loss settlement option you may need to supply a recent appraisal or a bill of sale to substantiate the value for which the item is insured.

The traditional repair/replacement cost option is the default option on a scheduled personal property endorsement to your homeowners policy. It gives your insurance company the option to replace an item at an amount lower than the value listed on the policy. This would happen if this lower amount would return the item to its original condition or replace the item with one of like kind or quality.

Although the repair/replacement option puts a customer in the same position as before a loss, I often hear that the agreed value option provides a more satisfying claims experience for the policyholder because the settlement tends to match the expectations of even the most meticulous clients. For this reason, I typically recommend choosing the agreed value loss settlement option if available.

Some companies also offer a blanket inland marine form, which allows a policyholder to have additional jewelry coverage limits without having to list every individual item. This form is best for a situation where a customer owns many smaller value items, as this form has a per item limit.

One last option offered for jewelry coverage is paying a lower premium for items kept in a vault. To be specific, the lower rate charged for this option is intended for items kept in a bank vault, away from the your home. The discounted rate is given with the idea that jewelry off-premises would not be harmed by an event at your home such as fire or theft.

With all of the options available to protect your jewelry, the best thing you can do is talk to us to see which coverage will be most “valuable” to you!

The coverages here are described in the most general terms, and are subject to the actual policy conditions and exclusions. For actual coverage wording, conditions, and exclusions, refer to the policy or contact your agent.

Products underwritten by Central Mutual Insurance Company and affiliated companies.

Copyright © 2019 Central Mutual Insurance Company. All rights reserved.

Employee Spotlight Connor Payne

This month’s employee spotlight is on our fearless leader, Connor Payne! He is both the big boss in the office and a commercial lines producer.  He has been part of the Brown & Brown team for 7 years. Connor is a busy man, but he was able to give us a little look at his life to share with everyone.  Connor is a newlywed—just a few months ago, he and his wife were married on the beautiful island country of Mauritius.  Obviously,  he is a huge fan of traveling.  Connor has been to 6 continents! In his spare time, Connor loves to drive fast, play pool and play golf.  He is a 5 time golf champion at Tanoan Country Club.  He was also nominated for the Man of Year Award for raising over $50,000 for the Leukemia and Lymphoma Society. From the motivational Monday meetings to occasional pizza Fridays, Connor keeps our office running strong.  We are so happy to have him lead our team!

Employee Spotlight Kimberlee

This month’s employee spotlight is on the absolutely wonderful Kim Haines.  Kim is an account manager in our middle market commercial department.  She has been in the insurance industry for almost 17 years, starting as a receptionist, moving up to a tech and then to account manager.  She’s been with us at Brown & Brown for a year and a half.

Kim is originally from New Jersey, but moved to New Mexico 7 years ago.  When she isn’t working hard on insurance, she’s playing hard.  She plays and coaches a women’s flat track roller derby team.  Apart from that, she loves cooking, craft beer and reading.  And like many of us, she has two fur babies that she loves—2 English Bulldogs named Lulu and Suzi.

Kim is just fantastic and a great person to work with.  We love having her as part of our crazy Brown & Brown family.

Employee Spotlight Loan

This month’s employee spotlight is on our wonderful Loan Nguyen.  Loan is in our accounting department and has been with Brown & Brown since 2011.  Her hectic job is what keeps our office running smoothly.

Loan is originally from New Jersey, but has lived in New Mexico since 2007.  She loves to run, doing as many half marathons as she can.  She also is into photography and absolutely loves eating Pho.  Loan also spends a lot of her time crafting with her daughter Emily and taking care of their dog, Susie.

Loan says she loves working with her coworkers, and we love working with her!  We couldn’t imagine Brown & Brown without her!

Award of Excellence Melissa Martin

This week we want to celebrate one of our favorite personal insurance agents, Melissa Martin!  Melissa was the recipient of Safeco’s 2018 Award of Excellence.  Less than 5% of agents across the country who work with Safeco receive this prestigious honor.  Melissa has shown superior underwriting skills while making sure her clients get the best coverage at the best price.  We asked her what her secret to being so awesome is, and she said, “I aim to promote strong relationships with my insureds on a professional and personal level, and really try to take the time to explain coverages and be an advisor.”  She says that she is a bit of an insurance nerd and likes that she’s always learning something new in this ever changing business.

We are so proud that Melissa has been given this award, as she has worked so hard to earn it.  Congrats Melle!