In collaboration with Jewelers Mutual Insurance Group, GEICO (Government Employees Insurance Company), the second-largest auto insurer in the US, has launched a standalone jewellery insurance policy for customers. The plan offers coverage for the entire value of a piece of jewellery or entire collection in the case of loss, damage or theft. The coverage is likely to be cost approximately 1% to 2% of the item’s total value every year.
GEICO intends to meet more specialised coverage need of jewellery owners as traditional homeowners or renters policies cover jewellery damage or loss only up to a certain limit. The offering will also give customers the option to choose their own trusted jeweller for repairs, file fast and easy claims in case something happens.
