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Jewelers Unblocked Now Offering Jewelry Rental Insurance
The coverage is designed to help jewelers and wholesalers compete in the new “access” economy.
Mahwah, N.J.--Jewelers Unblocked recently announced that it has rolled out a formal program providing insurance coverage for the rental of fine jewelry that both wholesalers and retailers can utilize.
Jewelers Unblocked President and CEO Patricia Low said while the policy will be specific to each situation, generally the rental insurance will cover loss, theft, damage and “mysterious disappearance,” with the policy written based on how much it would cost the jeweler or wholesaler to replace the piece.
“We’re starting to see many jewelers be interested in doing this for larger pieces,” Low said, noting that a handful of the company’s “forward-thinking” clients have requested jewelry rental insurance recently.
“Our thought was this is something that would help the jewelry industry. It’s an area where jewelers are trying to move forward.”
Jewelry rental insurance is designed to help the jewelers grow and access clients in the new “shared” or “access” economy.
RELATED CONTENT: 3 Retail Predictions for 2017The access economy refers to goods and services that are exchanged on the basis of access, not ownership. In other words, the consumer pays to use the item for only a short period of time; it is often utilized for high-value items that are needed only occasionally.
A few of the more well-known companies in this space include Rent the Runway, which rents clothing and accessories, particularly for special occasions like weddings and formal events; and ZipCar, which gives people access to vehicles on an as-needed basis.
There’s also a fine jewelry rental website, Adorn.com, which went up for sale in fall 2016.
Low said it’s a way for retailers to, first, generate a little more income--she said they can build the cost of the insurance into the rental fee--and, second, to connect with existing or even new clients.
The jewelry rental program can be a draw to a store’s physical location or website. And while the client might not buy that $50,000 necklace they rented for a ball today, perhaps they will in the future or maybe they’ll go with a smaller, less expensive version now.
Low acknowledges that renting out jewelry is not for every retailer; some might already have a system in place for loaning out pieces to VIP clients, while others would rather concentrate on selling the jewelry they have in their showcases, not lending it out.
“Everyone will run their own business in the manner that’s appropriate to them,” she said. “But what we
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are seeing is an interest (in jewelry rental insurance) in the industry at large, and we’re responding to that. There might be some jewelers that have no interest whatsoever in this, but we have seen some who do.”
For more information on the jewelry rental insurance, contact Laurette Merusi, lmerusi@jewelers-unblocked.com or 201-794-7705, ext. 122.
For more information on the jewelry rental insurance, contact Laurette Merusi, lmerusi@jewelers-unblocked.com or 201-794-7705, ext. 122.
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