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Jewellers Block Insurance — Specialist UK Cover
All-risks cover for jewellery, watches, precious metals and customers' goods — in the safe, on the counter, in transit and at fairs — placed with specialist and Lloyd's markets.
Jewellers block insurance is a specialist all-risks policy that protects a jewellery business's stock, customers' goods and memo goods wherever they are — on the premises, in the safe, in transit and at trade fairs. Unlike a standard shop policy, a block policy is written on an all-risks basis with separate limits for goods in the safe, out of the safe during trading hours, in the window, in transit and carried by named principals. It is placed mainly through the Lloyd's market and a small number of specialist insurers, and underwriters rate each risk on its security rather than on turnover alone. Safe grades, alarm signalling, CCTV, entry control and stock records all drive the premium and the limits you are offered. Retailers, online sellers, wholesalers, watch dealers, workshops, bullion traders and antiques dealers all buy versions of it. Miller & Partner arranges block cover alongside property, liability and business interruption, including for businesses that have had a robbery claim or been refused elsewhere.
Key facts at a glance
- All-risks, not named perils. Loss of or damage to stock and customers' goods is covered unless specifically excluded.
- Limits are set by location. Separate sums apply in the safe, out of the safe, in the window, in transit and when goods are carried.
- Security drives the price. Safe grade, a police-response alarm, CCTV and locked-door entry matter more than turnover.
- Conditions are strict. Breaching a safe, alarm or window condition can reduce or defeat a claim.
- A claims history is not the end. Specialist markets will often consider a risk after a robbery if the security has been upgraded.
What does a jewellers block policy cover?
Most block wordings start with a single sum insured for stock and break it down into sub-limits. At claim time, the figure that matters is often the sub-limit for wherever the goods were when the loss happened. If your schedule allows a modest amount out of the safe during trading hours but you routinely have far more in the counters and window, a smash-and-grab claim may be capped well below the actual loss.
| Cover section | What it protects | What underwriters will ask |
|---|---|---|
| In the safe | Stock and customers' goods locked away outside trading hours | Safe make, grade and valuables rating; anchoring; key and code control |
| Out of safe, trading hours | Goods in counters, cabinets and the workshop while open | Display method, staff numbers, entry control |
| Window display | Stock in the window while trading and, if agreed, after hours | Glazing, shutters, whether the window is cleared at night |
| Customers' goods | Items left for repair, valuation or resizing | Take-in records, receipts, cover basis (all-risks or bailee liability) |
| Memo and approval goods | Goods on approval with you, or sent out to trade customers | Written memo terms and who bears the risk |
| Transit and postal sendings | Goods sent by post or courier | Services used, declared value limits, signed-for delivery |
| Carrying and travelling | Goods carried by principals or staff | Who carries, unattended vehicle rules, overnight stays |
| Fairs and exhibitions | Stock on stands at trade and consumer events | Which events, stand security, setting-up arrangements |
Who needs jewellers block insurance?
- Retail jewellers with a shop front, window displays and a repairs counter.
- Pre-owned and luxury watch dealers trading in store, online and at fairs.
- Bullion and precious metals dealers whose stock values move with metal prices.
- Workshops and goldsmiths holding metal, stones and trade customers' work in progress.
- Antiques and fine art dealers whose stock is often unique and hard to value.
- Online-only sellers and wholesalers relying on postal sendings and goods out on memo.
- Pawnbrokers holding pledged items alongside retail stock.
The balance changes by trade: a wholesaler's main exposure may be memo goods and transit, a retailer's the window and counter. A good presentation reflects that.
How do underwriters rate a jewellers block risk?
Safes and safe limits
Modern safes are tested to the European standard and given a Eurograde, with each grade carrying a cash rating and a higher valuables rating. Your in-safe limit is usually tied to that rating, so if overnight stock outgrows the safe, the shortfall may be uninsured. Underwriters will want the make, model and grade, confirmation that it is anchored as specified, and how keys and combinations are controlled.
Alarms and police response
A monitored intruder alarm with police response is standard for most jewellery risks. Expect questions about who installs and maintains it, whether an alarm receiving centre monitors it, whether it signals by single or dual path, and whether the police response is current. Some insurers also ask about attack buttons, safe protection and security fog generators.
