Coverage FAQ – Everything you need to know about BriteCo’s best-in-class coverage.
What does jewelry insurance cover?
BriteCo provides an “all-risk” policy. So long as it’s not in our short list of common exclusions, it’s covered. The most common perils for jewelry are loss and disappearance, theft, and accidental damage. All of these are covered by BriteCo’s policy.
If there’s a claim, will you replace the item or write me a check?
Our policies are repair/replacement only. We will only issue checks for actual cash value in very limited circumstances where a suitable replacement is not available or an agreed value watch policy.
Can I purchase a policy if I live outside of the United States?
No, only people living in the United States of America are eligible for personal jewelry insurance.
Am I covered when I’m traveling domestically or abroad?
Yes, you’re covered anywhere you travel in the world.
Can I see a copy of the policy before I apply for/purchase coverage?
Yes, here’s a link to the standard policy.
How much does jewelry insurance cost?
The annual cost of our insurance is about 0.50% to 1.5% of the appraised value.
What factors determine my policy premium?
The appraised value of the item, your residence location, your age, your property insurance credit score, prior claims, and home protective devices all influence the final cost of your policy.
What makes BriteCo’s coverage stand out from competitors?
First, BriteCo will cover up to 125% of the insured value to repair or replace your piece. Most of our competitors only cover up to the insured value to repair or replace your piece; leaving you underinsured if prices of precious metals and gemstones increase significantly during the policy period. BriteCo’s policies are always zero deductible, which means you pay nothing out of pocket when there’s a claim. Finally, BriteCo covers preventative maintenance claims like bent prongs and broken clasps.
What if I want to insure the piece for someone else, like an engagement ring for my fiancée?
Simple, all you need to do is add their name as an additional insured on the application, and they’ll be fully covered. Don’t worry about ruining the surprise, we won’t send your future fiancée anything to ruin it.
Why would I schedule jewelry outside of my homeowners policy?
If you schedule your jewelry on your homeowners policy, jewelry claims could impact your homeowners policy. This can lead to a number of undesired outcomes including increased premiums, a cancellation, or a nonrenewal. It’s a lot harder to shop for homeowners coverage once you’ve had a claim.
What’s the financial strength rating of BriteCo’s insurance carrier?
All policies are backed by an AM best A+ rated global carrier and investor in BriteCo. BriteCo is licensed in all 50 states and Washington D.C..
How can I pay for coverage?
You can pay for coverage with a credit card or debit card. You can pay in either monthly installments, or save 5% by paying for the entire year upfront.
I just paid for coverage, when can I expect to receive my policy?
Once we've received all the required documentation, we will issue your policy documents in 1-5 business days.
What does preventative maintenance coverage include?
Prong retipping; broken, worn or bent prongs; broken earring posts; clasp replacement; restringing of broken or stretched pearl strands; and stone tightening.
What would disqualify me for coverage?
If you have two or more prior personal valuables losses or if you have prior convictions for any property crimes, financial crimes, violent crimes, or felonies, you would not qualify for our coverage. For items over $25,000 or schedules over $50,000, BriteCo considers other underwriting attributes when reviewing your profile for eligibility.
Are there items that BriteCo will not insure?
Yes, BriteCo will not insure:
Non-jewelry items
Loose gemstones
Flashy, heavy, or ostentatious pieces
Jewelry with intrinsic design faults
Smartwatches, imitation watches, or all watches with after-market work
Materially damaged jewelry
Jewelry without acceptable documentation
Is there a maximum amount that BriteCo will insure?
Yes, BriteCo can insure individual pieces up to $250,000 and schedules up to $750,000.
What’s the difference between jewelry insurance and a warranty plan?
Your typical warranty plan will cover wear & tear type issues and more extensive preventative maintenance type issues. It will also cover things like cleaning, polishing, plating, and resizing. However, these plans fall short on coverage for everyday perils like accidental damage, loss, disappearance, and theft. We advise getting insurance regardless if you get a warranty plan or not.
What are BriteCo’s policy exclusions?
While exclusion terms may vary from state to state, BriteCo’s policy excludes: actions by civil authority; deterioration or inherent vice; intentional acts; nuclear hazards; voluntary parting; war and military action; wear & tear; mechanical & electrical breakdown; neglect; and prior damage. Please see the policy for the full terms of our exclusions.
Are there any premium discounts?
Yes! Our customers get an instant 5% discount when they pay the annual premium in a single payment (versus the monthly payment option). They also get a 5% discount if they have a home safe that is attached to the floor or installed inside a wall AND the item(s) are stored in the safe when not being worn. And another 5% if their home is wired and connected to a burglar alarm system monitored by humans 24/7 (think ADT not basic RING). There are other discounts if you are a responsible age and if you have good credit.
Can I forward-date my policy?
No, we unfortunately cannot make your policy effective at a future date. The policy begins the date you pay for coverage.
How can I renew my policy once I purchase coverage?
Your policy will auto-renew every year. We will send you a notice to let you know that your policy is renewing.
Why is my policy not being renewed?
There are a few reasons why a policy will not renew, generally it no longer meets our underwriting guidelines. BriteCo’s guidelines consider other factors such as schedule mix, age, protective devices, location, third-party reports, and other criteria to determine compliance. Claims history and the determination of inherent defects is also considered.
Why did my application for insurance get referred?
Depending on the value of your schedule and/or your answers to BriteCo’s underwriting questions, your application may get referred to an underwriter for manual review. High-value items and large schedules are the most common reason for referral. Our underwriters will examine your application. In general, we review your application holistically and look for every reason to approve your application.
BriteCo aims to have a decision back to customers within an hour of that same business day. Your underwriter may have follow-up questions about your application. BriteCo encourages you to respond to them ASAP to keep the referral review moving along. You will receive an email with our decision. If BriteCo approves your application, you will receive a link to finalize and pay for your policy.
How do I cancel coverage?
You can go ahead and follow this link here to initiate a cancellation request. Please be sure to use the correct policy number and email address associated with your account when filling out this form. If you require any assistance in locating this information, please let me know, and I will be glad to help. Kindly note that the effective date of cancellation cannot precede the date of your initial cancellation request.
When does coverage begin?
Coverage begins as soon as you purchase coverage. Policy documents may follow a few days later, but they will reflect an effective day that mirrors the day you paid for coverage. At this time, there is no way to forward-date or back-date a policy. If you currently have coverage with another carrier you can:
Wait till that coverage expires and then purchase BriteCo coverage; or
Purchase BriteCo coverage, then cancel your existing policy for a prorated refund but not until after your BriteCo application is approved and issued.