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Why a Wholesale Diamond Jeweler Needs Special Business Insurance


Theft, Robbery, Damages and Losses…

 

Newsflash: Diamond Dealer Mugged!

MSVN reported on November 25th, 2014 that an Orange County, NY rabbi and jeweler was robbed of diamonds valued at thousands of dollars while on a business trip in South Miami Beach, Fl. As the diamond dealer exited his car behind the pawn shop he intended to visit, three men attacked him.

“Get the vest, get the vest”, were the words the diamond dealer heard as rough hands beat him, hit him on the head with a pistol, and ripped off his vest while grabbing the diamonds within the pocket.   

“I’m lucky to be alive,” said the dealer. “I’m healthy. I have my wife, my kids.” “Sure G-d was with me that they didn’t shoot me.”

Like this victim of theft, if you are a wholesale diamond or jewelry dealer, you have unique risks. Though you face less of a robbery or theft hazard than your retail jeweler counterparts, you still have enough liability exposure for serious concern.

You are at risk for:

  • Robbery
  • Burglary
  • Employee embezzlement

Traveling wholesale jewelers have the greatest security risk as illustrated in the above news story. Diamond dealers and wholesale jewelers that travel with their goods should train themselves to consistently be vigilant wherever they go.

 

10 Basic Tips for the Traveling Jeweler

  • Make sure you are adequately covered with a business insurance policy that is designed for a diamond or jewelry dealer.

  • Keep two itemized lists of goods that you travel with – one with you and one stored in a secure place.

  • Always keep your goods on you.

  • Do a background check on potential customers.

  • Do not divulge your company name when calling in reservations or appointments. Never specify the exact time or date of your visit to a jewelry store or where you will be lodging.

  • Always carry a completely charged phone with you. Maintain contact with your family and business center throughout the day in the event they need to know where you are.

  • Before leaving a jewelry store, provide your cell number to the employee. Request that he or she keeps an eye on you as you exit. Instruct the employee to immediately contact you as well as the police in the event he or she observes a suspicious vehicle following you.

  • Be sure to alter your driving course, and do not come and leave at set times.

  • Habitually park your automobile as close to the jewelry store you are going to as possible.

  • Upon advancing to or walking away from your parked car, walk around it and examine it for any form of tampering. Look out for fluid seepage under your vehicle.

PRIME Insurance and the Diamond Dealer and Jeweler

PRIME Insurance Agency understands the unique liability risks of the diamond and jewelry industry. Because we are direct representatives for more than 40 of the leading insurance companies, we can shop the network for you and get you the policy that best suits your company needs at competitively lowest quotes.

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Summary:  Every diamond dealer and jeweler recognizes the distinctive liability exposure they face. PRIME Insurance highlights basic tips for safety and security.


Discussion

Braden Bills

Wednesday, February 22, 2017 at 9:38am EST

It’s interesting to see a circumstance where working with an insurance wholesaler is so vital. It makes sense that businesses would want to be able to keep their inventory safe. It’s important to protect what you have, after all!


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