GEICO’s insurance agency arm is teaming with Jewelers Mutual Insurance Group to offer its customers a separate jewelry insurance policy. Great American Insurance Group’s Alternative Markets Division launched a national program with a partner that covers mobile shaved ice franchises.
The GEICO Insurance Agency teamed up with Jewelers Mutual Insurance Group to offer its customers a separate jewelry insurance policy which covers the entire value of a piece of jewelry or entire collection in the case of loss, damage or theft.
The coverage generally costs about 1-2 percent of the item’s total value to insure each year, according to the partnership announcement.
GEICO said the coverage is designed to give jewelry owners and wearers more specialized protection, considering homeowners or renters policies often cover jewelry damage or loss, but only up to a certain limit (typically $1000 – $5000).
GEICO said its jewelry insurance offering from Jewelers Mutual gives customers the flexibility to select their own trusted jeweler for repairs, the ability to file fast and easy claims in the event something happens, and coverage that extends to worldwide travel, and more.
Great American Insurance Group’s Alternative Markets Division has added a national program, offered in conjunction with Cornerstone Insurance for Kona Ice Franchise owners across the United States.
The program will focus on providing a primary admitted property and casualty policy and workers’ compensation coverage for the mobile shaved ice franchises.
The program, based out of Hebron, Ky., was awarded to Great American effective May 1, 2019. According to Rich Suter, divisional president for Great American Alternative Markets, the program will take a captive risk-sharing approach.
Great American’s Alternative Markets Division offers agents and clients a variety of risk-sharing and traditional program insurance options that support both specialty niche programs as well as generalist businesses. The division’s captive capabilities include agency, association and group captives.
Based in Cincinnati, Ohio, the operations of Great American Insurance Group focus mostly on property/casualty insurance, particularly specialty commercial products for businesses, and in the sale of traditional fixed and fixed-indexed annuities in the retail, financial institutions and education markets.
Sources: GEICO, Great American Insurance