Insurance Considerations for Safe Shipping of Jewelry

InsuranceConsiderations forSafe Shipping of Jewelry

Insurance Considerations for Safe Shipping Presented by Tina Pint, Sales Representative JM Insurance Services, LLC

About Jewelers Mutual• Nearly 100 years of experience protecting jewelry businesses: jewelers, wholesalers, designers, manufacturers, craftsmen, appraisers, repair shops, etc.• Established by jewelers for jewelers• Experts at loss prevention; JSA membership• Insures $2.5 billion of individuals’ personal jewelry• Free shipping insurance for USPS Registered Mail and Express Mail included in Jewelers Block and Jewelers Standard policies• Coverage for other shipping carriers provided via “endorsement,” or add-on coverage.

Today’s presentation• General shipping recommendations• USPS (US Postal Service)• UPS• FedEx• Parcel Pro, TransGuardian, others• Drop-off centers

Safe shipping tips• Use a box, NO envelope. Best method is to double-box, as shown.• Show no gold- or jewelry-related terms in address, return address, or anywhere on the package.• Enclose a detailed packing slip.• Don’t use jewelry terms!• Prepare a written agreement about the item(s) to be shipped, who pays for shipping each way, insurance, and what shipper will be used.• ALWAYS require signed receipt; never waive signed receipt.• Track your packages.

Safe shipping tips• Keep a shipping log or documentation. – Who shipped the item – What was sent (and its value) so you can pull purchase order – Where – origination and destination – When – To whom and from whom – How (USPS Express Mail, FedEx) Plus … – Amount insured by carrier – Any paperwork from the carrier (receipt, tracking, etc.) – Deductible

Valuation of shipped items• Jewelers Mutual pays based on your documentation, not what was declared to shipper. Check with your insurance agent or carrier.• You should be able to pull original purchase order or show documentation of the item in the annual inventory.• For items you’ve made, Jewelers Mutual pays materials and labor, which must be documented.

Incoming shipments• Where do you receive shipments?• Who in your store receives shipments?• What is your process for receiving shipments?

Incoming shipments• Count/inspect each package before you sign.• Verify that the packages are addressed to you!• If signs of damage or tampering, do not sign for the package; ask delivery person to report the damage.• Open in front of delivery person.• Take video, if you can.• Check contents immediately; verify contents against packing slip.• If item(s) missing, save all packing materials and call your insurance agent, company, or shipping service.

USPSRegistered Mail Express Mail• Declared value • No declared value• USPS fee is based on full value; • USPS will insure up to $5,000; pay for extra security and handling USPS includes $100 automatically• $25,000 maximum reimbursement • 1-2 day delivery• Sent under lock and key; signed • One level of security for at each • Mixed with “regular” mail• 3+ day delivery handoff • Travels on FedEx planes • Savings available with Click-N-Ship online • In-store carrier pickup with online Click ’n Ship

JM’s USPS coveragesRegistered Mail Express Mail• $100,000 coverage from Jewelers • $25,000 coverage from Jewelers Mutual Mutual• No deductible • No deductible• Must declare full value per USPS • No need to declare value regulation • Carrier pick-up at store or take to• JM pays claims based on cost P.O. documentation, not what is • Print SCAN form for carrier to declared scan or ask carrier to initial/date• Must take to P.O. shipment log• $125,000 travel coverage to/from • $125,000 travel coverage to/from post office post office

Condition Report Claims for Damaged Work

UPS• UPS will not accept packages valued over $50,000.• UPS will not insure loose cut or uncut gemstones, even in spring mountings. Stones must be in a finished settings to be insurable.• Request signed receipt; do not waive signed receipt.• UPS delivers internationally.

FedEx• FedEx accepts shipments of loose stones.• MJSA and JA members can sign up for discounted DVX (Declared Value Exception) program, which offers insurance.• FedEx delivers internationally.• Always request signed receipt.

Parcel Pro• Parcel Pro is a leading provider of insured, high-value shipping services to the jewelry industry.• Combines shipping and insurance in one charge.• Uses mostly UPS within US, but can use FedEx, USPS, etc.• Works with FedEx for shipments in Canada and other countries.• www.parcelpro.com or 888-683-2300

Other shippers• TransGuardian – Coverage up to $150,000 for USPS Express Mail, UPS, FedEx – Up to $25,000 for Priority Mail, UPS, and FedEx 2nd-Day• FedEx DVX• G4S• Armored carrier

Drop boxes• Don’t drop packages into drop boxes.• No receipts; no documentation.

Quiz - UPSQuestion: You want to overnight ship and insure a $75,000 loose diamond via UPS. Any concerns?Answer:• UPS doesn’t insure packages with values greater than $50,000• UPS doesn’t accept/insure loose stones.• Ship via Parcel Pro, use another service, or add an endorsement to your Jewelers Block policy.• Use UPSP Registered Mail, if the overnight requirement isn’t a deal-breaker.

Quiz - AllQuestion: What documentation do you need for every package you ship in order to submit a claim?Answer:• Shipment log that shows who packaged the item, what was sent, where it went, when, to whom it was addressed, using what type of shipping service.• Original purchase documents to show value.• Shipping carrier’s documentation and receipt.

Quiz - USPSTrue or False2. Jones Jewelers must declare the full value when shipping with Registered Mail. True. It complies with postal regulations.4. Jones Jewelers must take packages to the Post Office to ship via USPS Express Mail. False. With Click-N-Ship, Jones Jewelers can create an Express Mail label and pay for shipping online. The jeweler’s regular carrier can pick up the package or the jeweler can take the package to the post office.6. Express Mail packages are delivered in one or two days. True.8. It’s a federal crime to steal from the post office. True.

Questions?• General shipping recommendations• USPS (US Postal Service)• UPS• FedEx• Parcel Pro, etc.• Drop-off centers

ContactJewelers Mutual Insurance Company 24 Jewelers Park Drive Neenah, WI 54956 800-558-6411 • JewelersMutual.com

InsuranceConsiderations forSafe Shipping of Jewelry

Professional Guidelines Claims for Damaged Work http://tinyurl.com/7cymes2http://www.harriete-estel-berman.info/profguidelines/claims.html

Look for the in the Professional Guidelineshttp://www.harriete-estel-berman.info/profguidelines/profguide.html http://tinyurl.com/yc4tamj

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http://www.harriete-estel-berman.info/profguidelines/ProfDevSeminar.html http://tinyurl.com/2g5lbwh

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Insurance Considerations for Safe Shipping of Jewelry

by Harriete Estel Berman on Jun 28, 2012

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