CCTV, entry control and the window at night
CCTV with recordings kept for a reasonable period, a locked-door or buzzer entry system and a sensible display policy all reduce exposure during trading hours. After hours, underwriters want to know whether the window is stripped and stock returned to the safe, whether shutters or laminated glazing are fitted, and whether the frontage is open to vehicle attack.
Stock records, staff and transit
Accurate stock records price the risk and prove a claim. Expect questions on stocktaking frequency, how customers' goods are logged, staff vetting, how many people open and close, and how goods are sent. Postal and courier services have their own value limits, and insurers usually restrict transit cover to approved methods.
What other covers should a jeweller add?
- Buildings and contents for the premises, shopfittings and equipment — see commercial property insurance.
- Business interruption for lost gross profit if a robbery, fire or ram-raid closes the shop — see our business interruption guide.
- Employers', public and products liability for staff, visitors and items you make, resize or repair. Employers' liability is compulsory if you employ staff.
- Cyber insurance for online shops and customer data — see cyber insurance.
- Money and glass for cash on the premises and in transit, and for windows and display cabinets.
Sums insured matter as much as the covers. Stock values move with metal prices and seasonal buying, and an outdated figure can expose you to the condition of average.
Can you get jewellers block cover after a robbery or refusal?
Underwriters want to know what happened, what was taken, how the offenders got in or got the goods out, and what has changed. A clear account backed by a security survey and evidence of upgrades carries far more weight than a bare claims list. Our guide to jewellers insurance after a robbery or theft claim covers this in detail, and insurance for businesses refused cover explains the wider process. Never leave a loss or refusal off a proposal: under the Insurance Act 2015, businesses must make a fair presentation of the risk.
How can you get better terms on a jewellers block policy?
- Break down your stock values. Show peak and average values in the safe, counters, window, transit and at fairs.
- Document your security. Provide safe grades, the alarm specification, CCTV details and photographs of the frontage.
- Tighten your procedures. Two-person opening and closing, locked-door entry and a nightly window strip all reassure underwriters.
- Keep clean records. Regular stocktakes, a repairs log and memo paperwork make claims easier to prove.
- Use a specialist broker. Block cover is a narrow market, and the presentation shapes the limits and conditions you are offered.
Frequently asked questions
A standard shop policy usually insures stock against named perils at the premises, often with low limits for high-value goods. A jewellers block policy is an all-risks policy designed for valuable, portable stock, covering goods in the safe, on display, in transit and at fairs, with limits for each situation.
Usually, either on the same all-risks basis as your own stock or for your legal liability as bailee only. Check which basis applies, record every item taken in and make sure the limit reflects the value of repairs you typically hold.
Yes. Underwriters will focus on where stock is stored, the security at that address and how goods are sent. Postal and courier sendings are usually restricted to approved services with value limits, so tell your broker how and what you ship.
They can be. Many block policies include or can add named fairs, with a separate limit for goods on the stand and conditions about attendance and overnight storage. Give your broker a list of the events you attend so cover can be agreed in advance.
It depends on the value of stock you hold overnight. Insurers set your in-safe limit by reference to the safe's grade and valuables rating, so if your stock has grown you may need a higher-grade safe or a second safe.
Not necessarily. Some insurers may decline, but specialist and Lloyd's markets will often still consider the risk. Expect a possible security survey, higher premiums or excesses and new conditions. A full account of the loss and evidence of improvements gives you the best chance of fair terms.
Insurance is separate from registration, but underwriters may ask about your anti-money laundering checks. If you accept high-value cash payments, you may need to register with HMRC as a high value dealer under the Money Laundering Regulations. Check your position with HMRC or a professional adviser.
Underwriters consider total stock value and how it is split between safe, counter, window, transit and fairs, alongside security, location, type of trade, records and claims history. Two businesses with similar stock can pay very different premiums because of how they are protected.
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John was very helpful in an area where other brokers could not find policies that met the needs of my business. Quick responses and always friendly!
I’ve been dealing with John for our specialist crime scene and biohazard cleaning insurance, and the service has been excellent. He took the time to understand the nature of our work and ensured we had the right level of cover in place. Responsive, knowledgeable, and easy to deal with throughout. Would recommend 100%
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Hey, I'm John!
I started Miller & Partner with the aim to bring back personable, approachable broking to UK businesses who were tired of large corporate brokers and feeling like they were just another number.
I have built this brokerage up with no pushy sales techniques or big business tactics, just honest, approachable and professional relationships with my clients.
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