First things first: a jewelry insurance policy from Jewelers Mutual is a repair or replacement policy.
Instead of just getting a check, you'll work directly with your jeweler (not someone we choose for you) to repair your jewelry or find a suitable replacement piece. Jewelers Mutual will work with your jeweler behind-the-scenes to coordinate payment.
Now that it's clear you'll receive a same-kind-and-quality replacement, not a check, let's move on to what is and isn't covered.
Generally speaking, Jewelers Mutual policies cover loss, theft, damage and mysterious disappearance. This includes common causes of loss like leaving your ring on a beach towel, having earrings stolen from your car, cracking your stone on the edge of a table or literally just not having a clue where your necklace went.
Big picture: a jewelry insurance policy from Jewelers Mutual is an "all perils" policy. This means that your jewelry is covered no matter the cause of damage or loss unless the cause is specifically listed as an exclusion.
What's Not Covered
So, what's on the exclusion list? Mostly uncommon causes of loss like war and rodents.
Here's the list:
1. Civil authority, like if your jewelry is confiscated during a search by law enforcement
2. Deterioration or inherent vice, like a manufacturer's defect
3. Intentional acts, like purposely damaging or losing your jewelry
4. Nuclear hazard, like a fire resulting from a nuclear reaction
5. Vermin, rodents, or insects, like a moth-infestation affecting heirlooms in the attic
6. Voluntary parting, like selling your covered jewelry and having the check bounce
7. War and military action, basically any warlike action
8. Wear and tear, like typical gradual deterioration*
It's also worth noting that routine maintenance is not covered by your policy. Things like ring resizing, cleanings, inspections and appraisals are not included. (But check with your jeweler, because some of these can be complimentary!)
If it seems like just about any common cause of loss is covered, that's because they are. Jewelry, especially engagement rings, is most commonly lost because it's just that, lost. What good would a jewelry insurance policy do you if it didn't cover jewelry that mysteriously disappeared?
There is, of course, more fine print you'll want to check out once you get your actual policy documents, including details around your obligations when a loss occurs, how the amount Jewelers Mutual pays to your jeweler is determined, etc.
Ready to learn more? Get a quote and download our free Buyer's Guide to Jewelry Insurance to read about all the benefits of a Jewelers Mutual policy.
*Preventive repairs, including prong retipping, broken, worn or bent prongs, broken earring posts, clasp replacement, restringing of broken or stretched pearl strands, and stone tightening, are included.
This is a brief overview for information purposes only. The language is not part of any described insurance policies and is not a substitute for actual policy language. Coverage is subject to policy terms and conditions.