FAQs

While we cannot know how your particular insurance contracts are written with your current coverage (in the case where you have coverage from your insurance provider) we can say, as a general rule, the answers to Frequently Asked Questions are true and accurate based on our experience in the insurance marketplace.

A homeowner’s or renter’s policy is a valuable asset (as is a standalone jewelry policy); the main reason you should strongly consider a GemSafe® policy for your jewelry is the following (this applies to both GemExtensive and GemValue policies):

First and foremost, Residential Policies (whether home or renters policies) are not designed to protect jewelry or collectibles to their full replacement values. Standalone jewelry insurance should be designed to fully protect the values of the insured’s jewelry. Our policy not only protects you for the full agreed value, but in the case of the GemValue policy you get up to 125% of value and with GemExtensive coverage you will be covered up to 150% of agreed value.

If you have a claim against your residential policy it could affect your premium. Claims against homeowner’s policies, and renter's policies, are considered at renewal; if there are as little as one or two claims against your policy you might have exposure to increased premiums, become non-renewed, or your policy might be cancelled.

In almost every case, purchasing a GemSafe® policy will be less than, or equal to, the cost of adding a rider to your residential policy. Generally, a GemSafe® standalone policy provides more complete coverage than your residential coverage. If you do purchase a GemSafe® jewelry insurance policy, the added benefit is that you are protecting your existing residential policy from claims.

There are many reasons to purchase our policy. The first is that our GemSafe® policy has some of the broadest coverage in the industry. The GemSafe® policy is underwritten by one of the finest insurance companies in the industry. SterlingRisk (our agency) has been in the insurance industry for 80 years. We’ve collaborated with jewelry and industry professionals to provide the finest policy with broad language and the best coverages available in the industry. Ask for a sample of our policy and compare it to other policies. You will learn that we offer more complete coverage than virtually any policy in the industry.

Our policy offers up to 125% of the value of the insured property listed. In the event values have changed since you initiated your GemSafe® policy with us, you’re protected up to 25% more than is stated in your policy. As an example: If your GemSafe® policy lists values of $10,000 and you have a total loss, and you find out that replacing your jewelry will cost $12,500; you're fully covered (this applies to GemValue policies). In the case of our GemExtensive Collections Policy we offer up to 150% of the insured value.

Our premiums are some of the lowest in the industry.

Our service is unsurpassed. We have an extraordinarily well-trained staff of licensed professionals, on call from 9AM to 5PM Eastern time throughout the week. Call us and see!

Yes. There are many states, particularly in coastal, or in weather-related higher risk areas, that have limited, or no residential coverage for jewelry. We’re here for you, and we can offer you a GemSafe® standalone policy in all 50 states.

You are covered. Your jewelry is insured against loss or damage. It says so in your policy.

No matter where you go, we are there to protect your valuable jewelry.

Yes, there is coverage for that. Our policy is termed an “All Risk Policy”, which means unless it is specifically excluded, there is coverage in our form. That means you are protected for just about any loss. Some typical exclusions include wear and tear or gradual deterioration, deliberate acts of negligence causing loss (throwing your jewelry into the ocean), giving your jewelry to unauthorized persons (don’t give your watch to a stranger while you fix a flat) and dishonesty. Please read your policy for additional exclusions.

In the event of a loss, the GemValue policy repairs and replaces your jewelry through your preferred jeweler or appraiser, whatever your preference is. The GemValue policy covers you for the same risks as the GemExtensive cash value policy, but typically for a lower cost. GemValue will settle any claims by paying your jeweler or appraiser directly based on the details provided in your policy’s appraisal or bill of sale, so that they may repair or replace your jewelry. The GemExtensive program is a cash value policy that typically costs a higher premium and will either pay the insured cash, or pay the jeweler or appraiser to repair or replace your jewelry, whatever you prefer.

In the event that you need a jeweler, we would be happy to recommend a jeweler convenient to you. The concept behind the GemSafe® Repair and Replace policy is that you select the jeweler that you have confidence in, a company with a staff that you trust and that understands your needs. (This applies to GemValue policies).

Yes, many of our insureds are just starting out in life. We have a broad range of policies that can secure you from many of life’s unexpected events. We are here to protect you from life’s unexpected accidents, weather related incidents, and theft. We are the best in the industry at what we do. When you purchase a policy from us, you’re purchasing a great policy, at a very cost-conscience premium. We provide great service through experienced professionals with many years of experience standing by to serve you.

The premium is an annual premium. The premium cost in Los Angeles is $1.80 per $100 in value. A $10,000, zero deductible policy would cost $180 and protect you up to 125% of your stated value (meaning that if you have a loss and the cost of replacing your jewelry has gone up, you are protected up to 25% more than your retail replacement cost).

The deductibles are as follows:

  • $50 (2.5% off the premium)
  • $100 (5% off the premium)
  • $250 (10% off the premium)
  • $500 (15% off the premium)

The policy runs annually. It is processed by the binder AIG and the underwritten policy is then delivered to you via email stating all terms and conditions. The policy will cover you for almost all forms of loss.

Loss and Theft is covered along with Mysterious Disappearance.

You would file a police report and write a brief explanation of the loss. AIG’s claims department would review the loss, (if they had questions they would contact you) approve it, and send you an indication to return to your partner for a replacement based on the appraisal or bill of sale used to insure your jewelry. They contact your partner and advise them to send them an invoice for the replacement cost of your jewelry.

Yes. We also provide an additional discount of your premium if you return to your partner once a year near renewal to have your jewelry examined. There is no cost for the examination. Your partner would have a simple method of informing us of your visit and that would entitle you to an additional discount of approximately 3%.