The Rise of Theft Claims in Jewelry Stores: Why a Mid-Term Check-In is Essential

TORONTO, ON, OCTOBER 2, 2024/insPRESS/ – With an alarming increase in theft claims affecting jewelry stores across Canada, CHES Special Risk urges brokers to take a proactive approach by scheduling mid-term check-ins with their clients. These regular reviews can ensure that clients not only have the right coverage but also strengthen their security measures to mitigate potential losses.

Gary Hirst, CEO and President of CHES Special Risk, underscores the importance of timely reviews. “Jewelry stores are high-value targets, and their risk profile can change quickly. It’s crucial that our brokers stay ahead by offering mid-term check-ins to reassess coverage and help clients prevent theft before it happens. At CHES, we have over 40 years of industry expertise, and our team is equipped to support brokers in tailoring policies to protect these businesses.”

Emily Newell, Jewelers Block Insurance expert at CHES, emphasizes the role brokers play as trusted advisors. “By conducting mid-term reviews, brokers can offer added value to their clients. Simple steps, such as reviewing security audits, ensuring staff are trained in loss prevention, and updating inventory management systems, can significantly reduce the risk of theft.”

Newell also highlights that jewelry store owners may overlook critical updates that could affect their coverage. “Jewelry stores regularly acquire new stock or make operational changes. Without a mid-term check-in, these updates might leave them underinsured or exposed to unnecessary risks.”

Key Tips for Brokers to Address During a Check-In:

Security Audits: Encourage clients to regularly assess their alarms, surveillance systems, and safes.
Staff Training: Remind clients of the importance of ongoing training in loss prevention and security protocols.
Inventory Management: Regular inventory checks can both prevent loss and expedite claims.
Physical Barriers: Reinforcing display cases or upgrading locks can provide an extra layer of security.
Coverage Updates: A mid-term review allows for the reassessment of coverage to ensure it matches the client’s current stock and operational needs.

As Hirst concludes, “CHES Special Risk offers expert guidance to brokers looking to refine and strengthen their client’s policies. We’re committed to working alongside brokers to safeguard jewelry stores from theft and ensure they have comprehensive protection.”

This year, CHES also launched its specialized initiative, JeweleryStoreInsurance.ca, positioning itself as the trusted partner for protecting Canadian jewelry businesses. As a 100% Canadian Managing General Agent (MGA), CHES offers unparalleled expertise in Jewelers Block and Personal Article Floaters Insurance, providing comprehensive and tailored solutions for jewelry stores, owners and dealers nationwide.

For more information on scheduling a policy review or adjusting coverage, brokers can contact the CHES team at info@chesspecialrisk.ca.

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ABOUT CHES Special Risk Inc.

CHES Special Risk Inc. was established as a Managing General Agent and Wholesale broker in 2004, in response to broker demand to a hardening marketplace, commencing with a particular specialty in the entertainment and hospitality business, later becoming a fully accredited Lloyd’s cover holder in 2009. CHES Special Risk and Sister Companies are a fully Independent MGA delivering “A” rated capacity both in the hard to place, and standard lines classes and support their retail brokers in growing and developing their businesses.

Additional information regarding CHES Special Risk can be found at: http://www.CHESspecialrisk.ca.

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If you would like more information about this topic, please call us at 416-452-7850 or email Gary.Hirst@CHESspecialrisk.ca