From the display case to the vault, the showroom and the auction floor — gems and watches carry risk every time they move. Jeweller's Block protects precious metals, gems, fine watches, luxury goods and antiques across the whole span — store, vault, transit, exhibition and auction — on a worldwide All Risks wording. For jewellery/watch dealers, duty-free, auction houses and collectors — compare 6 insurers on Chubb's global underwriting standard.
Jeweller's Block Insurance
1. Overview — a global standard wording
Jeweller's Block insurance covers high-value goods — precious metals, gemstones, fine watches, luxury goods (handbags, accessories), art, antiques and rare coins — on an All Risks basis across stock, transit, exhibition and trade shows, under a worldwide standard wording. It suits jewellery/watch dealers, duty-free stores, auction houses, museums, galleries, luxury-goods distributors and private collectors.
Stock appraised at around ₩5bn (diamonds, fine watches): ₩3bn vault / ₩1bn display / ₩1bn in transit. ALL RISKS Worldwide + Mysterious Disappearance recommended. The premium is confirmed after the insurer's underwriting review of appraised value, vault grade, guarding spec and loss history.
Scenario B
Auction house (one-off sale, ₩10bn)
A one-off auction of contemporary art and antique watches. Cover from appraisal to sale to delivery (1 month), on a short-period pro-rata rate. The premium is confirmed after the insurer reviews lot value and the exhibition/auction schedule.
Scenario C
Museum permanent display (public/private)
Around ₩20bn on display (paintings, sculpture, installation). All-Risks permanent + loan/touring endorsement. The premium is set after a combined review of appraised values, display environment and security grade.
When you need Jeweller's Block insurance
Situations we see often — a quick self-check by scenario
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Precious-metal / jewellery retailers and wholesalers
Covers theft, robbery and damage in display and storage.
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Stores handling watches, luxury and other high-value goods
Covers fortuitous loss to high-value stock broadly.
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High-value goods in exhibition / transit
Covers loss or theft while carried or in transit.
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Theft / robbery from safe or display
Acceptance terms are set by the premises and the safe standard.
3 things easily missed when buying Jeweller's Block insurance
The wording and structure points most often overlooked
1
Acceptance terms tied to premises / safe standard
Storage conditions such as safe grade and security systems drive acceptance and rating.
2
Limits while carried / in transit
A separate limit may apply when goods are carried or moved outside the premises.
3
Stock valuation and records
You need books and valuation evidence to value and prove the stock.
Frequently asked questions
The items checked most before buying
If jewellery handed over on memo (consignment) is not returned, is it covered?
Even where covered, a limit and proof of ‘reasonable efforts to recover’ apply. Consignment records, recovery reminders and reports matter. Scope and limits are confirmed after the insurer's underwriting review.
Is Mysterious Disappearance covered?
Jeweller's Block is designed to cover mysterious disappearance within a set percentage of the stock. It is an area ordinary property insurance excludes; the applicable limit follows the wording and acceptance terms.
Am I covered taking goods to overseas fairs or auctions?
With a Worldwide extension, overseas activity is often covered automatically, so a separate temporary policy is frequently unnecessary. Scope varies by wording and acceptance terms.
I outsource working (sub-bailment) — is that leg covered?
Sub-bailment and the custody chain are subject to the duty of disclosure under Article 651 of the Commercial Act; whether a wording proviso (e.g. theft or dishonesty by the party entrusted) applies must be checked at the acceptance stage.
Guides worth reading together
Lines that combine with or complement Jeweller's Block insurance
When applying, confirm the basics of the contract — product name, period of insurance, premium payment term and the insured — and be sure to receive and read the policy wording and product brochure.
Coverage exclusions are set out in each insurer's policy wording and brochure; refer to them for details, as claims may be limited by exclusions or payment-limitation grounds.
If the insured event has already occurred when the contract is concluded, the contract is void.
Duty of disclosure: the policyholder, the insured or their agent must answer the application/questionnaire truthfully; otherwise a claim may be declined or the contract cancelled.
Cooling-off: a policyholder may generally withdraw the application within 15 days of receiving the certificate; note that commercial (corporate) insurance taken out by a professional financial consumer cannot be withdrawn.
Providing special benefits in connection with an insurance contract is punishable under the Insurance Business Act.
N2N Insurance Brokerage is a broker registered under Article 89 of the Insurance Business Act; it does not represent any single insurer and advises on the client's side (FSS Reg. No. 2026-012201 · Business Reg. No. 611-23-02374). Application and acceptance follow each insurer's wording.
Full Korean statutory disclosures — depositor protection, tax treatment, signature requirements, the insurance-fraud reporting center and dispute resolution — are provided on the Korean version of this page.
📌 Only marine cargo is quoted instantly on this site.
Transit, fine art and liability lines need asset valuation and underwriting, so they are not auto-quoted here.
When you request a consultation we provide a free simultaneous comparison across 6 insurers (avg. reply within 24 hours during business hours).
