The Renaissance way on Jewellers’ Insurance:

If you are worried about the risks of transporting, storing and trading jewellery, gold, precious gems and other valuable goods perhaps you shouldn’t anymore. The answer to your problems is Jeweller’s Block Insurance.

Jeweller’s Block Insurance, widely known in developed precious gem markets, is now an innovation for the Cypriot insurance market, and has a simple goal: to protect you from all the hazards of your trade.

With the support of Delvag Luftfahrtversicherungs –AG, a subsidiary company of Lufthansa, the well-known German airlines group, Renaissance Insurance Brokers exclusively offers a range of tailor made insurance solutions for:

• Retail jewellers
• Luxury goods and accessories stores
• Manufacturers of gold and silver jewellery and accessories
• Gold and precious gems wholesalers
• Jewellery and expensive accessories factories and/or workshops
• Pawn brokers

Risks covered:

The Jeweller’s Block Policy is underwritten on an “all risks” basis. This means that the insurer must specify what is not covered (exclusions). If a risk is not excluded, it’s covered. The policy is designed in such a way so that it covers, amongst others, all the basic risks Jewellery/Precious Gem segment face, namely:

• Burglary
• Theft / Snatch and Grab
• Robbery (including Armed Robbery)
• Any other random loss which is not excluded

What is covered:

• Jewellery of all kinds
• Gold or silver bars
• Pearls
• Diamonds and any other kind of precious gems
• Expensive watches
• Any other valuable goods the retailer/wholesaler/manufacturer possesses relating with the
  jewellery making/business
• Customers’ goods in for repair (Entrustments)
• Cash

When they are covered:

• While in the shop premises (24hours)
• While carried by the insured anywhere in the world
• While in transit within Cyprus via courier (e.g. Akis Express / ACS courier)
• While in transit to/from Cyprus via air or post (Imports / Exports)
• During Events and Exhibitions

Examples of claims:

• Theft by a client (Snatch and Grab) while trying on jewellery and accessories while the shop is open
• Loss/damage during import/export
• Loss/damage during transit locally via courier
• Loss/damage during transit from a factory/workshop /manufacturer/ wholesaler to a retailer or vice versa
• Robbery (including Armed Robbery)
• Burglary
• Smashing of display window and theft while the premises are open for business
• Theft/ Robbery/ Burglary during attendance at Events and Exhibitions
• Robbery during transportation of insured goods by the insured
• Theft/ Robbery/ Burglary of insured goods from the residence of the insured
• Loss of money / cash due to Theft/ Robbery/ Burglary
• Loss/damage to insured goods sent for repair/amendments (retail stores, workshops, factories)

And many more…

Valuation:

We appreciate that jewellers are a special trade and that every client has different needs. Therefore, we leave the choice of basis of valuation to you. Thus we offer the following two options:

• Insurance on a Cost Price basis: The cost of this option is based on the original cost of stock to you. In case of loss/damage, the amount of indemnity is the original cost of goods you purchased/created before loss/damage.
• Insurance on a Reinstatement basis: Due to the continuous ups and downs in the cost of raw materials and the boom in the price of gold over the past years, the cost to replace your stock in case of loss/damage may be much higher than what you originally paid. If you opt to insure on a Reinstatement basis you insure your stock at current replacement values and avoid this additional expense in case of loss/damage.

The Insurance Company:

Renaissance Insurance Brokers offers Jeweller’s Block Insurance exclusively in Cyprus in cooperation with Delvag Luftfahrtversicherungs –AG, a subsidiary company of Lufthansa, the well-known German airlines group, and a specialist in insuring diamonds, gems and jewellery. Delvag, the insurance specialist of the Lufthansa Group, has been a partner of the aviation and air cargo industry since 1924, and has:

• Extensive know-how in insuring valuable items both during transport and storage
• Significant experience in the administration of complicated cases and damages
• Thorough understanding of the jewellery market and the risks involved
• Simple claims procedure for immediate response and fast payment in case of loss/damage
• Presence or representation in major international markets for gold and precious gems such as:
  • South-West Europe
  • Israel
  • Hong Kong
  • Latin America

Renaissance Insurance Brokers Ltd:

The Jeweller’s Block Insurance facility is offered exclusively in Cyprus through Renaissance Insurance Brokers, an independent insurance brokerage. As our name indicates, our vision is to re-invent the way insurance is offered to companies and professionals in Cyprus.
Having studied carefully the insurance needs of companies and professionals, we invested in the design of innovative solutions and are proud to be able to offer the following services to professionals in the Jewellery / Precious stones market:

• Professional Advice with regards to all kinds of insurance relevant to your trade
• Valuable Risk Management Advice
• Access to the Jeweller’s Block Insurance for the first time in Cyprus
• Insurance packages for retail stores/ factories/ workshops for risks not included in the Jeweller’s Block policy (e.g. Building, Furniture/contents, Liability Insurance)
• Rapid and fair response in the case of loss/damage

Important innovations:

Apart from our fresh approach in arranging insurance, we are also introducing the following innovations that add value without any additional cost to our clients:

• Risk Management Advice from an independent company with extensive experience in risk management for jewelleries, with a visit to your premises within 15 days from the day of inception of cover
• Claims adjustment from the same company whenever needed

This way:

• Our clients enjoy value added benefits apart from specialist insurance
• We avoid misunderstandings in the processing of claims
• We contribute towards the improvement of risk management for your profession by ensuring that the adverse experiences of the unlucky few become the guide for the rest of your profession

Our philosophy:

The Jeweller’s Block program was designed based on the following basic principles:

• The program should be available to all Jewellers at a reasonable cost
• Risk management advice must be offered free of charge so that everybody can learn from the experiences of the unlucky few
• The professionals that invest in insurance, having taken the right security measures should not subsidise through their premiums those who refuse to take the reasonable protective measures. On the contrary, they should be rewarded with stable premiums at policy renewal
• The experience gained through this insurance scheme should become a valuable risk management tool for professional jewellers and their professional associations