Consider the following:
- annual jewelry sales top $50 billion in the U.S.
- over $2 billion in jewelry insurance premiums is written every year
- the U.S. Justice Department reports that $1 billion-plus in jewelry "disappears" annually, which represents 70% of all stolen personal property
- 25% of Americans surveyed believe it’s OK to defraud insurance companies
What does this mean?
Jewelry insurance related losses are huge — much more than most jewelers, insurers, and consumers realize!
What’s more, all three parties to the jewelry and insurance purchase processes — jewelers, insurers, and consumers — have a vested interest in making sure that items of jewelry are accurately appraised and properly insured. Why? Because…
- the jeweler’s credibility and reputation is at stake
- the insurer wants to accurately underwrite and properly insure the item and also fairly settle the jewelry claim if that becomes necessary
- the consumer wants peace of mind knowing that the item was accurately appraised, insured for the correct amount, and that the item will be appropriately compensated if lost or stolen
With that in mind, JCRS serves the mutual interests of insurers, agents, jewelers, and consumers by establishing mutual trust and understanding based on a win-win-win-win philosophy.
For additional insight into important jewelry insurance issues, see the following reprints (PDF files will open in a new window):
• $160 Million Gem Scam" (PDF)
• New Form New Standard For Jewelry Appraisers (PDF)
• Jewelry Appraisals for Insurance: A Call to Action (PDF)
• Jewelry Appraisals: Evidence of the Problem and a Practical Solution (PDF)
• Appraisal Valuation Problems Inherent in Adjusting Jewelry Claims (PDF)