It’s the nightmare no one wants to face: that beautiful moment where you propose to the partner of your dreams, only to have the unthinkable happen: the ring is lost. Thankfully, the couple in this video was reunited with their ring. (You can read the full story here). However, there are a large number of people who are not so lucky.
The devastating moment jewelry is lost, stolen, or ruined can wreak havoc on the gift you’ve invested in. However, peace of mind is just one jewelry insurance policy away.
Here are some of our favorite tips from one of our partners, Chubb:
If you want to know what properly insuring your pieces can actually mean, consider this story from White. “A client of ours had given his fiancée a million-dollar ring and unfortunately the engagement broke off. She returned the ring, but when he had it reappraised, a microscopic chip was found. We took the stone to be recut, which he insisted be done with a stonecutter in Israel. We had Brinks Security courier it to Israel, hand-deliver it to the stonecutter, deliver it back to the airport, where Brinks brought it back.” All in all, he was able to claim $100,000—the difference in value between what he purchased the ring for and what it was worth after it had been recut.
If you own a million-dollar ring or jewelry that is far less valuable, White recommends adhering to this jewelry care checklist:
Don’t keep your most valuable pieces in your bedroom. Install a secure home safe with the appropriate fire and theft rating for jewelry or keep valuable items in a bank vault.
When traveling, keep expensive items with you at all times, or use a hotel safe (not the safe in your room). Don’t pack jewelry in your luggage or wear valuables to the pool or beach.
Replace broken or scratched crystals immediately. Even hairline cracks can let dust or moisture into the mechanism, threatening its accuracy. Check your watch clasp periodically to prevent accidental loss.
When cleaning diamonds, use mild detergent or a sudsy ammonia bath. Never let your diamond touch chlorine bleach, as it can pit and discolor the mounting. Have your prongs and mountings checked annually, since wear and tear can loosen a stone. Diamonds can scratch all other jewelry, so store them separately.
Make sure your pearls are cleaned and restrung regularly to prevent pearl strings from becoming stretched, weakened or soiled. Wipe pearls with a soft cloth after each wearing because over time, perfume, cosmetics, hairsprays, and oils and chemicals on your skin can erode the quality. To protect pearls from scratches, store them in a soft cloth pouch.
Guard against loose stone settings by having prongs and mountings checked annually. Remove gemstone jewelry while outdoors during intense sunlight or under tanning lamps, which can fade the stone. Because each gemstone is different, discuss specific care and cleaning procedures with your jewelry.
The last week of November has been packed full of prepping for events, covering the topic of cyber, and spending time in the community. In case you missed it:
Cyber Monday brought up the topic of Cyber Security. It’s a booming business on both ends: those who want to commit cyber crime, and those who want to protect you from it. Our partners at Evolve MGA have a great piece on just how to keep you and your company safe from these data-mining crimes. Click here for the article.
We announced a full lineup of events for realtors and business professionals coming up in December. Click here for the full list and to RSVP.
Dave Ragan caught up with Toys for Tots in Volusia county. You can see the photos from his event, and keep up with the events we attend in all of the communities on our Instagram.
BONUS: A Toy Drive! We are looking forward to helping out the kids at Nemours and Ronald McDonald House. Get all the details on how you can be involved on our Facebook.
In an effort to keep you informed on the latest rulings and regulations, we wanted to draw your attention to the recent decision from OSHA regarding crane operator certification requirements.
Overall, the ruling maintains the responsibility on the part of the employer to maintain safety and health protections for the workers. However, it does reduce some prior restrictions when it comes to compliance regarding certification and licensing options.
Click here to read the summary of the ruling from OSHA, or click here for the full ruling transcript.
Sihle Insurance Group constantly monitors these updates and regulatory issues. If you have any further questions as to what this means for your company and employees, please feel free to reach out to us at sihle.com.
Sihle Insurance Group is taking a look at the latest Moody’s Investors Service rate change and trend survey, and here’s a look at what is most important:
• Catastrophes from 2018, including Hurricanes Florence and Michael, will extend the moderate upward pressure on property rates, especially in areas suffering the most losses • Rates expected to continue moderately upward, especially with commercial property insurers as they sought overall rate increases of roughly 4% in 2018. While insurers are anticipated to boost rates by low single digits, the insurance market has “ample capital to absorb the latest events and limit the overall rate increases” according to the report
• Commercial Auto anticipates rate increases of about 9.5 percent in 2018, following increases of 7.0 percent in 2017, which will help reduce combined ratios from recent highs to about 105-106 in 2019. Insurers see commercial auto loss costs rising by 4 to 5 percent in 2018-19, reflecting increased miles driven, higher attorney involvement in claims, a jump in large claims (over $10 million) and a tight labor market with transportation firms hiring inexperienced drivers.
• On the Commercial General Liability side, some warnings from Moody’s findings include higher non-products liability (slip and fall) claims among smaller insurers that serve middle market businesses, increased lawyer involvement in claims and adverse auto liability trends within commercial umbrella policies. Moody’s adds that insurance carriers are hurt by low investment yields and “aggressive litigation against insured parties or expanded interpretations of insurance coverage.”
• When it comes to Professional/Specialty Liability, Moody’s surveyed insurers have sought rate increases of roughly 1.5% in 2018. However, Moody’s is projecting those ratios will deteriorate, partly due to rising costs of directors/officers, and errors/omissions claims.
Sihle Insurance Group has experts on hand to walk through the forecast for 2019. You can reach them at sihle.com or 407-869-0962.
We’ve got the rest of the year packed with events for our friends in the real estate community. Take a look at what we have coming up, and click the photos to RSVP!
Thanks for checking out the Sihle Insurance Group Weekly Rewind.
Between the events we host at our Altamonte Springs location and the community events our agents are frequently part of, we needed a way to keep up with all the activities. That’s how the Weekly Rewind came to be. Below, you’ll see a recap of some of our top events from the week.
If you want to join us for our upcoming events, check out our Facebook Page. For additional activities from the week you can always catch us on Instagram as well.
Here’s what we’ve been up to this week. (October 20th through October 28th)
Our Private Client Group team members spent Saturday the 20th with Watson Realty for their annual Halloween Event. Thanks to all who came out! Our Private Client Group offers customized property and liability insurance solutions and concierge services. Click here for more information.
On Tuesday, Sihle Insurance Group welcomed Moneycorp and Harding Bell as they worked with our attendees on how to to best serve international clients.
On Thursday, our Dave Ragan from New Business Development spent time with Visit West Volusia. The topic of discussion was expansions in West Volusia County.