Jewelers facing financial hardship during the current Coronavirus spread should check their insurance policies carefully, and not assume they are covered for loss of business.
In a document sent to WatchPro this week, a policy from Jewelers Mutual, the largest Jewelers Insurance company in America, specifically says it will not pay for loss, cost or expense “relating to any virus, bacterium, or other microorganism that causes disease, illness, or physical distress or that is capable of causing disease, illness, or physical distress”.
A major luxury watch dealer, who asked to remain anonymous, says he is closing the doors on its store and moving to online and concierge services for the foreseeable future, but is certain to suffer falling sales and profits.
“I called Jewelers Mutual to find out what our coverage was and I was informed that they do not cover virus related store closures. This was not what I was expecting as we pay them a hefty amount to cover us in our time of need,” the business owner said.
Jewelers Mutual has not yet responded to questions from WatchPro.