A crafts forum. CraftBanter

If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.

Go Back   Home » CraftBanter forum » Craft related newsgroups » Jewelry
Site Map Home Register Authors List Search Today's Posts Mark Forums Read Web Partners

What kind of insurance



 
 
Thread Tools Display Modes
  #1  
Old July 10th 05, 04:38 AM
external usenet poster
 
Posts: n/a
Default What kind of insurance

I do jewelry work part time, work at home, and need to get some type of
insurance or bond to cover specific jewelry related liability, like lost or
broken stones, etc, etc, especially if the stone is one that the customer
says that belonged to Aunt Betty that was given to her by Uncle Tom before
he went to war in Germany in WW-I, etc, etc. Or perhaps - "That's not the
stone we gave you when you picked up the jewelry for repair". I've heard of
nightmare jewelry stories related to this.

Can anyone recommend some insurance types and sources? I'm totally green
with this sort of thing related to jewelry.

TIA,

John Rodgers

Ads
  #2  
Old July 10th 05, 05:02 AM
Peter W.. Rowe,
external usenet poster
 
Posts: n/a
Default

On Sat, 09 Jul 2005 20:38:18 -0700, in hõ wrote:

I do jewelry work part time, work at home, and need to get some type of
insurance or bond to cover specific jewelry related liability, like lost or
broken stones, etc, etc, especially if the stone is one that the customer
says that belonged to Aunt Betty that was given to her by Uncle Tom before
he went to war in Germany in WW-I, etc, etc. Or perhaps - "That's not the
stone we gave you when you picked up the jewelry for repair". I've heard of
nightmare jewelry stories related to this.

Can anyone recommend some insurance types and sources? I'm totally green
with this sort of thing related to jewelry.


While a number of insurance companies offer standard polices to jewelers, usually
called jeweler's block insurance policies, you generally need more than a home
business in the basement. Generally, these cover things like loss from burglary
by theft, fire, and the other such "usuals". Coverage in any decent amount,
especially if you have any inventory of precious metals, gems, or the like, may
require you to get commercial grade alarm monitoring, as well as, if inventory is
involved (including customer's property), a rather properly rated safe. This
stuff gets costly.

The specific instances you cite are actually hard to insure. Broken stones are
rarely covered by insurance, since that's often a question of competence or
malpractice. Insuring you against your own possible errors, especially if you're
a beginner or starting out, as the company may assume with your level of business,
is going to be difficult to do. Same thing with customer claims. Even when a
store has insurance against breakage, most such events are not claimed against the
insurance, in order to avoid raising already high rates. In short, many stores
self insure against such losses, filing claims only when they can show the loss
was due to actions of a third party, such as a break in. Most of the people I
know who work as independent stone setters are generally doing work for other
stores, and often work under the understanding that they are not insured, or will
self insure up to a certain amount, and after that amount, any loss will be
covered by the store for whom they are doing the work. And you protect against
claims from customers not with insurance, but by very careful procedures during
take in of the goods. You very carefully inspect goods in the presence of the
customer, measuring the stones, making a plot diagram of major inclusions or
damage, and be sure the customer agrees to this description. Do this, and you'll
not generally have a problem. It can help to be sure you've cleaned gems while
the customer is still there, so the description is done after the stone is
properly cleaned.

With that said, I'll note that this relates to standard jewelers block policies,
the most common. In recent years, there HAVE been a few companies that offer
policies aimed more at the craftsman level, usually designed for artists who
produce their own jewelry in their own studio, such as the folks who then show at
art fairs or consign through galleries. These policies may offer some additional
coverage of the type you're looking for, but I'm afraid I don't have a company
name for you to call. Even with these policies, I'm going to guess that you'll
find coverage for stones you break during setting, or unhappy customers accusing
you of fraud, difficult indeed to find. Theft from your premises, yes. Loss from
a gallery loosing your work, or in transit, yes. Loss due to flood or fire, sure.

But what you're asking for is basically malpractice insurance, and THAT, I've not
seen offered, especially not to small craftspeople. Most who I know who do this
sort of work basically make sure the stores or clients they work for understand
that they retain liability for things they've asked to be worked on, generally
using the argument that they can afford to cover the risks a lot better than the
individual artists can. Most setters I know do much the same thing, just as they
would if they were employees. Usually they'll just routinely replace small less
expensive diamonds or gems if they break one, simply considering it a cost of
doing business, but if something really big is damaged, then if things are set up
correctly, the loss is shared between craftsperson and store, with more of the
loss being born by the store. But you HAVE to be sure this is set up this way
before you do the work, preferably with a written contract, and that the clients
you work for fully understand the limits of your liability. The other caution I'd
mention if your taking in customer's stones for setting or repair, or the like, is
that you MUST know you're limitations. If you are not 100 percent sure that you
can do a job without damage to the stones, then either do not take in the job at
all, or be sure that the customer fully understands your reservations, and
specifically agrees to hold you harmless, that the job will be done totally at
their risk. Don't be a cowboy and try to project an image of being able to do it
all if you're skills and confidence are not totally consistant with that image.

HTH

Peter Rowe
 




Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
ONE OF A KIND JEWELRY INTRODUCTION. alia Beads 8 November 7th 05 05:04 PM
OT- The Kind Lawyer Shirley Ellen Quilting 1 June 17th 04 02:56 AM
OT - Ouch! (kind of long) Louise Quilting 33 April 11th 04 09:11 PM
HELP AGAIN: Mini RR (Kind Souls Please Read) MelissaInNJ Quilting 1 March 4th 04 11:14 PM
what kind of knitting? Maine-iac Rose Yarn 7 January 28th 04 11:22 AM


All times are GMT +1. The time now is 12:28 PM.


Powered by vBulletin® Version 3.6.4
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Copyright ©2004-2024 CraftBanter.
The comments are property of their posters.