Jewelry losses are among the most frequent of all homeowners content-related insurance claims. Taking these four steps will ensure adequate protection for your new ring:

1. Contact your insurance professional immediately.

Find out whether you will need additional insurance. Most standard homeowners and renters insurance policies include coverage for personal items such as jewelry; however, many policies limit the dollar amount on jewelry to $1,000 to $2,000. With the average engagement ring costing nearly $6,000, according to The Knot, that is unlikely to be enough coverage.

To properly insure jewelry, consider purchasing a floater or an endorsement policy. In most cases, these add-ons to a homeowners or renters policy would also cover you for “mysterious disappearance.” This means that if your ring falls off your finger and is flushed down a drain, or is lost, you would be financially protected. And, unlike a homeowners policy, floaters and endorsements carry no deductibles, so there is no out-of-pocket expense to replace the item.

2. Obtain a copy of the store receipt.

Forward a copy of the receipt to your insurer—so that your company has a record of the current retail value of the ring—and keep a copy for your own records. It’s also a good idea to get a copy of the appraised value of the item.

3. If you received an heirloom piece, have it appraised.

Antique jewelry will need to be appraised for its dollar value. You can ask your insurance professional to recommend a reputable appraiser.

4. Add the item to your home inventory.

An up-to-date inventory of your personal possessions can help you purchase the correct amount of insurance and speed up the claims process if you have a loss, so remember to add your new ring to your inventory.

Source: Insurance Information Institute, “Get Insurance for That Ring and You’ll Be a Cut above the Rest” http://www.iii.org website. Accessed November 27, 2020. https://www.iii.org/press-release/proposing-on-valentines-day-get-insurance-for-that-ring-and-youll-be-a-cut-above-the-rest-021116

© Copyright 2020. All rights reserved. This content is strictly for informational purposes and although experts have prepared it, the reader should not substitute this information for professional insurance advice. If you have any questions, please consult your insurance professional before acting on any information presented. Read more.

Did you know that many states hold you or your company liable for accidents and injuries caused by party attendees having too much to drink. Not only that, in many cases, you or your company may have insufficient insurance – or no coverage at all – under your existing liability insurance policies.

What to do? Implement one or more of the following steps and ensure everyone has a safe and healthy holiday season:

• Do not serve alcohol at your party and adopt a zero-tolerance policy for consumption on your premises. If zero tolerance is too harsh, consider a “key bowl” presided over by a sober third-party. If a party attendee is impaired the third-party calls a cab and their car keys stay in the bowl.
• If your event is off-site, make sure your party venue has liquor liability insurance. Ask if it covers you or your company – or have them add you or your company as an additional insured for the party.
• Limit party attendance only to people you know – friends, family, neighbors, employees. After all, even significant others can be under age, and who will check?
• Off-site venues for parties should offer a cash bar if a bar is present at all. Another option is a “ticket” system where each attendee gets one or two tickets for free drinks and the remainder is cash.
• If this is a company party, consider renting transportation for the event. While it may be expensive, it will be cheaper than the loss of an employee.

No matter what, you should designate a person/s who understands your rules and the potential liability. And give that person permission to call a cab for a party attendee – on your tab if necessary.

© Copyright 2020. All rights reserved. This content is strictly for informational purposes and although experts have prepared it, the reader should not substitute this information for professional insurance advice. If you have any questions, please consult your insurance professional before acting on any information presented. Read more.