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A separate insurance policy for valuable jewelry and watch purchases. That’s because most insurance companies put a dollar limit on the amount of coverage included in a typical homeowners or renters policy. A homeowners or renters insurance policy usually only covers $1,000 to $2,000 total for all of your customer’s jewelry combined. And in most cases, these policies have a deductible that reduces the replacement value they’ll receive when making a claim.

So, if the total value of your customer’s jewelry is more than the jewelry limit in their standard homeowners or renters policy, they’ll need additional coverage. If you consider that the average price of an engagement ring, for example, exceeds $7,500, then special jewelry or watch insurance is a must.

Not if it’s a higher value piece. That’s because homeowners or renters insurance policies have a reimbursement or replacement limit of only $1,000 to $2,000. If the value of your customer’s jewelry piece or watch is greater than that amount, then their existing insurance policy would not cover the full replacement cost in the event of a loss. Your customer would have to pay the difference in value out of their own pocket.

Example: Say your customer purchased a $10,000 engagement ring that was only covered by a standard homeowner’s policy, which has a $2,000 coverage limit. If that ring was lost or stolen, they would have to pay $8,000 out of pocket to replace it.

Yes! Nearly every jewelry insurance policy requires an appraisal to determine the proper amount of coverage needed for a like kind and quality replacement should a loss occur. Insurance companies use the appraisal to set the policy’s coverage limit in a specific dollar amount, determine how much to pay out in the event of a claim, and calculate how much to charge for that coverage.

A credit card or other purchase receipt, no matter how detailed, does not have enough information about a jewelry item or watch to properly appraise its value. Furthermore, customers will not be able to make a claim for theft or other loss without the detailed documentation contained in an appraisal.

Jewelry insurance from BriteCo™ is surprisingly affordable, given the peace of mind and financial protection it provides for your customers’ most valuable possessions. Policy costs depend on where you live, but for most people, jewelry insurance will cost between 1% and 2% of the appraised value of their jewelry. For example, a $5,000 engagement ring could cost from $50 to $100 a year to insure. That’s only 15-30 cents a day, or less than $8 per month.

A jewelry or watch appraisal is a document that specifies a dollar amount value for a specific jewelry item or watch. It should include a detailed description of the jewelry piece. Detailed information is essential in the event of an insurance claim to avoid any confusion or questions, should a replacement be necessary.

Using a ring as an example, the appraisal describes the primary stone, typically a diamond, stone information such as cut, color, clarity and carat weight, additional side stone information, the kind of metal the stone is set in, and more. Appraisals should include photographs of the item, which can be very helpful when making a claim.

BriteCo™ provides jewelers with a comprehensive online Appraisal Management System that helps them collect and automate every detail and then apply their expertise to determine an appraisal value for a specific jewelry piece. The Appraisal Management System also includes an easy way to upload photos of an insured item from a tablet or smartphone.

BriteCo™ jewelry and watch insurance starts with an appraisal from you, our jeweler partner, using the BriteCo™ Appraisal Management System. The BriteCo™ Appraisal Management System helps ensure your customers always receive the proper valuation for insurance coverage. It also helps them avoid overpaying or underpaying for jewelry insurance with BriteCo™.

If the appraised value is more than the jewelry item’s replacement value, for example, your customer could end up paying for extra insurance coverage they don’t really need. If the appraised value is less than its replacement value, your customer may not be covered for the full replacement cost and might have to pay out of their own pocket in the event of a loss. Like the porridge in the tale of Goldilocks and the Three Bears, BriteCo™ jewelry and watch insurance is never too hot (overpriced) and never too cold (under-covered) - it’s always just right, reflecting the current market value for a replacement.

When you finalize an appraisal using the BriteCo™ Appraisal Management System, your customer will instantly receive a text or an email directly from BriteCo™ with a custom, no obligation, insurance quote.

If your customer has any insurance related questions, or questions about their BriteCo™ insurance quote or application, they should contact BriteCo™ directly via chat or by email at info@brite.co

Unlike other insurance, BriteCo™ jewelry and watch insurance gives customers comprehensive global coverage for loss, theft, damage, or disappearance with several key advantages. A quick comparison in this chart shows you how much more you get with BriteCo™ insurance versus jewelry standard homeowners or renters policies, and even other specialized jewelry insurance.

Note that BriteCo™ gives customers an easy, convenient way to get insurance based on an authenticated digital appraisal from you, their local jeweler, along with meaningful preventative maintenance and wear and tear coverage. Plus, there’s no deductible for our standard, replacement only coverage.

