Recently, the owner of Kimberly Collins Gems has reported that one of his retail jeweler clients staying in the Bay Area received a jewelry package ripped open. And guess what, there was nothing in the box. As she had not insured the shipping, she could not recover the loss, rather than being featured in U.S. Jewelry Security Alliance.
This is what happens when you don’t have shipping insurance for jewelry. You see, jewelry is a high value item, which makes it a prime target for stealing. Without insurance, there is a high chance you will face a loss.
So, I have come up with this comprehensive guide on jewelry insurance coverage, its benefits, real-life examples of what can go wrong without insurance, and more. Stay tuned till the end.
Why Shipping Insurance for Jewelry Is Necessary
To keep your shipment protected, insurance is required. Insurance for jewelry shipping might seem a luxury but in fact it’s a necessity.
Jewelry shipping is considered high-value shipping in most cases. And high-value items like jewelry are the main target for the thieves during shipment. But it’s not just theft that you should worry about—loss, damage, and mishandling are also risks.
According to The New York Times,
“Thousands of packages go missing daily, with valuable items being primary targets”
If we look back to the case of a jeweler in California who shipped a $50,000 diamond necklace to a client across the country, we will realize the necessity of having insurance.
Without shipping insurance, the jeweler was left to face the loss. This could have been avoided with a robust shipping insurance policy.
JSA president John Kennedy says,
“Shipping theft is a pervasive issue, with jewelry being the most common target for criminals in the industry.”
However, most shipping carriers offer coverage to a limited level ($100 in most cases) which mostly seem far below the price of most fine jewelry. So, getting insurance can help in such cases.
So, the reality is that accidents and theft do happen, and without proper protection, you may end up paying the price, both financially and emotionally.
What Are the Benefits of Insuring Your Jewelry?
Jewelry is not just a material item, instead it’s connected to memories and emotions. Investing in shipping insurance is like adding an extra layer of protection to your jewelry shipments.
According to Supply Chain Brain case studies,
“A notable case involving jewelry theft during shipping occurred in the United States in 2016, where theft of high-value goods such as jewelry saw a significant rise.”
So, while shipping high value items like jewelry, purchasing shipping insurance can provide you with several benefits. Here are some highlights-
Insurance Can Give You Financial Protection
Jewelry is more than just an accessory; it’s a symbol of personal style, wealth, and often, cherished memories. Losing a jewelry item can be a devastating experience, both financially and emotionally.
But when your jewelry is insured, you shield your shipment. If anything happens, you’re compensated for the full value of your precious items according to the insurance policy.
Jewelry Insurance Covers More Than Theft
Shipping insurance isn’t about protection from only stealing. It covers a range of risks, from rough handling to weather-related damage. Whether your package gets lost, stolen, or damaged, your package is covered by the insurance policy.
Worry-Free Shipping, Guaranteed
When you know that your valuable jewelry is insured, you can relax with your shipping. You won’t have to constantly worry about your shipment.
Insurance for Global Shipments
During international shipments, the risk of loss or damage may be higher due to multiple transit points and other customs issues. Your jewelry shipping insurance can protect your items even when they’re crossing borders.
Customizable Coverage for Any Budget
Many insurers allow you to select coverage based on the value of your jewelry. So, no more tension with the budget. You can choose the coverage amount depending on your needs.
For instance, a small, local jewelry shop sending items regionally may opt for a different policy compared to a large retailer shipping internationally.
Choosing the Right Insurance Policy for Jewelry Shipments
Not all shipping insurance policies are created equal. So, it’s important to find the right insurance policy according to your needs. Here’s how to get insurance on jewelry-
Get the Insurance Worthy of Your Jewelry
First, assess your jewelry’s true value. Don’t just think about the price; consider its sentimental value and any unique features that might make it costlier.
Many insurers use appraisals to determine coverage, so make sure you have an updated one.
Check Carrier Limit
Different shipping carriers have different rules for insuring high value shipments. For example, some carriers have a maximum coverage limit of $5,000. However, Ship Simple insurance covers up to $250,000 in declared value.
So, if you’re shipping a luxury piece, you can look for a private insurer or something beyond the basic carrier options that offers higher coverage.
Compare and Find The Best Fit
There are lots of insurance companies that specialize in shipping insurance. They know the ins and outs of protecting your shipments. It’s better to compare the price rates and services to find the ideal one that best meets your needs.
Be Aware of Exclusions
Make sure to be aware of all the limitations and coverage of the policy. You must not want to be caught off guard by unexpected exclusions after getting insured.
Tips on How to Ship Expensive Jewelry
Shipping jewelry requires extra precautions to ensure it arrives safely. Here are some pro tips you might find helpful:
1. Pick a Good Carrier Service
Use a shipping company you trust. DHL, Purolator, Canada Post. ShipSimple works with all of these couriers who are best known for reliability and safety in shipment. Some jewelry stores may offer insurance options too when purchasing jewelry.
2. Get Your Jewelry Insured
Don’t forget to insure your jewelry. It gives your jewelry a shield while shipping. Even if it costs a bit more, it’s worth it.
3. Don’t Show Off
Use plain packaging and avoid any branding or leveling like high-value shipping. Don’t let anyone know what’s inside. You want to keep your jewelry safe.
4. Wrap It Well
Put your jewelry in a smaller box and then a bigger one. It’s like adding extra protection. You can also wrap it with additional padding to avoid damage.
5. Get a Signature on Delivery
Make sure the person receiving the package signs for it. This helps prevent loss or theft in an extended way.
By following these tips, hopefully you can ship your jewelry safely.
Final Wrap
According to Converus report,
In 2018, a FedEx worker tried to steal 40 pairs of fancy rose gold diamond earrings that were worth $40,000. He switched the earrings from their original boxes into his own bag.
Luckily the security caught him. But this intensifies the importance of shipping insurance for jewelry in a vast way. With the growing number of thefts, lost packages, and courier errors, protecting your valuable items with insurance is crucial.
Whether you’re an individual or a business owner, taking the necessary steps to insure your jewelry during shipping can save you from the unexpected financial and emotional loss. However, using ShipSimple can help you avoid all the hassle and get your shipment done within a few clicks.
FAQs
How do I protect my jewelry when shipping?
When shipping jewelry, make sure to add additional padding to avoid damages. The safest way to protect jewelry is not to reveal details about the jewelry that is being shipped. Keep it in simple packaging with non branded labeling. And finally, insurance can cover the rest. Get your jewelry shipping insured to get the coverage for further loss during shipping.
What kind of insurance do you need for jewelry?
Specialized shipping insurance or high-value shipping insurance are ideal for jewelry. Most of the carriers or insurance providers have particular insurance packages designed for jewelry type high value shipments. Standard shipping insurance may not provide sufficient coverage for such items.
Can I ship jewelry internationally?
Of course, you can. Shipping jewelry internationally nowadays is smooth. But making it insured before shipping makes your shipment protected with an extra layer and gives you a worry-free mind.
Is it worth it to pay for shipping insurance?
Yes. It’s worth it to pay for shipping insurance. It does not matter if you are buying shipping insurance for small business or for a huge enterprise, benefits are going to be the same. The cost of shipping insurance is relatively low compared to the value of the item being shipped. And the best part is it protects your shipment from complete financial loss with compensation in case something goes wrong.
Is shipping insurance mandatory for jewelry shipping?
No, shipping insurance isn’t mandatory. Instead, it’s highly recommended to safeguard your valuable jewelry during transit.
