Engagement 101: Keeping the ring safe before and after the proposal

by carly_midgley | April 27, 2018 11:08 am

By Trina Woldt

[1]

While a groom or bride may be busy planning the perfect proposal, many are likely to forget one critical detail in protecting the symbol of their love: jewellery insurance.

According to a 2014 study by Jewelers Mutual Insurance Group, nearly 70 per cent of proposals include an engagement ring. While that statistic may not be surprising, the same study also found more than 43 per cent of proposers have the engagement ring in their possession at least one month before popping the question. But where do they store it?

Often, rings will be hidden at home, in a car, or—for those planning to wait longer before proposing—held at the jewellery store or in a safe deposit box. Given the variety of storage locations, it’s possible for the ring to be lost, damaged, or even stolen before the proposal.

When selling an engagement ring, share the following tips to help your customers protect their new purchase.

Get the ring insured

[2]

Sifting through ring insurance options could seem a little unnerving for brides- and grooms-to-be—or perhaps the furthest thing from their minds, considering the other ‘to-dos’ on their wedding checklists. While couples may not be able to control all aspects of their weddings, they are able to apply for insurance immediately.

Typical insurance options include adding it to home or rental policies via a specific rider or floater, or applying for a new policy with a specialty insurance company. However, home or rental policies may have limits to their coverage or include limitations on how claims are handled.

For example, covered perils typically include fire and theft. Coverage for lost jewellery items (e.g. dropping it down the drain or hitting the diamond and cracking it) would not be covered. Your customers should speak with their insurance provider to ensure they have appropriate coverage.

Standard jewellery coverage on a homeowners’ policy almost always has a monetary reimbursement limit, generally in the ballpark of $1500. Considering the average cost of an engagement ring is nearing $6000, there’s no way your customer could replace it with the small allowance afforded from standard homeowners’ coverage.

Customers could also explore adding a jewellery rider or floater to their homeowners’ policy; it’s definitely a step up from general coverage. Their coverage limit should increase with this option, though it still may not be the full replacement amount. The types of losses covered should broaden with a rider or floater as well.

Depending on the policy, your customer’s new purchase could now be protected against accidental losses, too. Advise them to check for unexplained or mysterious disappearance coverage.

Specialty jewellery insurance is a standalone policy specifically created to protect jewellery from the unexpected—loss, theft, damage, or even mysterious disappearance—and provides an extra level of protection. It typically costs one to two per cent of the value of the jewellery (depending on location), paid once per year.

Keep social media secure

[3]

After the proposal takes place, your newly engaged customers should follow a few simple social media safety guidelines to better protect the ring and themselves.

Don’t focus on the ring

Today, the ring ‘selfie’ may be a rite of passage for many, but pictures prominently featuring the ring itself are more likely to catch the eye of a jewellery thief.

 Increase privacy settings

If a close-up photo of the new sparkler must be shared online, accounts should be set to private. This allows only the eyes of an approved audience to view the ring. The fewer people who have access to the customer’s social media profiles, the lower the risk.

 Don’t announce an empty house

Encourage customers to be wary of vacation countdown widgets, RSVPs to Facebook events, check-ins, and location services. Anything telling a stranger exactly when a couple will be away from home is dangerous. While it is likely the ring will be worn after the proposal, a thief may be enticed to look for other precious items left at home.

 Make sure the ring fits

Ensure your customers come in for a professional sizing after the proposal to confirm the ring fits comfortably without risk of falling off. This is a great way to engage with the couple and form a lasting relationship. While they are in the store, have each person make a wish list—you never know when they may need a few hints for a gift. A few items should do the trick!

Know when to remove the ring

To prevent loss or damage, the ring should be removed before swimming or when in cold water (when fingers constrict), exercising or playing sports, applying lotion or sunscreen, or using household cleaners, to name a few.

Knowing where to store the ring when not wearing it is equally important for your customers—they should make sure it’s in a safe, secure place that does not leave it at risk for theft, loss, or damage. Encourage your customers to keep their jewellery items away from open drains!

Clean and care for the ring regularly

Regular maintenance is essential to keeping the ring sparkling like new. Encourage regular professional cleanings and send reminders at least twice a year. In between professional cleanings, recommend using warm water, a mild dish soap, and a soft-bristle toothbrush for cleaning diamond engagement rings.

You should also encourage twice-yearly inspections for loose stones, bent prongs, or any other damage that may not be visible to the untrained eye. This could prevent a much greater loss if detected and fixed right away.

Caring for the ring also means making sure it is protected for all its worth. Remind customers of the importance of an updated appraisal at least every two years, to account for fluctuations in market values of their stones and precious metals. Insurance should be adjusted accordingly to ensure adequate coverage for the newly valued item.

Promote available resources

If your bridal customers are looking for more ways to keep their rings safe and sparkling, let them know about different care guides available. These resources are filled with time-based checklists for year-round ring care and are often free of charge!

Remember, jewellers are not licensed brokers or agents, and cannot sell or offer advice about insurance coverage.

[4]Trina Woldt is the vice-president and chief marketing officer of Jewelers Mutual Insurance Group. She joined Jewelers Mutual in 2014 as a marketing executive with more than 20 years of experience. Prior to working at Jewelers Mutual, she held various positions at mcgarrybowen, American Girl, and the Paine Art Center and Gardens. Today, Woldt serves on the board of directors for Jewelers for Children (JFC)—a nonprofit organization in the jewellery industry raising funds to support children in need—as well as for the Women’s Jewelry Association (WJA), whose mission is to help women in the jewellery and watch industries advance and develop professionally. She can be reached via e-mail at twoldt@jminsure.com.

For resources regarding safety and security when carrying or working with jewellery, visit JewelersMutual.com. Jewelers Mutual Insurance Group is the only company specializing exclusively in jewellery insurance in Canada and the United States. It is licensed in Canada and all 50 states.

Source URL: https://www.jewellerybusiness.com/features/engagement-101-keeping-the-ring-safe-before-and-after-the-proposal/

---