When your customer applies for and purchases a BriteCo™ policy, they are invited to set up an online account with a username and password. Once their account is set up, they can log in anytime, anywhere and view their policy info.

If your customers have any insurance related questions, or if they’d like to update their contact information, credit card number, insured parties, etc. they should contact BriteCo™ via chat or by phone at 312-809-9100 Monday - Friday 9:00 AM - 5 PM CST.

All your customer needs is an appraisal for the piece they would like to add to their BriteCo™ jewelry insurance policy. Once you appraise the item, your customer will receive an email or text message with a link to a custom insurance quote reflecting the cost of covering the additional item. Once your customer clicks the link and follows the instructions to add coverage for the item, the new piece to their existing policy.

If your customer has questions about this procedure, instruct them to contact BriteCo™ directly via chat or by phone at 312-809-9100 Monday - Friday 9:00 AM - 5 PM CST.

BriteCo™ jewelry and watch insurance policies are currently limited to $350,000 per individual customer and up to $150,000 per individual item of jewelry or watch.

There is no deductible on the vast majority of BriteCo™ insurance policies. However, for those items that may not be easily replaced, such as heirloom jewelry or other classic watches, we offer what are called "Agreed Value" insurance policies. These are policies that will pay out an agreed dollar amount should a claim ever be made and typically include a deductible amount.

BriteCo™ insurance accepts credit or debit card payments for insurance premiums. They’ll be prompted to enter their credit or debit card details in the final step of the online application. Customers have the option to pay monthly or annually. If they choose to pay annually they receive a discount.

Yes. One of the questions in the BriteCo™ online insurance application asks whether the jewelry will be stored in a safe or whether there is a home burglar alarm system installed. If either applies, the premium is calculated with discounts for these conditions, reducing the total premium cost.

If your customer has any insurance related questions, questions about their quote, or BriteCo™ insurance application, they should contact BriteCo™ directly via chat or by phone at 312-809-9100 Monday - Friday 9:00 AM - 5 PM CST.

No. Since BriteCo™ only insures jewelry, we do not have multi-line discounts. However, your customer may qualify for a discount for owning a home safe and/or a burglar alarm, or by opting to pay their annual premium up front in whole rather than paying monthly (the annual option yields a 5% discount where available).

Does your customer need to file a claim? They should start the process by filling out our electronic claims form at https://brite.co/claims.

Our claims form gathers basic details of the loss and only takes a few minutes to complete. We understand that making a claim can be a difficult experience, so we make the claim process as simple and painless as possible.

The claims form is also available by logging into their BriteCo™ account online, then selecting the “make a claim” button on the account page. Your customer can also call us directly at 312-809-9100 during normal business hours. We’ll connect them with one of our licensed claims partners, who will guide them through the repair or replacement process and answer questions about coverage.

If a customer experiences loss or damage of their insured jewelry piece or watch, the process of filing a claim is simple and straightforward. If your customer files a claim, a dedicated claims representative will assist them every step of the way. If the claim involves a crime, your customer may be asked to produce corresponding documentation, such as a police report.

For every qualified claim, BriteCo™ and our licensed claims partners will work with you, the jeweler, to secure a replacement item for our customer as soon as possible. What’s more, jewelers get paid directly in the event of a claim.

Absolutely. BriteCo™ does not use a preferred network of jewelers for jewelry claims replacements. Instead, we work with you, the local jeweler who sold the item and/or provided your customer their BriteCo™ appraisal. And because we have no preferred networks, you’ll be able to use your own preferred suppliers, dealers, and other vendors you trust when replacing a piece of BriteCo™-insured jewelry.

BriteCo’s standard Replacement Only insurance policies do not require customers to pay a deductible, meaning they’ll never have to pay out of pocket to repair or replace their insured items unless they have a special policy called an “Agreed Value” policy, where the dollar amount of coverage is set by agreement in advance (these types of policies are exceptionally rare).

No. BriteCo™ jewelry insurance does not pay cash for claims. Our policies cover replacement of the claimed item for equal or greater value, up to 125% of the appraisal value.

Every insurance claim is unique. If you originally sold, or most recently appraised an item for our mutual customer, we’ll use your store to service the claim. A Claims Representative assigned to your customer will contact you once the qualified repair or replacement of their item is approved.

In addition our jewelers are paid directly for all replacement claims, meaning you’ll never have to wait for your customer to sign over an insurance check. The result? A faster, fairer claims process for you and your customer.