Don’t Gamble With Your Jewelry
Going to JCK? The Buzz is about security for your personal jewelry. Jewelers Mutual Insurance Company (JMI) has important advice for attendees.
When you check in to your hotel room, you should read what you are signing. Most casinos, resorts and hotels have disclaimers stating the hotel is not responsible for loss or theft of personal property. In fact, Nevada state statute § 651.010 says that “a Hotel is not responsible for loss of money, jewelry, documents or other articles left in the room or the room safe, unless the innkeeper is grossly negligent.”
“Hotels’ policies are clear,” said David Sexton, vice president of loss prevention at JMI. “They are not responsible for loss or theft of items brought into the establishment. That includes your room or any of the public places like exhibition areas, restaurants or the gaming areas.”
A recent 12-year report on crime statistics by the Las Vegas Metropolitan Police Department shows an average of 16,704 thefts per 100,000 population occurred each year in Las Vegas. In addition to theft, guests have also lost jewelry items, which they rarely recover.
Television dramas show casinos with extraordinary security networks and staff ready to pursue even the smallest loss or theft. The reality is that the security system is watching over millions of dollars which are in play, as well as ensuring the safety of everyone in the casino. Don’t count on the security staff to spend a lot of time looking for or recovering your diamond bracelet or necklace that suddenly goes missing.
These types of statistics are not unique to Las Vegas or even the United States. The Jewelers Security Alliance noted in their Annual Crime Report 15% of all jewelry thefts in the United States (outside of jewelry stores) occurred in hotels. At the recent Cannes (France) Film Festival, $1 million of Chopard jewelry was stolen from the hotel suite safe.
What can you do? “Your best investment is a comprehensive jewelry policy,” said Sexton. “Ironically, many jewelers mention jewelry insurance to customers, but neglect to insure their own personal jewelry.”
JMI offers personal jewelry insurance that provides comprehensive coverage against loss, theft, damage, mysterious disappearance or unexplained loss — types of coverage in which other insurance carriers and warranties can fall short. A Jewelers Mutual insurance policy will replace jewelry with the same kind and quality as the original, which helps lessen the pain of losing it.
In addition, a Jewelers Mutual policy provides coverage for worldwide travel and allows customers to use their preferred jeweler if they have a claim. Jewelers Mutual also encourages insured customers to return to their trusted jeweler for regular jewelry cleanings, inspections, value reassessments and appraisals.
Once you’ve returned from the show, remember to mention insurance to your customers as an option to consider. “Just a few extra minutes of your customer’s time can make a world of difference as they think about how to protect their jewelry once they leave your store,” said Sexton. “Bringing up jewelry insurance will remind them how much you value them as a customer.”
For more information about personal jewelry insurance for you and your customers, as well as Jewelers Mutual programs for jewelers, visit JewelersMutual.com, contact a Jewelers Mutual sales manager at 800-558-6411 ext. 2118 or Sales@jminsure.com.
