Hi Guys,

I hope this is the right place to post this topic. But i m really stuck.

My boss is going to open up a small jewelry shop in a shopping mall at around 800+ Sq Ft this coming December.

Now, my problem is i cant seem to find a Jewelry Shop Insurer, i have called MUI (they were the lead jewelry insurer but dunno why they stop), i called Tokio Marine, Prudential, Progresive Insurance. All DONT have!

Can someone wise out there please recommend me a insurance company which cover this shop! need it badly.

thanks

What u r looking for is called Jeweler's Block, it is a consortium of insurer co-insuring the pool of goldsmith/ Jewelry shop risk much like your 'High risk motor pool' for commercial vehicles. Hardly any insurance co. underwrite it themselves as the inherent risk is high.

U normally need to go to a broker or a specialized agent in order to get coverage.

I think most larger insurers are in the consortium but if you go directly to the insurance co. and speak to a junior staff, most of them do not know what to do and will refer your risk to burglary or fire dept which will reject outright. U need to see an experience underwriter (ranked manager above) to get proper advise or placement but without an influential agent or broker to 'strong arm' the insurer, many will not entertain.

Hi there, insurance companies accept insurance policy based on the nature of risk inherent in the business you are going to be insured. Business such as furniture, jewelery and even private car are considered high risk business for the insurance companies.

However, there are still companies accepting your insurance policy. Try approaching kurnia or Lonpac, they might offer you the service u need.

Thank you Rakyat. I've talked to Berjaya Sompa agency manager yesterday and he could only offer me Fire coverage and not burglary. I don't know who to find anymore. I've called up so many companies, keep passing me around and then the answer is always "We dont have such product or service".

Thanks Techman. I've take up ur advice and called Kurnia and they said they r not very keen on such a high risk business. And same goes to Lonpac. Anymore recommendation? hahaha i'm desperate!

Did you consider just asking another jewellery shop, probably one that is located in another shopping mall (if you wish)? I doubt they would hide such information from someone within the industry.

Hi Nicholas,

You will be surprise of how selfish our culture is hahaha

I am not actually surprised; just look at all my posts here in Lowyat. However as I mentioned, asking what insurer a jeweller is using is (in my view) hardly anything that would affect the person.

I will call some friends in the government and update this thread shortly.

i will try to ask my jewellery shop friend next time i meet him..

yup, have to be selfish to protect rice bowl. unless u can be friends with their employees maybe

can pm me your details, I will try by best to help you bro, where is the location?
How much want to insure?

Thanks Nicholas, appreciate it. Some people are just overly cautious.

Most of the employees at the outlets wouldn't know what kinda insurance they use, because its handled by the management or their bosses.


I will not sure of the sum yet and the kind of policy as i m not familiar with this kinda insurance. If possible, can you get one of the agent's number and the insurance company. Thanks dude.

My friend pointed me to the Federation of Goldsmiths And Jewellers Associations Of Malaysia http://www.fgjam.org.my/

Hope this helps.

Wrong info.

Bro,
Approach all insurance companies and asking them to insure ur risk of burglary & all of them will reject u as this risk is excluded under their treaty i.e. they cannot reinsure

Read my post again, what TS should be looking for is called "JEWELLER'S BLOCK" not burglary, fire or life insurance. Another hint, most insurance agents hanging around LYN will not be able to help u.

U need to see a broker or senior personal (senior mgr, AVP, AGM preferably in underwriting) in an insurance company and mention Jeweller's block. It is a consortium of insurance co. pooling the risk.

Thanks man. It doesn't state anything about insurance but that website enlighten me in a lot other ways. Appreciate it!


You are damn right rakyat! I've found something like a "Jeweller's Block" from Anglo East (http://www.angloeastgroup.com/) but they insisted that they are an all risk insurance company specially for jewelry industry which is totally fine with me. NOT CHEAP, but at least we found ourselves an insurance company who are willing to cover. But am still hunting for 1 or 2 more companies to compare.

Thank you all! You guys have been helpful!!

Hi,

this question that was raised 7 years ago is still a valid question. there are very few jewellers block insurance specialist in the market. we can help insure jewellery shops, money changers, remittance companies, art museums and precious stones. do let us know if you need any help. thanks

www.ja-assure.com

Just saw this old thread. There is a company called Assurex Services Sdn Bhd. In the jewellers block industry for nearly 40 years. Most goldsmith/pawnshop knows this company.

Hi guys. Is you still find a jewellery insurance, You can go to this link https://www.ja.insure/