- Broadens and customizes protection for jewelers’ unique needs
- Offers separate coverage for parcel shipments
- Reduces unnecessary coverages and wasted premiums
Parcel Pro, a UPS Capital Company, today announced the launch of jewelers block coverage, a special insurance program to help protect the property of jewelers against the most common types of losses. The comprehensive and customizable insurance policy provides coverage for the jewelers’ merchandise on premise, as well as for trade shows, travel, private dwelling, goods on loan and more. It also offers businesses an option to carve out coverage for small package shipments from the conventional block policy so jewelers can tailor coverage to fit their needs.
Protection for small parcel shipments typically included in most jewelers block policies is not sufficient for businesses that frequently ship high-value goods. One large monetary transportation claim can result in loss of experience ratings, higher jewelers block premiums or lost coverage. To protect themselves, companies have added additional coverage or used multiple providers.
“This extensive new offering provides complementary layers of protection not found in other options, so jewelers can get all their needs through one provider,” said Mark Robinson, President of UPS Capital. “As luxury ecommerce grows, more small packages will be shipped and that will increase the risk to jewelry businesses. Parcel Pro helps mitigate those risks by offering insured transportation solutions coupled with a block policy that enables broader protection without unnecessary coverages and wasted premiums.”
Underwritten by Jewelers unBLOCKed, an insurance managing general underwriter specializing in the jewelry industry, Parcel Pro’s jewelers block policy addresses the unique exposures faced by retailers, manufacturers, wholesalers, refiners, designers and appraisers. It focuses on loss prevention, risk mitigation, and employee safety.
Policies provide maximum coverage for the industry, yet allow customization based on risk tolerance. Clients can customize their policies based on their unique needs and can insure all or a portion of their goods. The offering provides worldwide coverage, up to 125% valuation of the goods and transactional coverage can be carved out of the policy for insured transportation of small package shipments.
Coverage can include the following:
- Jewelers’ merchandise and goods of others
- Salesperson lines
- Trade shows
- Trunk shows
- Armored car
- Worldwide travel and event capabilities
- Appraisal liability
- Transactional coverage
“This exciting new product offers the jewelry industry an integrated, seamless solution for their insurance and shipping needs,” explained Pat Low, President of Jewelers unBLOCKed. The fusion provides the jeweler the best of both worlds, with the ability to maximize coverage, and enhance efficiencies, through a solution tailored to their specific risk tolerance.”
About UPS Capital
Nobody understands transportation and logistics like UPS. And while you’ve probably never thought of a UPS company for financing and insurance services, the global supply chain expertise of UPS Capital uniquely positions us to help protect companies from risk and leverage cash in their supply chains. Insurance companies and banks can’t say that. UPS Capital and its affiliates have offices throughout the United States, as well as operations in Asia, Europe and Latin America. For more information, visit www.upscapital.com.
About Parcel Pro
Parcel Pro, a leading logistics provider, offers insured transportation services, business insurance solutions and payment services for the jewelry, wristwatch and collectibles industries. Parcel Pro has offices in Los Angeles, New York, Miami, Chicago, San Francisco, Hong Kong, Bangkok, Tokyo and Singapore to support the global needs of the luxury jewelry trade. For more information, visit www.parcelpro.com.
© 2017 United Parcel Service of America, Inc. UPS, UPS Capital, the UPS brandmark, and the color brown are trademarks of United Parcel Service of America, Inc. All rights reserved. UPS Capital insurance products are underwritten by an authorized insurance company and issued through licensed insurance producers affiliated with UPS Capital Insurance Agency, Inc., and other affiliated insurance agencies. UPS Capital Insurance Agency, Inc. is a wholly owned subsidiary of UPS Capital Corporation. The insurance company, UPS Capital Insurance Agency, Inc. and its licensed affiliates reserve the right to change or cancel the program at any time. The insurance program is governed by the terms, conditions, limitations and exclusions set forth in the applicable insurance policy. Insurance coverage is not available in all jurisdictions. LinkedIn is a registered trademarks of LinkedIn Corporation and its affiliates in the United States and other countries. Twitter is a trademark of Twitter, Inc. in the United States and other countries. Facebook and Instagram are registered trademarks of Facebook, Inc. in the United States and other countries.
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